Transmission of 78th Annual Report for the Year Ended June 30, 2025

BIBOJEE GROUP

78TH ANNUAL REPORT 222000222555 GAMMON PAKISTAN LIMITED

COMPANY INFORMATION

Chairman

Lt Gen Ali Kuli Khan Khattak (Retd) Chairman

Board of Directors

Mr. Khalid Kuli Khan Khattak Director

Mrs. Ayesha Alamzeb Durrani Director Mr. Muhammad Kuli Khan Khattak Director Mr. Sikandar Kuli Khan Khattak Director

Mr. Kamal Abdullah Malik Independent Director

Brig Humayun Malik (Retd) Independent Director

Chief Executive Officer

Mr. Khalid Kuli Khan Khattak

Audit Committee

Mr. Kamal Abdullah Malik Chairman Mr. Muhammad Kuli Khan Khattak Member Mr. Sikandar Kuli Khan Khattak Member

HR Committee

Brig Humayun Malik (Retd) Chairman Mrs. Ayesha Alamzeb Durrani Member Mr. Sikandar Kuli Khan Khattak Member

Company Secretary

Officiating

Chief Financial Officer

Mr. Ghulam Murtaza Khurshid

Internal Auditor

Mr. Salman Khan ACA

External Auditor

M/S Rizwan & Co.

Chartered Accountants Islamabad

Legal Advisor

Chanda Law Associates

Rawalpindi Advocates

Stock Exchange

The Gammon Pakistan Limited is a listed Company and

Its shares are traded on

Pakistan Stock Exchange Limited

Gammon Pakistan Limited

Bankers

Askari Bank Limited Bank Alfalah Limited Bank of Punjab Habib Bank Limited Allied Bank Limited Silk Bank Limited

National Bank of Pakistan

Registered Office

Gammon House

400/2, Peshawar Road, Rawalpindi Tel: 051-5477326-7

Fax: 051-5477511

E-mail: (i) gammon1@dsl.net.pk

(ii) Info@gammonpakistan.com

Share Registrar

Vision Consulting Limited 5-C, 2nd Floor, LDA Flats, Lawrence Road, Lahore Tel: +92-42-36283096-97

Email: shares@vcl.com.pk Web: https://www.vcl.com.pk

https://www.gammonpakistan.com

GAMMON PAKISTAN LIMITED 78thANNUAL REPORT

JUNE 30, 2025

TABLE OF CONTENTS

1. Mission Statement / Vision Statement 1

2. Notice of Annual General Meeting 2-5

3. Chairman Review 6-9

4. Directors Report 10-24

5. Pattern of Shareholding 25-26

6. Statement of Compliance for Listed Companies (Code of Corporate Governance) Regulations, 2019.

   27-31

7. Review Report to the Members on Statement of compliance 32

   contained in Listed Companies (Code of Corporate Governance) Regulations, 2019

8. Independent Auditor's Report on Financial Statements for the

   year ended June 30, 2025

   33-36

9. Gammon Pakistan Limited Financial Statements for the year ended June 30, 2025

   37-79

10. Independent Auditor's Report on Consolidated Financial

    Statements for the year ended June 30, 2025

    80-83

11. Consolidated Financial Statements for the year ended June 30, 2025

    84-128

12. Gender Pay Gap Statement for the year ended June 30, 2025 129

13. Summary of Key Operating Data 130

MISSION STATEMENT

Regain for Gammon Pakistan Limited its position in the Construction Industry of Pakistan /abroad through as aggressive but prudent construction strategy

VISION STATEMENT

To be a Construction Company of international standard of repute which executes works confirming to the latest Engineering Practices and innovations. Employ most modern instrumentation/mechanization to provide technical services with the highest degree of Quality Control and Customer Satisfaction. The Management also promises complete Financial Transparency to all its shareholders and customers so that it is able to turn around and bring Gammon Pakistan Limited back to its original glory.

GAMMON PAKISTAN LIMITED NOTICE OF ANNUAL GENERAL MEETING

Notice is hereby given that the 78thAnnual General Meeting of Gammon Pakistan Limited (the Company) will be held at Gammon House, 400/2, Peshawar Road, Rawalpindi on Thursday November 27, 2025 at 11:00 A.M. to transact the following business.

