Zarea Limited ('ZAL' or the 'Company'). Formerly Vision 2A Private Limited,was incorporated on September 16, 2020, and renamed on August 22, 2022. It became a public limited company on April 15, 2024, under the Companies Act, 2017. The company’s registered office is located at Delta 6, Office No. 6011, NASTP, Abid Majeed Road, Lahore Cantt.

Mr. Ali Alam Qamar founded Zarea Limited in 2020 with the vision of revolutionizing Pakistan's traditional commodity procurement systems. Recognizing the inefficiencies and lack of transparency in sectors like construction and agriculture, he laid the foundation of Zarea Limited as a digital B2B marketplace. Under his leadership, ZAL developed a proprietary technology platform that connects buyers and sellers, streamlining transactions across various industrial and agricultural commodities such as cement, steel, corn, wheat, agricultural biomass etc. His initiative marked a significant shift in Pakistan’s commodity trade landscape by introducing digital procurement, transparent pricing, and efficient logistics solutions.

Zarea Limited operates one of Pakistan's leading digital B2B marketplaces, connecting buyers and sellers of commodities through a proprietary technology platform. The Company serves a diverse counterparty base comprising corporates, SMEs, wholesalers, and institutional buyers, with revenue generated primarily through Platform Usage Fees charged on transactions executed via the e-commerce platform, and through the direct purchase and sale of agricultural commodities. For the nine months ended March 31, 2026, Platform Usage Fees contributed PKR 317 million while agri-commodity trading revenues stood at PKR 1,791 million, together aggregating consolidated revenues of PKR 2,108 million. The Company's commodity portfolio spans agricultural grains including wheat, rice/paddy, and corn, as well as agribiomass and corn silage, with ongoing expansion into value-added processing and packaging to enhance product margins and shelf life. Operationally, Zarea is progressing toward Electronic Warehouse Receipt compliance across its warehouse network, with full transition targeted within two years, aimed at improving trade liquidity and access to structured financing. An in-house logistics arm is also being developed to reduce third-party reliance and strengthen last-mile delivery capabilities. The Company's participation in the Government of Punjab Wheat Policy 2026 positions it as an active participant in regulated commodity procurement and distribution. On the technology front, operations are being enhanced through AI-powered supplier management, intelligent procurement systems, IoT-enabled real-time tracking, and RPA-driven automation integrated with custom SCM and ERP software. Zarea's regional expansion is supported by its UAE-based subsidiary, Zarea Commerce FZCO, incorporated in July 2025, which is engaged in IT consultancy, e-commerce, and general trading, extending the Company's addressable market beyond Pakistan.

Mr. Ali Alam Qamar, the Founder and Chief Executive Officer of Zarea Limited, maintains a controlling interest with an approximate ~41.5% equity stake in the company. Additionally, M/S Goldfinger Private Limited, a prominent institutional shareholder, holds a substantial ~34.3% ownership, which is ultimately beneficially owned by Mr. Qamar. This consolidated ownership structure results in an effective combined stake of approximately 75%, underscoring strong promoter alignment with the company’s strategic direction. The remaining ~23.8% of the shareholding is disseminated among the general public, ensuring broad-based market participation. Notably, several reputable financial institutions, including National Bank of Pakistan (NBP), Bank Alfalah, ABL Asset Management, and JS Investments, are among the shareholders—underscoring institutional confidence in Zarea’s business model, governance, and growth potential.

Zarea Limited benefits from a stable and well-structured ownership and governance framework, underpinned by strong leadership and institutional participation. The Company successfully introduced public shareholding through a highly oversubscribed Initial Public Offering (IPO), demonstrating robust investor confidence and market credibility. This balanced ownership structure combining promoter leadership, institutional backing, and diversified public investment - strengthens ZAL's position as a stable and resilient player in Pakistan's evolving digital commodity trading landscape.

Zarea Limited benefits from the strong business acumen of its founder and CEO, Mr. Ali Alam Qamar, a graduate of Cambridge University, an accomplished entrepreneur with over 10 years of experience in building and investing in successful technology and e-commerce ventures globally. The company's ownership structure reflects this strategic expertise, combining his majority stake for decisive leadership with institutional investment for governance discipline and public listing for enhanced transparency. This balanced approach enables ZAL to maintain entrepreneurial agility while benefiting from institutional oversight and access to capital markets, positioning the company well to capitalize on opportunities in Pakistan's digital commodity trading sector. Mr. Ali Alam Qamar's hands-on experience in technology-driven businesses continues to guide ZAL's growth strategy and operational execution. ZAL’s executive team brings together high-caliber professionals with proven track records across leading institutions such as Engro, Bank Alfalah, Packages Group, and Bestway Cement. This diverse mix of expertise across supply chain, corporate finance, industrial operations, and technology enables ZAL to execute with precision and scale. The Company’s Board of Directors further strengthens this foundation, comprising accomplished business leaders and independent professionals who provide strategic guidance, strong governance oversight, and sectoral insight—ensuring sound decision-making aligned with long-term value creation.

