Golden Packages (Pvt.) Limited (or the "Company") was incorporated as a private limited Company on March 04, 2014.

Golden Packages (Pvt.) Limited commenced commercial operations in 2016 with the production of Cast Polypropylene (CPP) Films, which formed the initial core of its manufacturing activities. In 2018, the Company extended its operational scope by entering the flexible packaging segment, marking a significant milestone in its diversification strategy. This expansion was undertaken organically and reflects the management's responsiveness to evolving industry requirements and the opportunity to serve a broader customer base within the domestic packaging value chain. Since inception, the Company has grown its production capacity and customer reach through internally generated resources and operational reinvestment.

Golden Packages (Pvt.) Limited operates across two primary business segments; CPP Films and flexible packaging materials. At the end of FY26, the Company's installed production capacity stood at 21,300 metric tonnes per annum, of which 80% is allocated to the CPP plant and the remaining 20% is dedicated to flexible packaging operations. At the end of FY26, the utilized capacity of the Company stood at 19,100 metric tonnes, reflecting a capacity utilisation rate of 89%. The Company maintains a diversified geographical footprint across key domestic markets, with Khyber Pakhtunkhwa representing the largest revenue-contributing region, followed by Punjab, while Sindh provides additional market presence. This regional diversification supports the Company’s market penetration and reduces dependence on any single geographical market.

Golden Packages (Pvt.) Limited is a family-owned business, with ownership distributed among three brothers. Mr. Munir Khan holds the majority stake, representing 54% of the Company’s equity, followed by Mr. Rehman Khan with 38%, while the remaining 8% is owned by Mr. Amir Sultan.

The ownership structure of the Company remained stable throughout its operational history, with no changes in the composition or proportionate holdings of the sponsoring family recorded since inception. The concentration of ownership within a tightly held family structure, combined with the dual role of Mr. Rehman Khan as both a significant shareholder and the Chief Executive Officer, ensures continuity of strategic direction.

The ownership of Golden Packages (Pvt.) Limited is backed by industry knowledge and business acumen, developed through years of family exposure to diverse entrepreneurial ventures. The current generation has inherited not only experience but also a deep understanding of the packaging sector, as their father was a seasoned entrepreneur who successfully established and managed businesses in packaging and other related industries. This legacy has provided the owners with valuable market insights, a strong business network, and the strategic foresight necessary to sustain and grow the Company’s operations in a competitive environment.

The sponsors possess adequate financial strength and have the ability to support the Company, if required.

The Board of Directors of Golden Packages (Pvt.) Limited is structured around the sponsoring family. The presence of non-executive and independent directors is encouraged as a governance objective. 

The Board is composed of experienced businessmen with strong managerial capabilities and practical exposure to the packaging and allied industries. Mr. Munir Khan brings extensive entrepreneurial experience spanning the packaging sector and contributes strategic oversight at the Board level. Mr. Rehman Khan, who serves concurrently as Chief Executive Officer, contributes over 13 years of packaging industry experience, including senior management exposure, providing the Board with both executive leadership and sector-specific depth. Mr. Amir Sultan, the Managing Director, manages a diversified business portfolio, which broadens the Board's commercial perspective. The Board's collective skill set is oriented toward strategic direction, business development, and operational oversight within the manufacturing and packaging context.

To ensure effective governance and strengthen oversight across key functional areas, the Board has constituted five committees: (i) Audit Committee, (ii) Human Resource and Remuneration Committee, (iii) Finance and Development Committee, (iv) IT/Digital Transformation Committee, and (v) Production Committee. These committees support the Board in reviewing financial reporting and internal controls, overseeing human resource and remuneration matters, evaluating financing and development initiatives, monitoring technology and digital transformation, and supervising production-related performance and operational matters. The committee structure provides a formal mechanism for focused oversight and facilitates more informed decision-making across the Company’s key strategic and operational areas.

