Rating History
Dissemination Date Long-Term Rating Short-Term Rating Outlook Action Rating Watch
21-Oct-26 A- A2 Stable Maintain -
21-Oct-25 A- A2 Stable Maintain -
01-Nov-24 A- A2 Stable Maintain -
22-Nov-23 A- A2 Positive Maintain -
22-Nov-22 A- A2 Positive Maintain -
About the Entity

Ghani Global Holdings Limited ("GGHL" or "the Company") is a publicly listed holding company, incorporated in November 2007 as Ghani Gases Limited. The Company was renamed Ghani Global Holdings Limited on August 28, 2019, following the transfer of its manufacturing operations to its subsidiary, Ghani Chemical Industries Limited (GCIL). Consequently, GGHL transitioned to a holding company, with its principal activities comprising the strategic management of investments in its subsidiaries and associates, along with trading activities.

Rating Rationale

The credit ratings of Ghani Global Holdings Limited ("GGHL" or "the Company") derive comfort from its well-diversified equity investment portfolio comprising four direct subsidiaries, i) Ghani Chemical Industries Limited (GCIL), ii) Ghani Global Glass Limited (GGGL), iii) Ghani Chemworld Limited (GCWL), and iv) the newly established G3 REIT Management Limited (G3RMC) spanning operations across industrial gases, chemical manufacturing, specialty glass tubing, and real estate asset management. GCIL remains the core growth catalyst for the Group, leveraging heightened operational efficiencies at its newly commissioned Hattar Air Separation Unit (ASU) plant. The subsidiary is executing a multi-front growth agenda, including a strategic joint venture with Mari Energies Limited to capture and process vent gas (LNG), a planned LPG storage and filling facility, and upstream gas processing initiatives across the Sono Lashari, Jandran, and Maiwand projects. Conversely, GGGL experienced temporary pressure on operating margins due to start-up costs tied to its new glass furnace, while simultaneously scaling its value-added ampoule and vial capacities and exploring international markets. GCWL continues in its early-stage operations, with financial performance predominantly underpinned by its share of profit from an associate company rather than commercial operations. Additionally, G3RMC incorporated as a wholly owned subsidiary to function as a licensed REIT Management Company (RMC) marks GGHL’s strategic foray into institutional real estate asset management. G3RMC is structured to manage proposed hybrid REIT schemes and unlock the intrinsic capital value of prime real estate assets held under Group Special Purpose Vehicles (SPVs), establishing a recurring, fee-based revenue stream for the holding company.
On the financial side, capital structure remains a primary rating strength, characterized by minimal leverage of 1.4% as of 9MFY26 (9MFY25: nil). However, profitability moderated in the absence of upstream dividend distributions from operating subsidiaries during the period resulting in PAT adjusting to PKR 15.4 million (9MFY25: PKR 144.9 million). Earnings during 9MFY26 were primarily sustained via markup income and corporate guarantee commissions.

Key Rating Drivers

The ratings remain anchored in the Group’s long-term strategic trajectory and management’s capacity to execute its expansion targets. Rating stability is contingent upon converting these multi-sector strategic investments into cash-generative operational performance, maintaining fiscal discipline at the standalone level, and preserving a robust liquidity buffer.

Profile
Background

Ghani Global Holdings Limited ("GGHL” or “the Company"), previously Ghani Gases Limited, is a publicly listed company incorporated in Pakistan on November 19, 2007. It became a public company on February 12, 2008, and rebranded in August 2019 to reflect its focus on managing investments in subsidiaries and associated companies, following a strategic shift toward portfolio management.


Structural Analysis

The Company's long-term investments are concentrated in four key subsidiaries: Ghani Global Glass Limited (GGGL), Ghani Chemical Industries Limited (GCIL), Ghani Chemworld Limited (GCWL), and G3 REIT Management Limited. GGGL, a listed entity on the Pakistan Stock Exchange, is primarily engaged in the manufacturing and sale of glass tubes, glassware, vials, and ampoules; GCIL focuses on the manufacturing, sale, and trading of medical and industrial gases as well as chemicals; GCWL is involved in the manufacturing, sale, distribution, import, and export of import-substitute chemicals and allied products; while G3 REIT Management Limited, incorporated during the period, is set to manage investments in the commercial and residential real estate sector.