Zarea Limited demonstrates strong financial performance marked by consistent revenue growth and prudent financial management. For the nine months ended March 31, 2026, the Company reported consolidated revenue of PKR 2,108 million, reflecting growth of ~162% over the corresponding period, driven by higher trading volumes, expansion into new commodity categories, and an expanding active customer base. Profit after taxation for the period stood at PKR 847 million (consolidated), translating into an annualized Return on Equity (ROE) of ~43%, positioning Zarea as a high-performing entity within the PSX technology sector. In February 2025, the Company successfully executed its Initial Public Offering (IPO), raising PKR 1,030 million through the issuance of 62.5 million shares at a premium of PKR 967 million, with net proceeds of approximately PKR 979 million after deducting issuance expenses of PKR 51 million. This capital infusion has substantially reinforced the Company's equity base, now standing at PKR 2,840 million (standalone) as at March 31, 2026, enhancing its financial flexibility and capacity for future growth. Basic and diluted earnings per share increased to PKR 3.22 (consolidated) for the nine-month period, compared to PKR 1.73 in the corresponding period last year. These metrics underscore Zarea's robust financial health and its ability to generate sustainable shareholder value

The Board of Directors (BoD) of Zarea Limited (ZAL) consists of seven experienced professionals, including CEO Mr. Ali Alam Qamar and Chairperson Ms. Misbah Momin. The board includes two  executive, five non-executive including two independent directors.

Zarea Limited benefits from a diverse and highly accomplished board combining operational expertise, governance experience, and sector-specific knowledge. The leadership team is anchored by CEO Mr. Ali Alam Qamar, a Cambridge and Harvard-educated finance professional with specialized expertise in supply chain and digital procurement transformation. Chairperson Ms. Misbah Momin brings strategic vision as an established entrepreneur and social impact leader, with prior experience in government roles, women’s empowerment and establishing vocational training institutes and schools across Punjab. The board’s strength is further enhanced by its non-executive directors, including Mr. Junaid Akram, a former FBR bureaucrat with deep tax policy experience, and Ms. Meezan Fahd Mukhtar, a fashion entrepreneur with international exposure. Executive Director Mr. Nouman ul Hassan contributes hands-on technology execution expertise from his decade in software development. Independent oversight is provided by distinguished professionals: Mr. Sohail Wajahat Siddiqui, a Sitara-e-Imtiaz recipient, ex-MD of Siemens Pakistan, ex-Chairman PSO and ex-federal minister for petroleum & natural resources, and Mr. Muhammad Afzal Chaudhry, a seasoned banker with 43 years of financial leadership across multiple markets such as Pakistan and Oman. This balanced composition ensures robust governance while maintaining strong alignment with Zarea’s digital commerce ambitions.

Zarea Limited maintains an adequate governance framework with a well-structured Board that demonstrates strong oversight through regular meetings and proper documentation. The Board has established two key committees—the Audit Committee and the HR & Remuneration Committee—both chaired by independent directors to ensure objective oversight of financial reporting, internal controls, and executive compensation matters. Board meetings are conducted with due diligence, with discussions properly minuted and decisions formally recorded, reflecting adherence to corporate governance best practices. The Board has also established an Operations Management Committee that closely monitors operations across the organization and resolves interdepartmental issues. This structured approach enables effective monitoring of company affairs while maintaining transparency and accountability across all operational and strategic matters. The composition and functioning of these committees demonstrate the Board's commitment to sound governance principles and effective stewardship of shareholder interests.

Naveed Zafar Ashfaq Jaffery & Co. Chartered Accountants serves as the external auditor for Zarea Limited (ZAL). For the fiscal year ending 2024-25, the auditors issued an unqualified opinion on the company's financial statements. The CA firm holds Category A status on the State Bank of Pakistan's (SBP) approved auditors’ panel.

