Ghani Global Glass Limited (GGGL), established in 2007, is a publicly listed company that was officially listed on the Pakistan Stock Exchange on December 12, 2014.

Ghani Global Glass Limited (GGGL) was initially incorporated in Pakistan as a private company under the name Ghani Tableware (Private) Limited on October 4, 2007, in accordance with the Companies Ordinance, 1984 (now the Companies Act, 2017). On July 24, 2008, the company transitioned to an unlisted public company, prompting a name change to Ghani Tableware Limited. Subsequently, on July 14, 2009, it was renamed Ghani Global Glass Limited. GGGL later merged with Libas Textiles Ltd., a publicly listed entity, and subsequently became listed on the Pakistan Stock Exchange on December 12, 2014. The company officially commenced commercial operations on April 1, 2016.

Ghani Global Glass Limited specializes in the manufacturing and marketing of glass tubes, glassware, vials, ampoules, and a range of chemicals. 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 50.098% of the shares. The remaining ownership is distributed among individual investors (47.098%), joint stock companies (1.978%), provident and mutual funds (0.184%), financial institutions (0.146%), Modaraba companies (0.041%), insurance companies (0.015%), executives (0.013%), and others (0.424%).

The Ghani Group underwent a strategic restructuring, transforming Ghani Gases Limited from a manufacturing entity into the group's holding company, now known as Ghani Global Holdings Limited. This restructuring enabled the group to streamline operations and diversify its investment portfolio, particularly in glass manufacturing, chemicals, and other industrial ventures. Ghani Global Holdings Limited now serves as the core investment and management company, overseeing the strategic growth and development of its subsidiaries.

The sponsors bring over five decades of entrepreneurial expertise, spanning a wide range of sectors, including industrial gases, engineering, mining, glass, real estate, automobiles, and food. Their strategic vision and commitment to excellence continue to shape the landscape of these sectors, positioning them as influential leaders and trusted pioneers.

The Ghani Global Group, comprising Ghani Global Holdings Limited, Ghani Global Glass Limited, and Ghani Chemical Industries Limited, reported a robust total equity of approximately PKR 15.1bln at the end of June 2024. This demonstrates the Group's strong financial stability and unwavering commitment to supporting its companies whenever 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 Automobile Limited, 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 full compliance with the Code of Corporate Governance, ensuring robust oversight and strategic leadership. These meetings enable the Board to effectively assess performance, address critical challenges, and make well-informed decisions that propel the Company’s growth and ensure long-term success. To enhance governance, the Board has established two key committees: the Audit & Risk Management Committee and the Human Resources & Remuneration and Compensation Committee. These committees provide focused oversight, manage risk, and support strategic human resource initiatives, contributing significantly to the Board’s overall effectiveness.

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, 2024. The firm is QCR listed and is also included on the State Bank of Pakistan’s panel of approved auditors.

The Company’s operations are structured into six key functional divisions, each overseen by a divisional head who reports directly to the CEO. This organizational framework fosters seamless communication, efficient decision-making, and strong accountability across all business areas. It enables the Company to sustain high performance and remain agile in an ever-evolving market landscape.

Mr. Atique Ahmad Khan, a qualified Mechanical and Electrical Engineer with over 28 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. Asim Mehmood, 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 upholds a robust IT infrastructure with stringent controls to ensure seamless operations and system security. Comprehensive reports are regularly presented to senior management, providing updates on IT performance and highlighting any emerging issues. Additionally, dedicated management committees are established to address critical concerns, with detailed minutes recorded to maintain transparency and accountability in decision-making.

The Company has successfully implemented an advanced Oracle ERP solution, which has greatly enhanced the efficiency and quality of its reporting systems. This integration has streamlined operations, improved data accuracy, and provided real-time insights, empowering management to make strategic, data-driven decisions.

The company regularly presents MIS reports to senior management, including Management Information Reports highlighting production dispatch and inventory levels of gases, Target Analysis Reports comparing budgeted versus actual sales and production, and Collection Analysis Reports focusing on outstanding debts and collection efforts. The implementation of Oracle technology ensures timely access to critical data, enhancing decision-making efficiency. Moreover, the Board has established an effective internal audit function, either through an in-house team or by outsourcing to qualified professionals who are well-versed in company policies and procedures, ensuring strong internal controls.