Ownership
Ownership Structure

As at June 2026, the sponsoring family, comprising the Company’s Directors, CEO, and their respective spouses and children, held the single largest stake in the Company at 36.82%, followed by individuals at 41.25% and executives at 14.43%. The remaining shareholding was held by joint stock companies (5.94%), provident and mutual funds (1.07%), financial institutions (0.14%), government institutions (0.04%), investment companies (0.03%), modarabas (0.02%) and others (0.26%).


Stability

The Company benefits from a stable ownership structure, with the majority stake held by the founding family. The successful Integration of the second generation into the business further reinforces continuity, ensuring a seamless transition of leadership.


Business Acumen

The sponsors bring decades of experience across multiple sectors. Ghani Global Group operates in glass, chemicals, and industrial gases. Over time, the Group has established itself among the leading players in the country's glass and gases segment.


Financial Strength

The Group demonstrates solid financial resilience, with a proven track record of both capability and commitment to providing support to the Company when required. This readiness reinforces the Company's financial stability and strategic backing.


Governance
Board Structure

The Company's Board of Directors comprises of seven members, including one Executive Director, four non-Executive Directors and two Independent Directors.


Members’ Profile

The Board is chaired by Mr. Atique Ahmad Khan, a qualified electrical and mechanical engineer with over 35 years of experience across the glass, textile, and gas industries. His industry exposure, including participation in national and international business forums, is complemented by strong entrepreneurial and management expertise, supporting the Board’s technical and strategic oversight. Complementing the Board’s leadership, Executive Director Mr. Masroor Ahmad Khan brings 38 years of diverse industry experience. After completing his bachelor’s degree in 1985, he joined the family business and led key salt, coal, and silica sand mining projects under the Ghani Group. He subsequently co-founded Ghani Global Group with his brothers and oversaw the establishment of an industrial and medical gases manufacturing facility under Ghani Gases Limited.


Board Effectiveness

The Board’s governance framework is supported by three sub-committees: the HR & Compensation Committee, which oversees matters relating to talent management, leadership development, and remuneration; the Audit & Risk Management Committee, which provides oversight of financial reporting, internal controls, and risk management; and the Nomination Committee, which is responsible for matters pertaining to Board composition, appointments, and succession planning. The HR & Compensation Committee and Audit & Risk Management Committee are chaired by independent Directors, providing an added layer of independent oversight. The Nomination Committee is chaired by a non-independent Director. Board meeting minutes are duly maintained, providing a formal record of deliberations, decisions, and follow-up actions.


Transparency

The Company's external auditors, ShineWing Hameed Chaudhri & Co. Chartered Accountants, issued an unqualified opinion on the FY25 financial statements. The firm holds a QCR rating and is classified under Category 'B' on the State Bank of Pakistan's panel of auditors.


Management
Organizational Structure

The Company has instituted a well-designed organizational structure to cater to its needs as a HoldCo. All Divisional Heads report to the Company's CEO, who reports to the Board. However, Head of Internal Audit and Human Resource report administratively to the CEO and functionally to the Board's Audit Committee, HR and Remuneration Committee, respectively.


Management Team

The Company’s senior management is led by Mr. Masroor Ahmad Khan, CEO, who brings over three decades of leadership experience across the glass, textiles, and mining sectors. Following completion of his bachelor’s degree in 1985, he joined the family business and subsequently led key projects in salt, coal, and silica sand mining under the Ghani Group. He later co-founded Ghani Global Group with his brothers and oversaw the establishment of a state-of-the-art industrial and medical gases manufacturing facility. The management team is further supported by Mr. Zubair Siddiqui, President, who oversees key business operations, and Mr. Asim Mehmud, CFO and Group Director of Finance, a Fellow Chartered Accountant (FCA) with nearly 27 years of experience, who provides financial stewardship and strategic insight. Mr. Farzand Ali, GM Corporate / Company Secretary, further supports the Group’s corporate and governance functions.


Management Effectiveness

Currently, the organization has no management committees. However, plans are in place to implement a formal review mechanism for subsidiary performance. An Oracle ERP system has also been deployed at the Group Level to enhance management efficiency.


Control Environment

The Company has established an internal audit function in conjunction with the Board's Audit Committee to facilitate the implementation of its policies and procedures.