ORDINARY BUSINESS

1. To confirm minutes of the Extra Ordinary General Meeting held on January 17, 2025.

2. To receive, consider and adopt the Annual Audited Financial Statements of the Company for the year ended, June 30, 2025 together with the Director's and Auditor's reports thereon.

3. To appoint Auditors of the Company for the year to be ending on June 30, 2026 and to fix their remunerations.

   To consider any other business with the permission of the Chair.

   BY ORDER OF THE BOARD

   October 30, 2025

   NOTES:

   Ghulam Murtaza Khurshid

   For COMPANY SECRETARY

   BOOK CLOSURE:

   The share transfer books of the Company will be closed from November 21, 2025 to November 27, 2025, both days inclusive. Transfers received at Company's Business Shares Registrar office, Vision Consulting Limited, 5-C, LDA flats, Lawrence Road, Lahore at the close of business on November 19, 2025 will be treated in time for the purpose of entitlement.

   CHANGE IN ADDRESSES AND CONSOLIDATION OF FOLIOS:

   Members of the Company are requested to immediately notify the change of address, if any, and ask for consolidation of their folio nos. provided any member holds more than one folio numbers.

   PARTICIPATION IN ANNUAL GENERAL MEETING:

   Any member entitled to attend this meeting shall be entitled to appoint any other member as his/her proxy to attend in respect of him/her and the proxy instrument shall be received by the Company not later than 48 hours before the meeting.

   P a g e 1 | 2

   INSTRUCTION FOR CDC ACCOUNT HOLDERS:

   CDC account holders will further have to follow the under mentioned guidelines as laid down in Circular 1 dated January 26, 2000 issued by the Securities and Exchange Commission of Pakistan (SECP).

   For attending the meeting:

   1. In case of individuals, the account holder and/ or the person whose securities are in group account and their registration details are uploaded as per the regulations, shall authenticate his/her identity by showing his valid, original Computerized National Identity Card (CNIC) or Original Passport at the time of attending the Meeting.

   2. In case of corporate entity, the Board of Director's Resolution/Power of Attorney with certified specimen signature of the nominee shall be produced (unless it has been provided earlier) at the time of the meeting.

For appointing proxies:

1. In case of individuals the account holder and/or person whose securities are in group account and their registration details are uploaded as per the regulations shall submit the proxy form as per the above requirements.

2. The proxy form shall be witnessed by two persons whose names, addresses and CNIC numbers shall be mentioned on the Form.

3. Attested copies of the valid, CNIC or the Passport of the beneficial owners and the proxy shall be furnished with the proxy form.

4. The proxy shall produce his valid, original CNIC or original Passport at the time of the meeting.

5. In case of corporate entity, the Board of Director's Resolution/ Power of Attorney with specimen signature shall be submitted (unless it has been provided earlier) along with proxy form to the Company.

Any shareholder who is not feeling well or have symptoms such as cough, flu and/or fever is encouraged to attend the AGM via electronic means through video link. Members can download the app/software through https://zoom.us/download and login via video link to participate in the AGM proceedings. Shareholders are requested to get themselves registered at least ten (10) working days before the AGM by email at gammon1@dsl.net.pk by providing the following details:

Video-link for the meeting will be sent to members at their provided email addresses enabling them to attend the meeting on the given date and time. Login facility will be opened thirty (30) minutes before the meeting time to enable the participants to join the meeting after the identification process.

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CHAIRMAN REVIEW

It gives me great pleasure to present the review of the financial year ended June 30, 2025, highlighting the overall performance of Gammon Pakistan Limited ("GPL") and the active role of its Board of Directors ("the Board") in providing strategic leadership, sound oversight, and guidance to the management in fulfilling its responsibilities efficiently and in the best interest of the Company and its stakeholders.

REVIEW OF BOARD'S PERFORMANCE

The Board of Directors continued to play an active and effective role in guiding the overall management and operations of the Company during the financial year 2024-25. The Board remained fully committed to fulfilling its fiduciary responsibilities in line with the provisions of the Companies Act, 2017, the Listed Companies (Code of Corporate Governance) Regulations, 2019, and all other applicable laws and regulations.

The Board provided clear strategic direction to the management, formulated key business policies, and closely monitored the Company's performance throughout the year. During the year under review, four meetings of the Board, four meetings of the Audit Committee, and no meeting of the Human Resource and Remuneration Committee were held. The Board also ensured that its sub-committees functioned effectively and in accordance with their respective terms of reference.