The external audit of Golden Packages (Pvt.) Limited is conducted by M/s Z.U.M.I.R.S and Co., Chartered Accountants, which is a non-QCR rated firm. The auditors issued an unqualified opinion on the FY25 financial statements, reflecting compliance with applicable accounting standards and supporting the transparency and reliability of the Company's financial reporting. Internally, the Audit Committee is responsible for overseeing the integrity of the Company's financial reporting processes and the effectiveness of its internal control framework.

Golden Packages (Pvt.) Limited operates with a defined and lean organisational structure designed to control personnel costs while maintaining operational efficiency across its two manufacturing segments. The Company operates through eight departments, namely, i) Production, ii) Marketing, iii) Finance, iv) IT, v) Internal Audit, vi) EHS, vii) Supply Chain, and viii) Human Resurce. All departments are reportable to the Head of Departement (HOD), and each HOD is reportable to the CEO, while the internal audit department is also reporting to the Board of Directors through the Audit Committee. The Company's decision-making model is predominantly centralised, with strategic and operational authority flowing from the Chief Executive Officer level downward to divisional and functional heads. The Chief Executive Officer occupies the apex of the executive hierarchy and is supported by the Managing Director and the Chief Financial Officer, who together constitute the senior leadership layer.

The Company’s Chief Executive Officer, Mr. Rehman Khan has been associated with the Company since its inception. Mr. Rehman Khan has over 13 years of relevant experience and also has experience in senior management abroad. Mr. Amir Sultan, the Managing Director of the Company, has a vast business portfolio, simultaneously managing multiple businesses and enhancing Company’s practices through his own business acumen. Mr. Rao Hidayat Ullah serves as Chief Financial Officer of the Company. 

The sponsors’ extensive industry experience, complemented by a professional management team, has supported the Company in streamlining its operations, improving process efficiencies, and maintaining effective cost controls. Management’s operational oversight has also contributed to efficient utilization of production resources and containment of manufacturing losses. The Company’s production facilities operate with relatively low wastage, while residual production waste is managed through recycling and reuse within the manufacturing process, supporting better raw-material utilization, cost efficiency, and overall operational effectiveness.

Golden Packages (Pvt.) Limited has implemented SAP enterprise resource planning systems to align its operational and financial management processes with industry best practices. The adoption of SAP supports integrated management information and enhances the reliability of data used for operational decision-making across production, procurement, and financial reporting functions.

The Company's internal control framework is overseen by the Audit Committee, which is responsible for reviewing the effectiveness of financial reporting processes and internal controls. The establishment of the Audit Committee as a formal board-level oversight body provides a structured mechanism for reviewing financial risks and internal governance matters. IT-based security systems and controls were installed, enhancing the Company's technology control environment.

The packaging industry in Pakistan occupies a structurally important position within the broader manufacturing economy, serving as an essential upstream input to the food and beverage, pharmaceutical, personal care, and consumer goods sectors. Pakistan's packaging market is dominated by the paper and paperboard sub-segment followed by plastic segment. The plastics segment, within which CPP films and flexible packaging materials sit, is primarily driven by demand from the domestic food, beverage, and pharmaceutical industries. Polyethylene, polypropylene, PVC, nylon, and PET constitute the primary raw materials for the plastic packaging industry. Being petroleum-based products, these inputs remain highly sensitive to fluctuations in international crude oil prices and exchange rate movements. During FY25, global crude oil prices softened, averaging around USD 70.2/bbl (FY24: USD 83.9/bbl), as increased OPEC+ production outpaced the recovery in global demand. Consequently, polymer prices also eased, with average PET import prices declining to approximately USD 1,014/MT in FY25 (FY24: USD 1,116/MT), reflecting lower global crude oil prices and improved supply conditions. However, the benefit of lower international prices was partially offset by exchange rate volatility, as the industry's heavy reliance on imported raw materials continues to expose manufacturers to foreign currency risk and input cost fluctuations

Golden Packages (Pvt.) Limited has established itself as a prominent player in the CPP and flexible packaging segments. The Company maintains a strong geographical presence across key domestic markets, with Khyber Pakhtunkhwa accounting for ~42% of total revenue, followed by Punjab at 40% and Sindh at 11%, while the remaining revenue is derived from exports.