Investment Strategy
Investment Decision-making

The Company's investment decisions are made by a management-level investment committee comprising the CEO, two Directors, the CFO, and the General Manager of Corporate. This structure ensures that investment strategies are aligned with the Company's overall objectives.


Investment Policy

The Company has not yet established a formal investment policy; however, it currently maintains strategic investments in four of its subsidiaries: (i) Ghani Chemical Industries Limited (GCIL), which is principally engaged in the manufacturing, sale, and trading of medical and industrial gases and chemicals; (ii) Ghani Global Glass Limited (GGGL), which operates in the manufacturing and sale of glass tubing, ampoules, and vials; (iii) Ghani Chemworld Limited (GCWL), which is involved in the manufacturing, sale, distribution, import, and export of import substitute chemicals and allied products; and (iv) G3 REIT Management Limited, incorporated during the period to manage investments in the commercial and residential real estate sector.


Investment Committee Effectiveness

The Company currently lacks formal investment guidelines; however, management meetings are held on an as­ needed basis to facilitate investment decision-making.


Business Risk
Diversification

The Company's investment portfolio comprises three long term strategic holdings, GGGL, GCIL and GCWL, spanning two sectors, glass and industrial gases and chemicals. The market value of equity investments stood at PKR 10.5 billion in 9MFY26 (9MFY25: PKR 11.1 billion), against an unchanged book value of PKR 3.6 billion. Concentration in the largest holding, GCIL, moderated to 71.1% of the portfolio at market value (9MFY25: 85.7%), but remains high. Investment income was entirely derived from related parties, shifting from a PKR 168 million dividend from GCIL in 9MFY25, constituting about 88% of investment income, to markup and guarantee commission in 9MFY26, with markup on lending to a subsidiary accounting for about 57%. Subsequent to the period end, the Company incorporated G3 REIT Management Limited as a wholly owned subsidiary to pursue opportunities in the real estate sector.


Portfolio Assessment

The portfolio consists entirely of core holdings in the Company's subsidiaries, with no marketable investments, and the blended asset quality assessment moderated to 54.2% (9MFY25: 57.1%). GCIL, the largest holding, increased net sales to PKR 6.0 billion (9MFY25: PKR 5.3 billion) and profit after tax to PKR 1.9 billion (9MFY25: PKR 1.2 billion), supported by higher efficiency at its new Hattar plant, and is pursuing a joint venture with Mari Energies Limited for vent gas processing at a project cost of PKR 14 billion along with a 450 MT LPG storage and filling plant at Phool Nagar. GGGL reported lower net sales of PKR 2.0 billion (9MFY25: PKR 2.1 billion) and profit after tax of PKR 71 million (9MFY25: PKR 243 million), as the Afghan border closure, floods, higher raw material prices and start up costs of a new glass furnace weighed on margins, while ampoule capacity has increased to 55 million units per month. GCWL, at a start up phase, reported profit after tax of PKR 200 million, driven by a PKR 235 million share of profit from an associated company, and expects to begin production of precipitated calcium carbonate in the coming months.


Income Assessment

Total investment income declined to PKR 38 million in 9MFY26 (9MFY25: PKR 192 million), as no dividend was received against PKR 168 million from GCIL in 9MFY25. Income comprised markup of PKR 21.4 million on lending to a subsidiary (9MFY25: PKR 13.8 million) and commission of PKR 10.1 million on corporate guarantees (9MFY25: PKR 8.6 million). Profit after tax was PKR 15.4 million (9MFY25: PKR 144.9 million), translating into earnings per share of PKR 0.04 (9MFY25: PKR 0.41) and an annualised return on equity of 0.5% (9MFY25: 5.0%).


Financial Risk
Coverages

Total cash flow (TCF) stood at PKR 18 million in 9MFY26, a turnaround from negative PKR 28 million in 9MFY25, when the dividend from GCIL was classified under investing rather than operating activities. Finance cost was PKR 4 million in 9MFY26, taking TCF to finance cost coverage to 4.9 times and TCF to finance cost plus current maturity of long term borrowings to 1.3 times, both an improvement from negative coverage in 9MFY25. Loan to value remained negligible at 0.5%. Debt servicing capacity at the standalone level continues to rest on inflows from subsidiaries in the form of dividend, markup and guarantee commission, rather than on recurring trading cash flow.