Zarea Limited operates with a well-defined functional structure comprising key departments, including Management, Operations, Sales & Marketing, Accounts & Finance, Supply Chain, and Technology. The Company has established a clear reporting framework, with each department led by a designated head who reports directly to the Chief Executive Officer. The management has also established an Operations Committee comprising senior executive management and key functional heads. This streamlined structure facilitates efficient coordination across functions, enables swift decision-making, and ensures effective implementation of the corporate strategy. The direct reporting lines to the CEO maintain organizational agility while promoting accountability across all operational verticals. This departmental framework supports ZAL's business objectives by aligning specialized expertise with strategic priorities, creating a cohesive operational environment that drives performance and growth.

ZAL benefits from an experienced leadership team under the guidance of Founder & CEO Mr. Ali Alam Qamar, a distinguished finance professional with qualifications from Cambridge and Harvard, whose entrepreneurial acumen has significantly influenced Pakistan's digital commerce sector. The management team comprises seasoned professionals across all critical functions, including Mr. M. Usman Ameer (CFO), a Chartered Accountant specializing in financial controls and risk management; Commodore Ehsan Ahmed Khan, SI(M) (Retd.), who serves as the Chief Operating Officer (COO) of the Company and brings over 37 years of leadership and operational experience. His key assignments include serving as ADC to the Prime Minister of Pakistan, Chief Naval Overseer for the MILGEM Warship Programme in Türkiye, and Deputy Commandant & Chief Instructor at the Pakistan Navy War College. He is also a recipient of the Sitara-e-Imtiaz (Military). Mr. Muhammad Shehzad (CTO) spearheads the Company's technological advancement, while Mr. Syed Muhammad Akram (Company Secretary) oversees governance and compliance. Complementing this core team are department heads leading retail and corporate sales, public relations, human resources, agricultural operations, and supply chain management, each bringing over a decade of specialized industry experience from leading organizations such as Engro, Packages Group, Bestway Cement, and Bank Alfalah.

Zarea Limited's management team demonstrates strong execution capabilities through its proven ability to drive operational excellence and strategic growth. The leadership's effectiveness is evidenced by the company's robust financial performance, including a ~22% ROE, and the successful execution of its oversubscribed IPO – reflecting investor confidence in management's competencies. The team combines entrepreneurial vision with specialized technical expertise across finance, technology, investments, and compliance, creating a balanced approach to decision-making. Their collective experience in scaling digital businesses enables agile responses to market opportunities while maintaining disciplined governance. The direct reporting structure to the CEO ensures swift implementation of strategic initiatives, with departmental heads providing deep domain knowledge in their respective functions. This results-oriented leadership approach has positioned ZAL as an emerging leader in Pakistan's digital commodity trading sector, capable of sustaining growth while effectively managing risks and stakeholder expectations.

Zarea Limited has established an  Enterprise Resource Planning (ERP) system integrated with AI/ML capabilities to power its data-driven operations. This sophisticated platform connects finance, supply chain, sales and inventory functions while employing machine learning algorithms to analyze transactional data, predict trends and optimize decision-making. The system's AI components enhance forecasting accuracy for commodity pricing and inventory requirements, while automated data processing reduces operational latency.By harnessing AI-powered analytics, Zarea Limited extracts actionable intelligence from its internal databases - identifying efficiency opportunities in procurement cycles, detecting anomalies in financial transactions, and personalizing customer engagement models. The cloud-based architecture ensures real-time data accessibility across management tiers, supported by dynamic dashboards that transform raw data into strategic insights. This technological infrastructure positions ZAL at the forefront of agri-tech innovation in Pakistan's commodity sector, where predictive analytics and automated reporting provide competitive differentiation. The company continues to upgrade its ML models to improve demand forecasting accuracy and supply chain responsiveness.

Zarea Limited maintains a rigorous control framework through its dedicated internal audit function, which operates with direct accountability to the Board's Audit Committee. The Internal Audit Department, under the leadership of Chartered Accountant M. Usman Ameer, conducts systematic evaluations of operational processes and control mechanisms. This structure ensures independent verification of financial reporting integrity, risk management effectiveness, and compliance with regulatory standards. The department's direct reporting line to the Board-level Audit Committee, chaired by an independent director, reinforces organizational accountability while maintaining objective oversight. The Audit Committee provides independent Board-level oversight, while the Operations Committee provides management-level operational coordination and oversight. By combining professional audit expertise with governance best practices, ZAL sustains a disciplined control environment that safeguards assets, ensures process reliability, and supports informed decision-making across management levels. This multilayered approach to controls demonstrates the Company's commitment to operational transparency and sound corporate governance.