Strong corporate governance practices continue to form the foundation of the Company's operations. The Board has embedded principles of transparency, accountability, and integrity into the Company's culture to uphold the highest standards of business conduct. The Company's risk management framework, internal control systems, and internal audit function are in practice, to support efficient and compliant operations.

In accordance with the Code of Corporate Governance, the Board has carried out its annual self-evaluation for the year 2024-25. I am pleased to report that the overall performance of the Board and its committees, as assessed against the approved evaluation criteria, remained satisfactory. The Board remains committed to continual improvement, effective governance, and sustainable value creation for all stakeholders.

REVIEW OF BUSINESS PERFORMANCE

In view of the prevailing economic uncertainties, Gammon Pakistan Limited (GPL) continues to closely monitor market developments and adjust its strategies accordingly. Although the Company has faced a challenging business environment and operating losses during the year, it remains resilient and well-positioned to sustain operations by maintaining efficiency, improving service standards, and gradually expanding its business footprint.

The period under review was marked by a continued slowdown in the construction sector, political uncertainty, and limited fiscal space, which adversely affected public and private development activity across the country. Expectations were high for the announcement of new Public Sector Development Programme projects under the Government; however,

Page 1 | 2

economic and political instability has delayed major project approvals, resulting in a challenging and less favourable business environment.

Despite these difficulties, the Board and management remain optimistic about the Company's future prospects. GPL is actively pursuing opportunities to secure new infrastructure and construction projects at competitive rates, which are expected to improve its financial performance in the coming periods. The shortage of working capital continues to be a key challenge, and management is making focused efforts to arrange suitable financial support and facilities to strengthen the Company's capacity to undertake larger projects in the near future.

ACKNOWLEDGMENT

On behalf of the Board, I would like to extend my sincere appreciation to our shareholders, suppliers, and contractors for their continued trust and confidence in the Company's Board and management. I also wish to record my deepest gratitude to the Board of Directors for their valuable guidance, and to the management team and employees for their dedication, hard work, and commitment, which remain the foundation of the Company's ongoing resilience and future growth.

Lt Gen Ali Kuli Khan Khattak (Retd)

Chairman

Date: October 28, 2025

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ہزئ, اج. اک نی¸مرئ, ی¸ چ¸

نم تگ ںی م سج. ،ںوہ¸ اہ¸ ر رک ش یپ ہزئ, اج. اک لاس ےلاو ےن. وہ¸ م تخ. وک 2025 نوخ. 30 لاس یلام ںی م ہک ےہ¸ یش; وخ. ےھج.م ،ےہ¸ ات گ ات ک رگاج. ا وک رادرک لاعف. ےک ("ڈرو.ب") زرٹpکپرئ, اڈ فآ ڈرو.ب روا یگدرکراک یعومج.م یک ("لپ ا یپ یج. ") ڈتpی مل نات سکاپ ۔یک مہ¸ ارف. یلمع تِمکج روا ی.پارگپ. ،یپ, ام.تہ¸ ر رئ;ؤم وک ہ یماظ. ت ن.ا ںی م داف. م رٹ ہب. ےک زرڈلوہ¸ کت یpسا ےک سا روا ی.نی مک ےن. ںوہ.نخ.

ہزئ, اج. اک یگدرکراک یک ڈروب.

لاعف. روا رئ;ؤم ںی م یپ, ام.تہ¸ ر یک روماُ یلمع روا یماظ. ت ن. ا ےک ی.نی مک ےن. زرٹpکپرئ, اڈ فآ ڈرو.ب نارود ےک 25-2024 لاس یلام مامت رگپ د روا 2019 زٹ.ش; یلوگپ ر (سی.پ.روگ ٹن رو براک فآ ڈوک) زٹ ن. پ مک ڈتpسل ،2017 ٹکپا زٹ ن. پ مک ےن. ڈرو.ب ۔ات ک ادا رادرک ۔اپ اھ.تن. یپ. و.خب. وک ںو براد ہمذ ی.ننا ق.باظم ےک ںوض. اف ب ےک ط.باوض. و نی پ.اوق ہق لعت م