Golden Packages (Pvt.) Limited generates revenue primarily from the domestic sale of CPP films and flexible packaging products, supplemented by a modest contribution from exports. During FY26, GPL’s net sales increased by 10.8% to PKR 9,962mln (FY25: PKR 8,992mln). Gross local sales increased by approximately 13% to PKR 10,735mln (FY25: PKR 9,488mln). Whereas, export sales declined materially to PKR 44mln (FY25: PKR 177mln). The Company’s exports are to a single Company, Najeeb Insaf Limited, situated in Afghanistan. The increase in topline was accompanied by a comparatively faster rise in cost of sales, which increased to PKR 8,701mln (FY25: PKR 7,770mln). Consequently, gross profit increased moderately to PKR 1,261mln (FY25: PKR 1,222mln). 

During FY26, the Company maintained healthy profitability, although margins moderated amid higher input-cost pressures. The gross profit margin declined to 12.7% (FY25: 13.6%), while the net profit margin moderated to 10.7% (FY25: 11.5%). Despite the compression in margins, profit after tax almost remained intact to PKR 1,069mln (FY25: PKR 1,037mln), supported by continued topline growth and lower finance costs. The moderation in margins reflects relatively higher cost of sales, particularly raw-material consumption, which increased faster than revenue during the period. Overall, the Company continues to maintain a healthy profitability profile; however, sustaining margins through effective cost management and timely pass-through of input-cost pressures remains important going forward.

Going forward, additional capital expenditure is anticipated to support the planned expansion into BOPP production. Management remains focused on strengthening the Company’s position and consolidating its presence within the industry.

Golden Packages (Pvt.) Limited's working capital cycle is driven by the interplay of inventory, trade receivables, and trade payables, with short-term borrowings and free cash flow from operations serving as the primary funding sources. During FY26, inventory days remained stable at 40 days (FY25: 40 days), whereas trade receivable days increased to 47 days (FY25: 42 days), reflecting relatively higher funds tied up in receivables. Meanwhile, trade payable days further contracted to 5 days (FY25: 9 days), indicating reduced supplier-credit support. Consequently, gross working capital days increased to 87 days (FY25: 82 days), while net working capital days stretched to 82 days (FY25: 73 days). The increase in receivable days, coupled with lower payable days, lengthened the Company’s working capital cycle and increased reliance on internal liquidity. Nevertheless, GPL’s strong cash generation and low short-term borrowing requirements continue to provide adequate support to its working capital profile. 

The Company’s free cash flow from operations (FCFO) increased marginally to PKR 1,265mln in FY26 (FY25: PKR 1,244mln), reflecting sustained internal cash generation supported by healthy operating profitability. Despite higher working-capital requirements, the Company continued to generate adequate operating cash flows, providing support to its liquidity and debt-servicing profile. Meanwhile, the EBITDA-to-finance cost ratio strengthened significantly to 79.3x in FY26 (FY25: 53.5x), primarily driven by the decline in finance cost to PKR 18mln (FY25: PKR 26mln) alongside stable earnings generation. Overall, the strengthening coverage metrics, coupled with the Company’s low indebtedness, continue to support a strong debt-servicing capacity and remain a key strength of its financial risk profile.

Golden Packages maintains a highly conservative capital structure, which strengthened further during FY26 as the leverage ratio declined to 1.7% (FY25: 4.5%). The improvement was supported by a further strengthening of the equity base to PKR 5,662mln (FY25: PKR 5,094mln), reflecting continued internal capital generation despite dividend distribution during the year. Simultaneously, the Company’s total borrowings declined materially to PKR 99mln (FY25: PKR 239mln), reducing its dependence on external debt financing. The combination of a growing equity base and continued debt reduction has materially enhanced the Company’s financial flexibility and loss-absorption capacity, thereby reinforcing its overall financial risk profile.