PACRA Maintains Entity Ratings of Ghani Global Holdings Limited

The long-term rating of ‘A-’ signifies high credit quality, underscoring Ghani Global Holding Limited’s (‘Ghani Global’ or ‘the Company’) resilience and operational stability amid evolving economic conditions. The short-term rating of ‘A-2’ indicates solid liquidity and timely payment capability, with a ‘Stable’ outlook affirming consistent performance projections.
These ratings reflect Ghani Global’s strengthened role as the parent entity within the Ghani Global Group (‘the Group’), a diversified conglomerate with significant stakes across strategically vital sectors. The Company’s portfolio includes Ghani Global Glass Limited (GGGL), which specializes in glass manufacturing, and Ghani Chemical Industries Limited (GCIL), a key player in chemical and industrial gas production. Operating as a Hold and Op Co., Ghani Global’s income stream benefits from diverse sources such as gross sales, profits from corporate guarantees, and Sharia-compliant savings accounts.
The investments in GGGL and GCIL underscore a well-calibrated, growth-oriented strategy. GCIL reported sales growth and profitability, further solidifying its market standing through calculated capacity expansion, exemplified by the recent commissioning of a fifth ASU unit within the Hattar Economic Zone which will eventually help in cost reduction. Additionally, the Calcium Carbide Cash Generating Unit (CGU) under Ghani Chemical Industries Limited (GCIL) is undergoing strategic segregation and is slated for a subsequent public listing. Concurrently, GGGL demonstrated strong sales momentum and profitability, though tempered by rising finance costs. GGGL, aligning with an import substitution model, has scaled production capacity to meet the pharmaceutical industry’s increasing demand, which buoyed up its export potential and market diversification. While these ventures exhibit operational stability, they remain in a pre-dividend-yielding phase. The formalization of investment policies could add strategic cohesion and maturity to these initiatives. Financially, Ghani Global is supported by a strong 100% equity-based capital structure, with a management approach that prudently favors equity financing over debt in expansion projects.
The ratings are anchored in the Company’s strategic trajectory and the management’s ability to actualize growth objectives. Sustained ratings depend on the successful conversion of strategic initiatives into profitable outcomes, with particular emphasis on strong subsidiary performances, optimized financial management, and maintained liquidity buffer.

About the Entity
Ghani Global Holdings Limited (‘Ghani Global’ or ‘the Company') is a publicly listed Company. It was incorporated (formerly “Ghani Gases Limited) in Nov-07. The Company’s name was changed from Ghani Gases Limited to Ghani Global Holdings Limited in Aug-19. The transition signified the segregation of manufacturing facilities from the company, with the fundamental directive evolving to encompass the strategic management of investments in subsidiaries and affiliated entities. The Company’s majority (~43%) ownership lies with the sponsoring family. Mr. Masroor Ahmad Khan holds a ~15% stake, Mr. Attique Ahmad Khan holds a ~14% stake and Mr. Hafiz Farooq Ahmad holds a ~14% stake in the Company. The remaining shareholding lies with the spouses of Directors (~8%), and General Public (~ 49%). Mr. Masroor Ahmad Khan heads the Company as the CEO and is assisted by a team of experienced professionals.