یگدرکراک یک ی.نی مک رھب. لاس روا ،ید یروظ. ت. م یک ںوی س یلاپ یراپ. وراک مہ¸ ا ،یک مہ¸ ارف. یلمع تمکج حض. او وک ہ یماظ. ت ن. ا ےن. ڈرو.ب یpنی مک نش; ی رٹ ن.ومت ر ڈت. نا سروسی ر نموی ہ¸ روا سالج. ا راج ےک یpنی مک ٹڈآ ،سالج. ا راج ےک ڈرو.ب ںی م لاس ہزئ, اج. رِ ئز ۔یک ی.پارگپ. یک

زادپ.ا رئ;ؤم ق.باظم ےک راک ہرئ, اد ےن. نا ںات یpی مک یل پذ یک سا ہک اپ ات. ن. ی.نی ق ب یھب. ہی ےن. ڈرو.ب ۔اوہ¸ ںی ہب. دف عت. م سالج. ا یپ, وک اک ۔ںی ہ¸ ر یپ رک ماک ںی م

ی.نی مک وک یرادپ.امت ا روا یہ¸دپ. اوخ. ،ت پف. اف. ش; ےن. ڈرو.ب ۔ںی ہ¸ دات ی.پ. یک سا روی سدپ. لوضا ےک سی.پ.روگ ٹن رو براک طوی.ض. م ںی م ی.نی مک ی.پوردپ.ا ،کرو می رف. ٹ.پمج.ن.یم کسر اک ی.نی مک ۔ںی ہ¸ ر رارف ر.ئ تاتف الج. ا یراپ. وراک یک رات عم یٰلعا ہکاپ ،ےہ¸ اھکر ات. ن. ہصح اک تف. اف ب; یک ۔ںی ہ¸ یراج. ر ئ روط لاعف. نش; کت. ف. ٹڈآ لپر. ٹpن.ا روا مpتسس لورٹpن.ک

ہی روا ،اتک لمکم ہزئ, اج. اک یگدرکراک ہی. الاس ی.ننا ےن ل ےک 25-2024 لاس ےن. ڈرو.ب ق.باظم ےک سی.پ.روگ ٹن رو براک فآ ڈوک شخ.ب. یلسی ق.باظم ےک رات عم ہررق م یگدرکراک یعومج.م یک ںوی یpی مک یک سا روا ڈرو.ب ہک ےہ¸ اپ اج. ات ک ٹرو بر ھب اس ےک نات. ی مطا ۔ےہ¸ مزعر ئ ےن ل ےک ےن. رک ادت ن ردق رادت ,ناپ ےن ل ےک زرڈلوہ¸ کتیpسا روا یرٹ ہب. ،سی.پ.روگ رئ;ؤم یھب. ںی م لت. ق تس م ڈرو.ب ۔یہ¸ر

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ہزئ, اج. اک یگدرکراک یراب. وراک

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2025 ،ر.ئوی کا 28 :خب راپ

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DIRECTOR'S REPORT

The Directors of your Company have pleasure in presenting their report, together with Annual Audited Financial Statements for the period ended June 30, 2025.

PERFORMANCE REVIEW

The principal activity of the Company is all types of Construction specially Bridges and Buildings. The highlights of the Company's financial results as compared to the preceding year are as follows:

During the financial year 2024-25, the overall business environment remained difficult for the construction sector. The Company could not record any contract revenue during the period, as no new project was obtained and no contractual work was in progress. The continued slowdown in the national construction industry, tight liquidity conditions, and general market uncertainty made it difficult to secure new projects. Persistent political and economic instability also had a negative impact on business confidence and project financing across the country.

During the year, the Company successfully sold its Hyderabad plots for a total consideration of PKR 155 million. The sale proceeds were primarily utilized for the settlement of certain outstanding liabilities, while a major portion was extended as an interest-bearing loan to Gammon Pakistan Precast (Private) Limited for the construction of its warehouse shed. Part of the funds was also used for the renovation and value addition of the Gammon House building, aimed at improving its commercial utility and long-term rental potential.

The Auditors' Report highlighted certain areas requiring management attention, and the Company remains focused on addressing these matters in a timely and appropriate manner. Issues relating to contract assets are pending final settlement of bills with clients and will be adjusted once reconciliation is completed. Some closed projects extended beyond their planned timelines, resulting in additional losses, which will be accounted for progressively as

P a g e 1 | 8

irrecoverable receivables, subject to reliable confirmation and approval of the Board, and subsequently by the shareholders where required.

