Ghani Global Glass Limited (Hereinafter referred to as ‘GGGL’ or ‘the Company’), established in 2007, is a Public Listed Company that was officially listed on the Pakistan Stock Exchange on December 12, 2014.

Ghani Global Glass Limited ("the Company") was incorporated in Pakistan as a Private Limited Company on October 04, 2007 as Ghani Tableware (Private) Limited under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The status of the Company was changed to Public unlisted Company and consequently, its name was changed to Ghani Tableware Limited on July 24, 2008. Name of the Company was further changed to Ghani Global Glass Limited on January 14, 2009. The Company was merged into Libas Textiles Limited, a listed Company and the Company became listed on Pakistan Stock Exchange on December 12, 2014 upon merger. The Company commenced its commercial operations with effect from April 01, 2016.

Ghani Global Glass Limited is principally engaged in the processing, manufacturing, and sale of glass tubes, glassware, vials, ampoules, and chemicals, as well as carrying on business as experts, technical advisors, and consultants. The Company’s registered office is located at 10-N, Model Town Extension, Lahore, while its state-of-the-art manufacturing facilities are situated at 52 K.M. Lahore-Multan Road, Phool Nagar, District Kasur.

Ghani Global Glass Limited is primarily owned by its parent Company, Ghani Global Holdings Limited, which holds~50.10% of the shares. The remaining ownership is distributed among directors, officers and associates (~0.52%), and general public (~49.38%).

The Ghani Group completed a strategic restructuring in which Ghani Gases Limited was reorganized from a manufacturing Company into the Group’s holding entity, now known as Ghani Global Holdings Limited. This change was made to simplify the Group’s overall structure and to place its various investments under a single management framework. By shifting to a holding-Company model, the Group can manage its different business interests—such as glass manufacturing, chemicals, and other industrial activities—more efficiently. Instead of operating each business independently, the holding Company structure allows for coordinated decision-making, centralized oversight, and clearer separation between operational activities and investment management. Ghani Global Holdings Limited acts as the Group’s main investment and management Company. It oversees the performance of its subsidiaries, ensures compliance and governance, and supports their long-term planning and development. This structure is intended to provide better clarity, control, and flexibility as the Group continues to manage and develop its diversified business portfolio.

The sponsors have over five decades of entrepreneurial experience across a range of sectors, including industrial gases, engineering, mining, glass, real estate, automobiles, and food. Their long-term involvement in these industries has contributed to the development and expansion of various business ventures within these sectors.Their experience provides the background for informed decision-making, operational understanding, and continuity in the businesses they oversee. This accumulated expertise supports the Group’s ability to manage diverse projects and adapt to changing industry conditions in a structured and sustainable manner.

The Ghani Global Group—which includes Ghani Global Holdings Limited, Ghani Global Glass Limited, Ghani Chemworld Limited and Ghani Chemical Industries Limited—reported total equity of PKR 24.45bn as of September 2026.This figure represents the accumulated net worth of the Group after accounting for assets and liabilities across its companies. A strong equity base provides the Group with financial flexibility, enabling it to manage operational needs, support subsidiaries during challenging periods, and invest in future growth initiatives. It also indicates an ability to absorb market fluctuations and maintain stability over the long term. Overall, the reported equity reflects the Group’s current financial position and its capacity to extend support to its companies when required.

The Company is governed by a seven-member Board of Directors, chaired by Mr. Hafiz Farooq. The Board comprises six male directors and one female director, ensuring diverse representation. The composition includes two independent directors, Sheikh Muhammad Saleem Ahsan and Ms. Saima Shafi Rana, who also fulfills the requirement for female representation on the Board. Additionally, there are four non-executive directors: Hafiz Farooq Ahmad, Mr. Abdullah Ahmad, Mr. Asim Mahmud, and Syed Sibtul Hassan Gilani. Mr. Atique Ahmad Khan serves as the executive director and CEO, providing strong leadership and maintaining a direct connection to the Company’s founding vision. The presence of members from the sponsoring family reinforces the Company’s strategic direction and commitment to its core values.

Mr. Hafiz Farooq Ahmad, Chairman and Business Director of Ghani Glass Limited since 2003, also serves as Director at Ghani Global Holdings Limited, Ghani Chemical Industries Limited, and Ghani Engineering Limited. His leadership since 2008 has been pivotal in advancing the Ghani Group’s strategic growth and diversification across various sectors. His deep industry knowledge and strategic vision continue to drive the Company’s success and long-term sustainability.

The Board of Directors meets quarterly in accordance with the requirements of the Code of Corporate Governance, allowing for regular oversight and timely review of the Company’s activities. These meetings provide a structured forum for evaluating performance, addressing operational and strategic issues, and making decisions based on available information and analysis. To further strengthen governance practices, the Board has established two committees: the Audit & Risk Management Committee and the Human Resources, Remuneration & Compensation Committee. These committees support the Board by providing focused oversight in their respective areas—such as financial reporting, internal controls, risk management, and human resource policies. Their work helps ensure that key governance matters are addressed in a systematic and informed manner, contributing to the overall effectiveness of the Board.