Pakistan's digital ecosystem continued its strong upward trajectory through FY2026, with total telecom subscriptions rising to 207.2 million by March 2026. Broadband subscribers reached 161 million, translating into penetration of 64.2%, while telecom coverage exceeded 92% and sector revenues surpassed PKR 1 trillion, reflecting 12% year-on-year growth. A landmark development was the successful completion of Pakistan's 5G spectrum auction by PTA on March 10, 2026, generating approximately US$509.6 million through the sale of 480 MHz spectrum across various frequency bands, marking a pivotal step toward next-generation connectivity. This expanding digital infrastructure, underpinned by 95% 4G-enabled networks and accelerating broadband penetration, creates a conducive environment for e-commerce, digital procurement, and agri-tech platforms. Zarea Limited is well-positioned to capitalize on this momentum, leveraging rising digital participation to expand platform reach and accelerate B2B marketplace adoption across Pakistan.

Zarea Limited has established itself as one of Pakistan's leading B2B commodity marketplaces, recording standalone revenue of PKR 2,108.06 million for the nine months ended March 31, 2026, reflecting growth of 161.7% over the corresponding period. The Company operates across multiple commodity categories including agricultural grains, agribiomass, and industrial inputs, with its proprietary technology platform generating Platform Usage Fees alongside direct commodity trading revenues. Its agile architecture, IoT-enabled real-time tracking, and AI-powered procurement systems create meaningful switching costs and support customer retention. Zarea's growing geographic footprint, participation in the Government of Punjab Wheat Policy 2026, and ongoing Electronic Warehouse Receipt compliance upgrades further reinforce its positioning as a credible and scalable supply chain partner. With a UAE-based subsidiary (Zarea Commerce FZCO) now operational, the Company is progressively extending its reach beyond domestic markets toward regional commodity trade.

Zarea Limited demonstrated strong top-line momentum during 9MFY26, reporting standalone revenues of PKR 2,108.06 million, representing a 161.7% year-over-year increase from PKR 805.42 million in 9MFY25. This sharp revenue accretion reflects expanded trading volumes, broader commodity category coverage, and a growing active customer base on the platform. The revenue mix remains diversified across recurring Platform Usage Fees of PKR 317.26 million and transactional income from agri-commodity sales of PKR 1,790.80 million, with the latter serving as the primary revenue engine, reinforcing the Company's scale-driven monetization model. Gross profit rose to PKR 585.39 million, up 58.5% over the prior period, though gross margins moderated to approximately 27.8% in 9MFY26 from 45.8% in 9MFY25, reflecting a higher share of direct commodity trading in the revenue mix. Net earnings reached PKR 826.48 million, marking an 82.2% increase over PKR 453.51 million in 9MFY25. Profitability continues to benefit from the income tax exemption granted under the Special Technology Zones Authority (STZA) framework, with nil taxation recorded during the period.

The Company's 9MFY26 financials reflect continued margin moderation, consistent with the Company's deliberate scale-up in direct commodity trading, which carries inherently higher cost of sales relative to platform fee income. Gross profit margin stood at approximately 27.8% during the period, compared to 45.8% in 9MFY25, with the compression attributable to a higher share of agri-commodity trading in the revenue mix, where physical procurement and logistics costs are significant. Operating profit margin moderated to approximately 17.0% from 36.5% in 9MFY25, reflecting absorption of higher administrative and distribution expenses incurred in support of business expansion, including investments in human capital, logistics infrastructure, and technology. Notwithstanding operating-level compression, net profit margin remained healthy at approximately 39.2%, supported by robust other income of PKR 492.97 million, comprising mark-to-market gains on short-term equity and mutual fund investments. PBIT margin stood at approximately 40.4% for the period. The Company continues to benefit from nil taxation under the STZA framework, which provides meaningful support to bottom-line margins. Overall, while gross and operating margins have tempered from prior period levels, net profitability remains well above industry norms, underpinned by ZAL's diversified income streams and efficient cost structure. Sustainability of current margin levels will hinge on effective management of cost-to-serve as the Company expands further into logistics, agri-processing, and regional operations.

Zarea Limited continues to execute a multi-dimensional sustainability strategy underpinned by operational deepening, technology investment, and geographic diversification. The Company has commenced investment in a dedicated in-house logistics arm, aimed at enhancing delivery efficiency, reducing third-party reliance, and strengthening supply chain control across key trade corridors. Concurrently, Zarea is progressing toward Electronic Warehouse Receipt compliance across its warehouse network, with full transition targeted within two years, which is expected to improve trade liquidity, operational transparency, and access to structured financing. On the commodity side, the Company has expanded into agri-value chain processing, including corn silage and agribiomass packaging, and has initiated coverage of core agricultural grains comprising wheat, rice/paddy, and corn, broadening its procurement and distribution footprint. Participation in the Government of Punjab Wheat Policy 2026 further reinforces Zarea's integration into regulated commodity ecosystems and national food security frameworks. Technology sustainability is being advanced through an AI-led digital transformation encompassing intelligent procurement systems, IoT-enabled real-time tracking, RPA-driven automation, and custom SCM software integrated with ERP. The incorporation of Zarea Commerce FZCO in the UAE positions the Company for regional commodity trade, extending its addressable market beyond Pakistan. Governance sustainability is supported by the ongoing implementation of structured Enterprise Risk Management and Human Resource Management frameworks, institutionalizing risk oversight and organizational depth to support scalable long-term growth.