The management continues to make active efforts to obtain new projects. The main challenge remains the arrangement of bank guarantee and working capital facilities, which are essential for participation in large-scale public sector projects. Despite these limitations, the Company has been regularly participating in bidding for viable opportunities and is also exploring joint venture arrangements with financially strong partners to enhance its chances of securing future contracts. The Board remains hopeful that with the stabilization of the economy and gradual revival of the construction industry, the Company will be able to achieve business recovery and growth in the near future.

During the period, encouraging progress is seen concerning the Maritime Technologies Complex (MTC) Project at Fateh Jang, near Islamabad. As part of the machinery and equipment previously held at the MTC site is being recovered and shifted to the Company's CSD facility at Rawat, while an amount of PKR 6.9 million relating to pending work bill claims has been released by MTC during the first quarter of FY 2025-26. The management continues to pursue resolution of the remaining claims and final settlement through regular communication and coordination with the client.

The Old Bannu Road (OBR) Structure and Bridges Project remain under process on similar lines, with management maintaining active engagement with the concerned authorities for reconciliation and recovery of the outstanding receivables. The Company is utilizing all available resources to conclude both projects satisfactorily and secure the amounts due.

DIVIDEND

The Board has not recommended any dividend for the year due to a prevalent state of loss in contractual income.

GENERAL ECONOMIC REVIEW

During the financial year ended June 30, 2025, Pakistan's economy continued to face serious challenges, although some signs of stability were seen toward the end of the year. The period remained difficult due to high inflation, slow industrial activity, and limited government spending. Despite the continuation of strict policies under the IMF program and the impact of global price increases, the overall economic condition was somewhat better than the previous year.

Inflation stayed high at around 24-25% during FY 2024-25, mainly because of higher prices of food, fuel, and electricity. The Pakistani Rupee remained more stable compared to the sharp decline seen in the earlier year, helped by a better balance in foreign exchange reserves and lower current account deficit. However, the cost of doing business remained very high due to energy shortages, high interest rates, and increased raw material costs.

According to the Government of Pakistan and the State Bank of Pakistan, the GDP growth for FY 2024-25 is estimated at about 2.4%, showing a small improvement mainly because of

P a g e 2 | 8

better results in the agriculture and services sectors, while industrial and construction sectors continued to struggle. Large-scale manufacturing showed only a minor recovery due to low demand and reduced export activity. The construction industry, which plays a key role in overall economic growth, remained slow because of less public development spending and higher project costs, limiting the start of new projects.

The Federal Board of Revenue (FBR) reported total tax collections of over PKR 9.4 trillion, which were still below the revised targets. The government continued with a tight fiscal policy, aiming to control inflation and maintain financial discipline. The industrial sector recorded a growth of around 1.5%, and the construction sector grew by about 3.8%, mainly through smaller private projects. The services sector, which makes up nearly 58% of the total economy, grew by around 2.5% due to moderate performance in trade, transport, and communication.

Pakistan's economy still faces major structural issues such as a large undocumented economy, low industrial investment, and high dependency on imports. These long-standing issues continue to affect sustainable economic growth.

In this overall situation, Gammon Pakistan Limited continued to face challenges in obtaining new contracts during the year under review. The delay and reduction in public development works, along with high material and financing costs, kept business activity low in the construction sector. Despite these difficulties, the Company stayed focused on maintaining its operational capability, managing available resources carefully, and giving more attention to its precast operations and related construction services. These efforts are aimed at keeping the Company active, improving efficiency, and protecting shareholder value in a very difficult business environment.

FUTURE PROSPECTS

The Company continued to face challenges in obtaining new projects due to slow activity in the construction sector and limited government development spending. Unfortunately, no new contracts were secured during the period; however, the Company remained operational with a focus on managing its ongoing administrative and maintenance activities efficiently. The management also worked on strengthening relationships with clients and exploring potential opportunities in both public and private sectors.

To maintain business continuity, the Company has placed greater emphasis on precast construction technology through its related company, Gammon Pakistan Precast (Private) Limited. The use of precast structures provides a faster, more cost-effective, and durable construction solution, which aligns with future market needs. The Company aims to expand this line of business and promote custom-built precast housing and related infrastructure solutions as a key growth area.