M/s. Crowe Hussain Chaudhury & Co., Chartered Accountants, are the external auditors of the Company. They issued an unqualified opinion on the Company’s financial statements for the year ended June 30, 2026. The firm is a QCR listed and is also included on the State Bank of Pakistan’s panel of approved auditors.

The Company’s operations are organized into six key functional divisions, each led by a divisional head who reports directly to the CEO. This structure supports clear reporting lines, enables timely communication, and facilitates coordinated decision-making across different areas of the business. By defining responsibilities at the divisional level, the Company is able to strengthen accountability and maintain operational efficiency. The framework also helps the organization respond effectively to changing market conditions by ensuring that each division can focus on its core functions while aligning with overall corporate objectives.

Mr. Atique Ahmad Khan, a qualified Mechanical and Electrical Engineer with over ~30 years of experience in sectors such as Glass, Textile, Industrial and Medical Gases, and Automobiles, serves as the CEO, providing strategic leadership and vision. Mr. Shahnawaz Zafar, the CFO, oversees the Company’s financial operations, bringing a wealth of expertise in financial planning and risk management. Together, they lead a strong management team composed of seasoned professionals with diverse backgrounds in glassware, engineering, manufacturing, and industrial gases. This team is dedicated to driving innovation, maintaining operational excellence, and executing the Company's strategic objectives effectively.

Ghani Global Glass Limited maintains a structured IT infrastructure supported by controls designed to ensure smooth operations and system security. Regular reports on IT performance are presented to senior management, keeping them informed of system status and any emerging issues. To support effective oversight, the Company has established dedicated management committees to address critical IT and operational concerns. These committees maintain detailed records of their discussions and decisions, promoting transparency and accountability in IT governance and decision-making processes.

The Company has implemented an advanced Oracle ERP system, enhancing the efficiency and reliability of its reporting processes. This system has streamlined operations, improved the accuracy and consistency of data, and provides real-time insights into business performance. As a result, management is better equipped to make informed, data-driven decisions that support the Company’s operational and strategic objectives.

The Company regularly provides Management Information System (MIS) reports to senior management to support operational and strategic decision-making. These reports include production and dispatch updates, which track production volumes, dispatch schedules, and inventory levels of gases. They also include target analysis reports, comparing budgeted versus actual sales and production performance, and collection analysis reports, which monitor outstanding receivables and collection efforts. The implementation of Oracle technology ensures timely access to accurate and relevant data, enabling management to make well-informed decisions efficiently. Additionally, the Board has established a robust internal audit function, either through an in-house team or by engaging qualified external professionals. This function ensures compliance with Company policies and procedures, strengthens internal controls, and provides independent oversight of operational and financial processes.

Pakistan's glass manufacturing industry comprises approximately 5-6 major organized players alongside numerous smaller manufacturers, catering to diverse end-user industries including construction, food & beverages, pharmaceuticals, and consumer tableware. The sector is broadly segmented into Float Glass, Tableware, and Container Glass. Within the pharmaceutical packaging segment, demand for glass vials and ampoules continues to increase, supported by the growing pharmaceutical industry, which fulfills an estimated 70-90% of the country's medicine requirements through local manufacturing. The pharmaceutical sector has also demonstrated strong growth momentum, with industry sales reportedly increasing by ~14% during CY25, while exports crossed USD 450mln, reflecting a ~34% YoY increase. The pharmaceutical glass packaging market is led by domestic manufacturers such as Ghani Global Glass, Multi Glass, and Techno Ampoules. Among them, remains Pakistan's sole manufacturer of USP Type-I neutral borosilicate glass tubing and has continued to enhance its production footprint through capacity expansion and technological upgrades.  Despite favorable demand fundamentals, the sector continues to face challenges stemming from elevated energy tariffs, dependence on imported raw materials and spare parts, foreign exchange volatility, and stringent quality requirements, particularly for pharmaceutical-grade packaging. Manufacturers are required to comply with international standards, including USP Type-I specifications and DRAP regulations, to ensure product safety and suitability for injectable drugs. Profitability also remains sensitive to fluctuations in natural gas and electricity prices, given the energy-intensive nature of glass manufacturing. Nevertheless, industry prospects remain positive, supported by increasing demand for injectable medicines, biologics, vaccines, and high-value pharmaceutical products. Export opportunities across the Middle East, Africa, and Latin America continue to provide growth avenues for local manufacturers, while ongoing investments in automation, furnace modernization, and capacity enhancement are expected to improve operational efficiency and product quality. Going forward, sustained growth in the pharmaceutical sector, coupled with increasing localization of packaging solutions, is expected to support the medium-term outlook of Pakistan's pharmaceutical glass packaging industry, although cost pressures and regulatory compliance requirements will remain key considerations. However, during FY2026, the escalation of hostilities involving Iran, the United States, and Israel posed additional challenges to Pakistan’s economic outlook. The conflict led to higher international energy prices, increased freight and insurance costs, and disruptions in regional trade and supply chains. Given Pakistan’s reliance on imported petroleum products, the rise in global oil prices exerted pressure on import bills, inflation, and overall production costs across various sectors. Furthermore, heightened geopolitical tensions increased uncertainty surrounding regional trade flows and workers’ remittances. Despite these challenges, Pakistan demonstrated relative resilience, supported by improved external account buffers, a stable exchange rate environment, and sustained remittance inflows, which helped mitigate the adverse economic impact of these external shocks.

