MACPAC Films Limited ("MACPAC" or the "Company") was incorporated as a Public Limited Company in 1993. The Company is listed on the Pakistan Stock Exchange (PSX).

The Company started commercial production of Biaxially-Oriented Polypropylene (BOPP) films in 1995. In 2003, the Company set up a new plant for Cast Polypropylene (CPP) films to diversify its existing product range. After a fire incident in 2007, the Company had to halt the manufacturing of the CPP line. In 2014, the Company ventured to install a Metalizer plant for BOPP Films, which started its commercial production in 2015. In 2017, the Company started to reinstall the CPP manufacturing line which became commercially operational in Jan-19. 

MACPAC Films Limited is considered to be the pioneer of Biaxially Oriented Polypropylene (BOPP) and Cast Polypropylene (CPP) films in Pakistan, with rich experience and a strong brand identity. Keeping in view the market dynamics for transparent, matte, pearlized and metallized films; the Company manufactures them in different varieties and thicknesses - ranging from 10 to 40 microns. The Company maintained a stable installed capacity base of 22,000 metric tons across both BOPP and CPP lines during FY24 and FY25. For FY25, total utilized capacity stood at 17,102 MT with an overall utilization rate of 78%. The BOPP line sustained a consistent utilization level of 77% in both years. Whereas, the CPP segment experienced utilization rate of 80% in FY25. For further diversification in product portfolio, MACPAC Films Limited installed a new machine of  “Thermal Lamination Film”. Through this machine, a thin layer of plastic film is applied to printed materials, creating a durable, protective barrier. This not only enhances the visual appeal but also shields against moisture, abrasion, and environmental damage.

MACPAC Films is primarily owned by the Elahi family (47.65%). Among the sponsoring family, major ownership vests with Mr. Ehtesham Maqbool Elahi (16.60%), Mr. Shariq Maqbool Elahi (15.45%) and Mr. Habib Maqbool Elahi (15.45%). Munshi family has an ownership stake of (14.85%) in the Company.

Ownership remains stable, with the Elahi family retaining majority control of the business. The second generation has been actively involved for several years, ensuring continuity, sustained strategic direction, and a smooth succession framework within the organization.

Leveraging their extensive industry experience, the sponsors have established themselves as trusted partners in the flexible packaging films sector, driving the Company’s consistent adherence to high quality standards.

MACPAC Films is a financially sound business entity. Macpac Films Limited is part of the Mac Corp. Its related parties include Toyo Packaging (Private) Limited, MAC Business Solution (Private) Limited, TGA Sustainability (Private) Limited, Mac Properties (Private) Limited, and Ugao Agritech (Private) Limited. These associations provide opportunities for synergies, resource optimization, and diversification within the group. This strong forward integration strengthens the customers bond and gives a competitive edge through strong supply chain support.  

The Company has a seven-member Board comprising two independent directors, three non-executive directors and two executive directors including CEO. The Board is chaired by non-executive director Mr. Naeem Munshi.

The BoD, with the diversified background and expertise of its members, is a key source of oversight and guidance for the management. Board’s Chairperson, Mr Naeem Ali Muhammad Munshi - Non Executive Director has been associated with the Company since its inception. Mr. Ehtesham Maqbool Elahi - Executive Director is an alumnus of American university in Dubai and a certified Director from PICG, having around two decades of experience of senior level managerial positions in multiple associated companies of MACPAC Films Limited. Mr Shabbir Hamza Khandwala - Independent Director is a fellow member of the Institute of Chartered Accountants of Pakistan and carries with him 40 years of diversified experience of various sector. He is a Chairperson of Board's audit committee as well. He has been the CFO & Group head finance of Meezan bank from March 2005 to September 2022. Ms Hafsa Abbasy - Independent Director is a seasoned HR professional, having worked for some of the renowned financial institutions, namely (Citi Bank, ABN Amro, Standard Chartered). She is also chairperson of Human Resources & Remuneration Committee. Mr Shariq Maqbool Elahi - Non Executive Director is also a member of the Board Audit Committee and the HR & Remuneration Commitee. He is also director of multiple associated companies of MACPAC Films Ltd. Mr Fahad Munshi - Non Executive Director hold a bachelor's degree from Bently University in Waltham. He has over 10 years of experience as Head of Operations of Hilal Foods and currently associated as MD of Hilal Foods.

The minutes of the BoD meetings are well documented and circulated on time. To ensure effective governance, the Board has formed two committees, namely i) Audit Committee and ii) Human Resource and Remuneration Committee

The Audit Committee ensures an accurate reflection of the Company's financial performance, and effectiveness of the internal controls in place. The external auditors, M/s KPMG Taseer Hadi & Co classified in the “A” category on the SBP’s panel of auditors, have issued an unqualified opinion on the Company’s financial statements for the period ended FY25.

To perform well, MACPAC Films maintains a structured organogram. The Company operates through various departments 1) Supply Chain department, 2) Sales and Marketing department, 3) Finance department, 4) Internal Audit department, 5) Human Resource department, 6) Information Technology and 7) Administration department.

MACPAC Films Limited has a set of experienced & professional management. Mr. Najm ul Hassan - CEO is associated with MACPAC Films since 2017. He has extensive experience of two decades in different sectors and prior to assuming the CEO slot, he also served as COO of the Company. Mr. Shahzaib Tariq - CFO has been appointed in replacement of Mr. Faisal Panawala w.e.f January 16, 2025. Previously, he served as CFO and Company Secretary of OBS AGP (Pvt.) Ltd from 2021 to 2024. Mr. Shahzaib is a Chartered Accountant with over a decade of experience in Finance and Audit, having worked with multiple reputable companies.

