Jinn Petroleum (Private) Limited (“Jinn Petroleum” or “the Company”) was incorporated in 2016 under the Companies Act, 2017 (repealed), as a privately held entity.

Jinn Petroleum possesses extensive experience in both local and international oil marketing. The Company was established in 2016 by Mr. Aamir Agha (late) and Mr. Asad Siddique, following their receipt of an OMC license from OGRA to enter the POL marketing sector under the name Jinn Petroleum.

Jinn Petroleum is engaged in the marketing and sale of Petroleum, Oil, and Lubricants (POL) products. The Company operates a retail network of over 100 retail outlets, with a significant presence across Punjab and Balochistan. To support its supply chain, Jinn Petroleum owns and operates key storage infrastructure, including a 9,300 MT facility at Hub (of which 6,800 MT is recently commissioned). Two additional storage facilities at Daultapur and Sara-i-Norang, with a combined capacity of approximately 1637 MT, are expected to become operational during FY26. Furthermore, the Company has secured hospitality agreements at strategic locations, including Kemari, Port Qasim, Mahmood Kot, Shikarpur, Machike, and Gatti, to expand its geographic reach and improve logistical efficiency.

Initial ownership of the Company was held by the families of the late Mr. Aamir Agha and Mr. Asad Siddique, with Mr. Ashar Siddiqui holding a majority stake of approximately 43.2%. Recently, Syed Saeed Athar and his family have acquired around 25% of the Company's shares.

The Company is now led by the second generation of its founders. Concurrently, Syed Saeed Athar and his family, possessing considerable local market expertise, have become significant shareholders with the acquisition of around 25% of the Company’s equity

The sponsors have extensive, long-standing experience in Pakistan's oil sector, having held senior roles in OMC, POL midstream, and downstream operations for several years.

The Sponsors maintain adequate financial strength and have affirmed their willingness to extend financial support to the Company as required.

The Company is governed by an eight-member Board of Directors, consisting of seven Non‑Executive Directors and one Executive Director. While the Board is predominantly composed of family members, it maintains provisions for independent oversight to ensure a structured governance framework.

Mr. Asad Azhar Siddiqui, Chairman of the Board, has been with the Company since its inception and brings over four decades of experience across the POL supply chain. Ms. Saima Agha, Vice Chairperson, has served on the Board for five years and possesses over two decades of industry experience. The remaining Board members also hold extensive and relevant expertise, contributing effectively to the Company’s governance.

The Board of Directors is supported by three specialized committees: (i) the Audit & Risk Committee, (ii) the HR & Remuneration Committee, and (iii) the Operations & Strategy Committee. These committees convene as required, with proceedings and resolutions formally documented in well-maintained minutes.

The Company's external auditor for FY25, M/s. Ilyas Saeed & Co. issued an unqualified audit opinion on the financial statements. The firm is QCR-rated and listed on the State Bank of Pakistan’s panel in Category ‘A’. Before this engagement, the Company was audited by M/s.Tariq Ghani & Co. for FY24.

Jinn Petroleum’s operations are organized across four functional departments: i) Engineering, Operations & HSE, ii) Marketing & Supply Chain, iii) Finance & IT, and iv) HR, Admin & Security. Departmental heads report directly to the CEO, who holds primary operational decision-making authority. As part of a recent governance enhancement, significant decisions are now routed to the Board of Directors for oversight and ratification.

The CEO, Mr. Ashar Siddiqui, has significant experience in the oil & gas supply chain, as well as in engineering consultancy and pharmaceuticals. Mr. Irfan Qureshi, former MD of PSO and current advisor to the Company, contributes over 40 years of oil and gas sector expertise. Mr. Siddiqui is assisted by a team of qualified professionals.

Management is supported by two key bodies: the Management Development Committee and a Cross-functional Team. The Management Development Committee, chaired by the Chairman of the Board of Directors, consists of five members. The Cross-functional Team is led by the CEO and comprises three members. Both committees convene regularly or as required to address strategic and operational matters.

Jinn Petroleum utilizes the SAP Business One ERP platform across its operations. The system is updated in real-time, allowing for effective monitoring and reporting of location-based POL procurement and usage, finance cost details, and legal and professional expenses.

The Company has outsourced its internal audit function to Kreston Hyder Bhimji & Company, while maintaining an in-house team to oversee day-to-day operational issues. This combined approach strengthens risk management, internal controls, and governance processes, and supports the standardization of business practices through established Standard Operating Procedures (SOPs).