Pakistan's glass manufacturing sector comprises around 5-6 major players, along with numerous smaller competitors, offering a diverse range of products such as float glass, containers, and tableware. This sector caters to both direct consumer needs and various industries such as construction, pharmaceuticals, and food and beverages. The industry is divided into three primary segments: Float Glass, Tableware, and Containers, which include applications in food, beverages, and pharmaceuticals. As of June 2024, the national market for glass tubes has grown to approximately 8,354 tons per annum, marking an 8% year-on-year increase. Imports currently account for 38% of total demand, down from 49% the previous year, with 18% sourced from China and 20% from other regions. GGGL now meets 62% of the national demand, reflecting enhanced domestic production capabilities. This increase in local production has significantly boosted GGGL’s market share compared to the prior year.

Ghani Global Glass (GGGL) specializes in manufacturing and selling glass tubes, ampoules, and vials, primarily serving the pharmaceutical industry. As the only local producer of glass tubes, GGGL enjoys a significant competitive edge, with the rest of the market's demand met through imports. Following recent expansions, GGGL claims to be the largest ampoule and vial manufacturer in Pakistan, with an annual capacity of 55 million units. However, the company faces competition from pharmaceutical firms such as Sami, Bosch, and Indus, which produce ampoules for internal use, as well as commercial manufacturers like Friends Glass and Techno Glass. The new furnace, capable of producing approximately 18.5 tons per day, has further enhanced GGGL's production capabilities.

The Company’s revenue is primarily driven by the Pharmaceuticals and Industrial sectors. In FY24, net sales rose to approximately PKR 2,440mln, reflecting a 17.8% growth compared to PKR 2,071mln in FY23. This increase was attributed to higher sales volumes and improved selling prices.

During FY24, the company’s gross margins clocked in at ~22.5% (FY23: ~26.1%), primarily affected by cost-push inflation driven by higher energy costs. Despite the pressure from elevated energy expenses and a notable rise in interest rates that increased finance costs, the company managed to slightly improve its net profit margin to ~5.9% (FY23: ~4.9%). This improvement reflects effective cost management and strategic measures that helped offset financial pressures, showcasing the company’s resilience in a challenging economic environment.

The impact of the expansion on revenue and gross margins has yet to materialize. However, several new contracts are currently in the pipeline, which are expected to strengthen the company’s financial position in the near future. These contracts, along with the strategic expansion efforts, are anticipated to drive sustained growth, enhance market presence, and improve profitability over the coming periods. The management remains confident in its financial outlook, supported by robust data analysis and market insights. They project consistent revenue growth, improved operating efficiency, and steady margin expansion, reflecting prudent financial projections and a strong focus on executing strategic initiatives effectively.

The company’s working capital requirements stem from financing its inventory and offering favorable credit terms to customers. In FY24, net working capital days rose to ~193 days (FY23: ~163 days), indicating a significant increase in the investment needed for working capital. Despite this rise, the company's current ratio remained stable at ~7.4x in FY24 (FY23: ~7.4x), suggesting strong liquidity and the ability to meet short-term obligations. The higher working capital days point to potential cash flow challenges that may need to be managed carefully to sustain operational efficiency and maintain financial stability.

The company’s Free Cash Flow from Operations (FCFO) improved to ~PKR 612mln in FY24 (FY23: ~PKR 516mln), reflecting efficient working capital management and higher cash generation from operations. Despite rising finance costs, the interest coverage ratio remained stable at ~4.0x in FY24 (FY23: ~4.0x), underscoring the company’s continued ability to comfortably meet its interest obligations. This stability in interest coverage highlights disciplined financial management and a consistent operating performance, which have enabled the company to sustain strong financial health amidst a challenging economic environment.

During FY24, the company’s leverage slightly decreased to 30.4% (FY23: 30.6%), indicating a marginal improvement in financial stability. Short-term borrowings rose to ~PKR 730mln (FY23: ~PKR 628mln), driven by higher working capital requirements, while long-term borrowings declined to ~PKR 306mln (FY23: ~PKR 377mln). This shift suggests a strategic emphasis on short-term financing to better manage cash flow, though it also implies potential exposure to refinancing risks. Overall, the company appears to be balancing its capital structure to address immediate funding needs while maintaining financial stability.