Capital Structure

The Company's capital structure remains conservative, with leverage confined to a nominal level. The Company availed long term finance of PKR 57 million during 9MFY26 (9MFY25: nil), of which PKR 13 million falls due within the next twelve months, taking leveraging to just 1.4% (9MFY25: nil). Shareholders' equity, meanwhile, stood at PKR 3,976 million (9MFY25: PKR 3,956 million). Off balance sheet exposure is more material: the Company has extended corporate guarantees of PKR 3,288 million for GCIL and PKR 465 million for GGGL, together equivalent to about 94% of standalone equity, against which the subsidiaries have provided demand promissory notes to the Company.


Consolidated Position

Consolidated net sales increased 8.6% to PKR 8.1 billion in 9MFY26 (9MFY25: PKR 7.4 billion), with gross margin improving to 46.4% (9MFY25: 41.1%), while profit after tax rose to PKR 1.9 billion (9MFY25: PKR 1.4 billion) and free cash flow from operations (FCFO) to PKR 3.1 billion (9MFY25: PKR 2.5 billion). Finance cost increased 28.8% to PKR 565 million as consolidated funding rose to PKR 7.5 billion (9MFY25: PKR 6.0 billion). FCFO covered finance cost 5.5 times (9MFY25: 5.8 times), coverage of finance cost, current maturity and excess short term borrowings by EBITDA and par cash eased to 2.3 times (9MFY25: 3.9 times), and consolidated leveraging increased to 31.1% (9MFY25: 29.5%).


 
 

Oct-26

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(PKR mln)


Mar-26
9M
Jun-25
12M
Jun-24
12M
Jun-23
12M
Management Audited Audited Audited
A. BALANCE SHEET
1. Investments 0 0 0 0
2. Related Party Investments 3,869 3,781 3,581 3,581
3. Non-Current Assets 90 0 0 0
4. Current Assets 84 240 357 221
5. Total Assets 4,044 4,021 3,938 3,803
6. Current Liabilities 11 43 24 15
7. Borrowings 57 0 0 0
8. Related Party Exposure 0 18 103 0
9. Non-Current Liabilities 0 0 0 0
10. Net Assets 3,976 3,961 3,811 3,787
11. Shareholders' Equity 3,976 3,961 3,811 3,787
B. INCOME STATEMENT
1. Total Investment Income 38 201 41 10
a. Cost of Investments (4) (12) (10) (0)
2. Net Investment Income 34 189 31 10
a. Other Income 0 0 0 0
b. Operating Expenses (15) (8) (10) (11)
4. Profit or (Loss) before Interest and Tax 21 182 35 22
a. Taxation (6) (33) (10) (6)
6. Net Income Or (Loss) 15 149 24 16
C. CASH FLOW STATEMENT
a. Total Cash Flow 18 147 25 9
b. Net Cash from Operating Activities before Working Capital Changes 18 147 25 9
c. Changes in Working Capital 15 (148) (22) 6
1. Net Cash provided by Operating Activities 33 (1) 3 14
2. Net Cash (Used in) or Available From Investing Activities (90) 1 0 0
3. Net increase (decrease) in long term borrowings 57 0 0 0
4. Net Cash (Used in) or Available From Financing Activities 57 (0) 0 0
5. Net Cash generated or (Used) during the period (1) (1) 3 14
D. RATIO ANALYSIS
1. Performance
a. Asset Concentration (Market Value of Largest Investment / Market Value of Equity Investments) 71.1% 73.4% 81.0% 100.0%
b. Core Investments / Market Value of Equity Investments 100.0% 100.0% 100.0% 100.0%
c. Marketable Investments / Total Investments at Market Value 0.0% 0.0% 0.0% 0.0%
2. Coverages
a. TCF / Finance Cost 4.9 13.1 2.4 8.7
b. TCF / Finance Cost + CMLTB 1.3 13.1 2.4 8.7
c. Loan to Value (Funding / Market Value of Equity Investments ) 0.0 0.0 0.0 0.0
3. Capital Structure (Total Debt/Total Debt+Equity)
a. Leveraging [Funding / (Funding + Shareholders' Equity] 1.4% 0.0% 0.0% 0.0%
b. (Funding + Off Balance Sheet Exposure) / Shareholders' Equity 1.4% 0.0% 0.0% 0.0%

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