ZAL's working capital profile as at March 31, 2026 reflects the natural evolution of a scaling commodity trading business, with increased balance sheet deployment across inventory and receivables to support the 161.7% revenue growth recorded during 9MFY26. Average trade receivable days stood at approximately 52 days, compared to 47 days as at March 2025, with the modest elongation attributable to higher outstanding balances across an expanded counterparty base amid rapid revenue scale-up. Inventory days increased to approximately 82 days, reflecting higher stock-in-trade of PKR 529.05 million as the Company deepened its agri-commodity procurement pipeline across wheat, rice, corn, and agribiomass categories. On the payables side, average payable days rose to approximately 42 days from near-negligible levels in the prior period, indicating a more structured utilization of supplier credit as procurement volumes expanded. The net working capital cycle stood at approximately 91 days, with the elongation relative to the prior period reflective of deliberate inventory build-up and business scaling rather than collection inefficiency. Working capital funding has been supported by the issuance of Islamic Financing Sukuk of PKR 1,021.43 million during the period, providing Shariah-compliant liquidity to sustain procurement and trading operations. Overall, while the working capital cycle has extended in line with business growth, the Company's access to structured financing and growing cash generation from operations provide adequate coverage for near-term liquidity requirements.

ZAL maintains a strong financial risk profile supported by robust operating cash generation and a predominantly equity-funded capital structure. Free Cash Flow from Operations grew by approximately 117.4% during 9MFY26, rising to PKR 1,029.69 million from PKR 473.60 million in the corresponding period, reflecting the Company's expanding cash-generating capacity as trading volumes and platform utilization scale. During the period, the Company raised Islamic Financing Sukuk of PKR 1,021.43 million to support working capital and procurement operations, introducing a structured Shariah-compliant financing layer to its previously near-debt-free capital structure. Inclusive of bank financing of PKR 31.33 million, total debt stood at approximately PKR 1,052.76 million as at March 31, 2026, translating into a debt-to-equity ratio of approximately 37.1%, which remains conservative. Interest coverage, measured as PBIT to finance costs, stood at approximately 32.8x, reflecting negligible debt servicing pressure relative to earnings. Furthermore, total debt is effectively covered within a single period's operating cash flows, with a debt-to-FCFO ratio of approximately 1.0x, underscoring the Company's capacity to service and retire obligations through internal generation alone. Overall, coverage metrics remain notably strong, and the introduction of Sukuk financing, while a departure from the prior near-debt-free profile, remains well within manageable bounds given the scale of operating cash flows and earnings.

Zarea Limited's capitalization profile as at March 31, 2026 reflects a balance sheet that has meaningfully scaled alongside the Company's rapid business expansion, with total assets growing to PKR 4,236.45 million from PKR 2,409.20 million at June 30, 2025. Shareholders' equity stood at PKR 2,840.41 million, translating into an equity-to-asset ratio of approximately 67.0%, compared to approximately 94.5% at June 2025, with the moderation primarily attributable to the issuance of Islamic Financing Sukuk of PKR 1,021.43 million during the period to support working capital and procurement operations. Total debt, comprising the Sukuk, long-term bank financing of PKR 16.09 million, and the current portion of bank financing of PKR 15.24 million, aggregated to approximately PKR 1,052.76 million, resulting in a debt-to-equity ratio of approximately 37.1% and debt-to-assets of approximately 24.8%. While leverage has increased relative to the near-debt-free position at March 2025, the overall capitalization profile remains conservative, with the Sukuk representing a structured, Shariah-compliant instrument well-suited to the Company's commodity trading cycle. Equity base has been reinforced by retained earnings, with reserves rising to PKR 1,661.89 million as at March 2026 from PKR 1,097.91 million at June 2025, reflecting strong profit accretion during the period. The Company retains significant financial flexibility and headroom to absorb execution risks associated with ongoing expansion into logistics, agri-processing, and regional operations.