Pakistan relies heavily on imported petroleum products due to limited local production, with global price swings and rupee depreciation continuing to raise costs for oil marketing companies (OMCs). After a demand dip in earlier years from economic pressures, the sector is recovering: CY25 sales grew 5% YoY to 16.45 million tons, supported by lower retail prices and rising automobile demand. In Dec'25, OMC volumes rose 6% YoY to 1.35 million tons, while 1HFY26 (Jul-Dec 2025) total sales increased 2% YoY to 8.16 million tons. MS (petrol) and HSD (diesel) showed steady gains (+3% YoY each), driven by transportation needs, but furnace oil (FO) dropped sharply (-54% YoY) due to the new PKR 77/litre Petroleum Development Levy in FY26. Transportation and power sectors drive about 89% of demand, and OMCs face fixed margins alongside high working capital costs from volatility—requiring careful oversight as the market stabilizes gradually.

Jinn Petroleum holds a share (<0.1%) in Pakistan's OMC sector, focusing on niche regional operations. In 1HFY26, it sold 57,874 metric tons (about 0.058 million tons) for net revenue of Rs 18.92 billion, mainly in Punjab: HSD led with 33,659 MT (Rs 10.78 billion), followed by PMG/MS at 21,925 MT (Rs 7.64 billion), plus minor KERO (788 MT) and LDO (1,502 MT). Purchases reached 61,631 MT (Rs 18.77 billion excl. GST) from key suppliers like Cnergyico PK, PARCO, and imports, with COGS at Rs 17.59 billion, yielding a gross profit of Rs 1.34 billion (7% margin). The broader industry hit 8.16 million tons in 1HFY26 (MS + HSD 7.43 million tons), led by PSO (42.2%), GO (12.6%), WAFI/SHEL (8.2%), APL (8.1%), and HASCOL (3.1%).

Revenue has shown significant volatility, declining by 34.3% to PKR 37.8 billion in FY25 (FY24: PKR 57.6 billion), following a sharp 45.5% increase in FY24. For the first half of FY26 (6M ended Dec-25), revenue stood at PKR 18.9 billion. Historical fluctuations have been driven by changes in sales volumes, particularly of High-Speed Diesel (HSD), and shifts in POL product prices. Looking ahead, revenue is expected to remain sensitive to global oil prices, exchange rates, and domestic demand trends.

The Company's gross profit margin was 2.9% in FY25 (FY24: 2.8%), with gross profit reaching PKR 1.1 billion. Operating profit margin stood at 1.0% (PKR 389 million) in FY25, down from 1.5% in FY24. Net profit margin remained stable at 0.9% in both years. For the first half of FY26 (6M Dec-25), margins showed improvement: gross profit margin increased to 4.3% (PKR 820 million), operating profit margin to 2.5%, and net profit margin to 1.6%, reflecting better cost control and a favorable product mix during the period. Margins are expected to remain under pressure but stable, closely tied to global oil price movements and efficient working capital management.

Jinn Petroleum has embarked on an aggressive expansion plan aimed at broadening its nationwide retail footprint. Key to this strategy is the development of additional storage facilities at Daulatpur and Sar-e-Norang, which will bolster supply chain efficiency and support market penetration. The Company intends to finance these growth initiatives via a combination of debt and equity.

Net Working Capital (NWC) Days stood at 16 days in FY25, an increase from 9 days in FY24, indicating a lengthening cycle. This was driven by higher inventory days (33 days in FY25 vs. 24 days in FY24) and extended trade payable days (19 days vs. 16 days), while trade receivable days remained low at 2 days. For the first half of FY26 (6M Dec-25), NWC Days improved to 10 days. The Company maintains a borrowing cushion through PKR 4.7 billion in bank credit lines. Going forward, disciplined working capital management will be crucial to mitigate the impact of high inventory costs and preserve liquidity.

In FY25, EBITDA declined to PKR 635 million (FY24: PKR 1,122 million), while Free Cash Flow from Operations (FCFO) decreased to PKR 284 million (FY24: PKR 886 million). Finance cost reduced to PKR 87 million (FY24: PKR 159 million). Despite lower earnings, the EBITDA-to-finance cost coverage ratio improved to 14.7x in FY25 (FY24: 9.5x), indicating strong debt-servicing capacity. For the first half of FY26 (6M Dec-25), FCFO was PKR 465 million with an EBITDA/Finance Cost coverage of 21.6x, reflecting stronger interim cash generation and coverage.

The Company's capital structure strengthened significantly, with the Debt-to-Equity ratio at 0.0% in FY25 (FY24: 16.8%), following the full repayment of borrowings. Shareholders’ equity increased to PKR 2.9 billion in FY25 (FY24: PKR 2.6 billion), supported by retained earnings, with accumulated profits growing to PKR 1.4 billion (FY24: PKR 1.0 billion). As of Dec-25, the Company remained debt-free with equity of PKR 2.9 billion. The capital structure is expected to remain sound, though planned expansion may require future funding.