GGGL is involved in the production and sale of glass tubes, ampoules, and vials, primarily catering to the pharmaceutical industry. As the leading domestic manufacturer of pharmaceutical-grade glass tubes in Pakistan, GGGL plays a key role in meeting national demand, with the remainder fulfilled through imports. Following recent capacity expansions, the Company’s annual production capacity for ampoules and vials increased by approximately~55mln units, placing it among the notable manufacturers in the country. Despite this scale, GGGL operates in a competitive landscape, facing internal-use competition from pharmaceutical firms such as Sami, Bosch, and Indus, as well as from commercial producers like Friends Glass and Techno Glass. The recent commissioning of a new furnace, with a daily melting capacity of around 18.5 tons, has enhanced GGGL’s manufacturing capabilities and supports its efforts to address both domestic and export market requirements.

The Company generates the majority of its revenue from the Pharmaceuticals and Industrial segments. In FY26, net sales reached to PKR 2,899mln, compared to PKR 2,932mln in FY25. Company’s sales marginally reduced mainly due to export sales, as it remained under pressure during the year owing to challenging international market conditions and geopolitical uncertainties, which adversely impacted external demand and trade flows. However, the decline in export performance was partially offset by continued growth in the domestic market, supported by stable local demand.

In FY26, the Company’s gross margin remained stable at ~25%, compared to ~26% in FY25, despite continued cost pressures—mainly from higher energy expenses. While rising input costs presented challenges, the Company managed to offset these through cost control measures and operational efficiencies. Net profit margin declined to ~5% in FY26, down from ~10% in FY25.

The Company remains focused on strengthening its operational sustainability through continuous investments in efficiency, quality enhancement, and capacity expansion. During FY26, GGGL commissioned a higher-capacity VPSA oxygen generation unit and installed Italian multi-tapping booster transformers, improving energy efficiency, production reliability, and cost optimization. The Company also enhanced quality assurance and process controls through the implementation of an electronic serigraphy verification system and Batch Manufacturing Record (BMR) systems, strengthening traceability, regulatory compliance, and operational oversight. Subsequent to year-end, GGGL commissioned a 1.5MW solar power plant, reflecting its commitment towards energy sustainability and reducing reliance on grid electricity. In parallel, the Company continues to pursue growth through capacity enhancement initiatives, including the installation of additional ampoule and vial manufacturing lines and the planned import of advanced Italian machinery, which is expected to significantly increase production capacity. Management is also exploring international expansion opportunities in Saudi Arabia, Africa, and Europe, while strengthening domestic partnerships with pharmaceutical manufacturers, supporting long-term business growth and market diversification. Although the financial benefits of these expansion initiatives have yet to fully materialize, several new contracts are currently in the pipeline and are expected to support revenue growth, strengthen profitability, and enhance the Company's market position in the near term. Management remains confident in the Company's growth trajectory, underpinned by strategic expansion plans, expected improvements in operating efficiency, and prudent financial projections aimed at delivering sustainable margin expansion over the medium term.

In FY26, the Company’s net working capital days reached to ~209 days, up from ~176 days in FY25. The Company maintained a strong liquidity position, as reflected in a current ratio of around ~9.2x (FY25: 6.7x). This ratio remains well above standard benchmarks, indicating the Company’s continued ability to meet short-term obligations without financial strain. Together, these indicators reflect sound working capital management and a stable financial footing.

The Company’s Free Cash Flow from Operations (FCFO) increased to PKR 853mln in FY26, compared to PKR 658mln in FY25. This improvement reflects enhanced operational efficiency, particularly in working capital management, and stronger cash generation from core business activities. Despite an increase in finance costs, the Company maintained a stable interest coverage ratio of ~2.5x in FY26 (FY25: 1.9x).

During FY26, the Company’s leverage ratio decreased to ~28%, compared to ~34% in FY25. Long-term borrowings decreased to PKR 245mln, down from PKR 505mln in FY25. Short term borrowings of the Company constitute ~61% of the total borrowings. This financing pattern indicates a strategic focus on short-term funding to manage operational liquidity more effectively. Overall, the Company continues to manage its capital structure with a focus on liquidity and financial stability.