Management’s effectiveness and efficiency is being ensured through the presence of management committees. At MACPAC Films Limited, management committees are in place, in line with best industry practices.

MACPAC Films manufacturing facilities in Port Qasim are connected with the Company’s Head Office in Karachi through an ERP. To support management, the Company generates various reports on Finance, Sales, HR, Production, and Import on a daily and monthly basis. The SAP (S/4HANA) is live to enhance operational efficiency. Additionally, the Sales Force System is also live since Oct-23, to enhance customer relation management. 

The Company has an internal audit function in place, which provides an effective mechanism for the identification, assessment and reporting of all types of risks arising out of the business operations. This function provides support, guidance and monitoring of the internally placed SOPs along with conducting Gap Analysis for evaluating already placed policies and procedures.

The packaging industry in Pakistan is categorized into primary segments: 1) paper, 2) plastic, 3) tinplate, and 4) glass. Among these, the paper and plastic segments dominate the market, holding the largest share of total demand. The plastic packaging segment, particularly Biaxially Oriented Polypropylene (BOPP) and Cast Polypropylene (CPP) films, is integral to the FMCG and consumer goods industries, which drive significant demand due to the consistent growth and consumption of such products in Pakistan. The increasing preference for convenient and sustainable packaging in the FMCG and consumer goods sectors has further propelled demand for BOPP and CPP films. However, the cost of the primary raw materials for these films are closely linked to international crude oil prices, coupled with the impact of fluctuating exchange rates. Pakistan’s paper and packaging industry has faced margin pressures due to rising energy costs, which increased the cost of sales and impacted profit margins. Despite these challenges, demand for packaging from the FMCG and food sectors is expected to sustain moderate production growth, with the industry outlook remaining stable, supported by sustainability initiatives and recycling trends. This has encouraged Companies to explore alternative energy solutions, including solar power, to mitigate the challenge and improve cost efficiency.

At the end of Sep'25, MACPAC Films Limited maintained a market share of 6.2% in BOPP and 12.8% in CPP based on estimated industry capacity as per management.

During FY25, MACPAC Films Limited achieved a topline of PKR 5,994mln, marking a minor increase of about ~6.7% compared to PKR 5,619mln in FY24. Whereas, it stood at PKR 1,372mln at the end of 3MFY26.

During FY25, gross profit margins declined to 11.5% (FY24: 16.5%) and 12.8% during 3MFY26 primarily due to heightened energy costs. The operating margin of the Company witnessed a similar trend clocking in at 2.4% (FY24: 8.3%) whereas, it stood at 1.9% at the end of 3MFY26. During FY25, the finance cost of the Company declined to PKR 110mln (FY24: PKR 135mln) and PKR 32mln at the end of 3MFY26. However, the profitability of the Company declined to PKR 85mln (FY24: PKR 258mln) during FY25 and loss of PKR 19mln during 3MFY26 primarily due to elevated energy cost and the inflationary impact, which eroded margins despite stable revenues. Subsequently, the net margin declined to 1.4% at the end of FY25 (FY24: 4.6%) and -1.4% at the end of 3MFY26. To mitigate profitability challenges, the Company is transitioning to alternate energy solutions. This initiative is likely to enhance cost efficiency and support margin recovery over the medium term. Futher, during the 3MFY26, maintenance activities were conducted to ensure efficiency and operational excellence. Although production levels were slightly lower during the maintenance period, the activities are expected to deliver significant benefits through enhanced operational efficiency and improved productivity in the coming quarters, thereby supporting sustained growth and profitability.

The Company’s commitment to sustainability underpins its product development efforts, with a focus on creating biodegradable, recyclable, and compostable packaging solutions in line with global sustainability trends. MACPAC Films Limited has expanded its global footprint by establishing Macpac Films Middle East LLC FZ in Dubai, strengthening its market presence in the Middle East. MACPAC Films Limited installed a new machine of  Thermal Lamination Film which added diversification in the portfolio.

The Company's inventory days stood at ~72 days during FY25, decreasing from ~75 days in FY24. While at the end of 3MFY26, the inventory days stood at 84 days. The trade receivable days increased from ~57 days in FY24 to ~59 days in FY25 and at the end of 3MFY26, the receivables days stood at 69 days. On the other hand, trade payable days decreased from ~77 days in FY24 to ~62 days in FY25. While at the end of 3MFY26, the payable days stood at 71 days. The Company’s gross working capital days increased from ~132 days in FY24 to 131 days in FY25. At the end of 3MFY26, it stood at 153 days. Whereas, the Company’s net working capital days increased from ~55 days in FY24 to 69 days in FY25. At the end of 3MFY26, it stood at 83 days. 

During FY25, the FCFO's of the Company declined to PKR 200mln (FY24: PKR 541mln) and it stood at PKR 65mln at the end of 3MFY26. The finance costs clocking in at PKR 110mln at the end of FY25 (FY24: PKR 135mln). Whereas, it stood at PKR 32mln at the end of 3MFY26. Hence, the interest coverage of the Company diluted to 4.8x (FY24: 6.8x) and at the end of 3MFY26, it stood at 3.2x. The debt coverage declined to 1.4x at the end of FY25 (FY24: 3.9x) and 1.7x at the end of 3MFY26. 

As of FY25, the Company’s leverage increased to 25% (FY24: 15.9%) and 28.4% at the end of 3MFY26 driven by borrowings mainly incurred for the thermal lamination machine and the solar panels installation. The equity of the Company remained intact at PKR 2.2bln (FY24: PKR 2.2bln).