Looking ahead, the Company expects gradual improvement in the construction sector as economic stability improves and development spending resumes. Gammon Pakistan Limited remains committed to maintaining financial discipline, improving operational efficiency, and

P a g e 3 | 8

positioning itself to take advantage of upcoming opportunities in infrastructure, housing, and precast construction works.

CORPORATE AND FINANCIAL REPORTING FRAMEWORK

The Directors confirm compliance with Corporate and Financial Reporting Framework of the Securities and Exchange Commission of Pakistan and Listed Companies (Code of Corporate Governance) Regulation, 2019 (the CCG Regulations) for the following matters:

1. The financial statements, prepared by the management of the Company, present fairly its state of affairs, the results of its operations, cash flows and changes in equity.

2. Appropriate accounting policies have been consistently applied in preparation of these financial statements and accounting estimates are based on reasonable and prudent judgments.

3. The Company has maintained proper books of accounts.

4. International Financial Reporting Standards, as applicable in Pakistan, have been followed in preparation of these financial statements.

5. The system of internal control is sound in design and has been effectively implemented and monitored. The process of monitoring internal controls will continue as on-going process with objective to strengthen the controls and bring improvements in the system.

6. There are no doubts about the Company's ability to continue as a going concern.

7. There has been no material departure from the best practices of CCG Regulations.

8. There are no statutory payments on account of taxes, duties levy and charges which are outstanding as at June 30, 2025, except for those disclosed in the financial statements.

9. No trade in the shares of the Company was carried-out by the Directors, CEO, CFO, Company Secretary, their spouses and minor children during the year ended June 30, 2025.

   COMPOSITION OF THE BOARD

   The Composition of the Board is in line with the requirements of the CCG Regulations. The Company encourages representation of independent and non-executive directors, as well as gender diversity on its Board.

   The current composition of the Board is as follows:

   Total number of directors 07

   P a g e 4 | 8

   Male 06

   Female 01

   Independent Director 02

   Other Non-Executive Directors 04 Executive Directors 01

   Apart from their mandatory job requirements, the performance of the Board of our Company is evaluated annually along the following parameters, both at individual and collective level.

   1. Effectiveness in bringing in a mix of gender, talents, skills and diversified perspectives.

   2. Integrity, credibility, trustworthiness and active participation of members.

   3. Follow-up and review of annual targets set by the management.

   4. Ability to provide guidance and direction to the Company.

   5. Ability to identify aspects of the organization's performance requiring action.

   6. Review of succession planning of management.

   7. Ability to assess and understand the risk exposures of the Company.

   8. Contribution and interest with regard to improving health safety and environment, employment and other policies and practices in the Company.

   9. Safeguarding the Company against unnecessary litigation and reputational risk.

      The overall performance of the Board measured on the basis of above-mentioned parameters for the year was satisfactory. The Board members effectively brought the diversity to the Board and constitute a mix of independent and non-executive directors. The Board is also effective in formulating the corporate goals for the company.

      BOARD AUDIT COMMITTEE

      The Board Audit Committee assists the Board in fulfilling its oversight responsibilities, primarily in reviewing and reporting financial and non-financial information to share-holders, systems of internal control and risk management and the audit process. It has autonomy to call for information from the management and to discuss directly with the external auditors or advisors as considered appropriate. The Chief Financial Officer attends the Board Audit Committee meetings by invitation to present the accounts. After each meeting, the Chairman of the Committee reports to the Board. The Committee met 4 time.

      The names of committee members are as follows:

      Mr. Kamal Abdullah Malik	Independent Director	Chairman
      Mr. Muhammad Kuli Khan Khattak	Non-Executive Director	Member
      Mr. Sikandar Kuli Khan Khattak	Non-Executive Director	Member
      Mr. Salman Khan ACA	Head of internal Audit	Secretary

      P a g e 5 | 8

      The Audit Committee has reviewed the quarterly, half-yearly and annual financial statements, besides the internal audit plan, material audit findings and recommendations of the internal audit department.

      In addition to above meetings, Audit Committee met with external auditors without Chief Financial Officer (CFO) and Head of Internal Audit (HIA). Audit Committee also met the Head of Internal Audit and other members of the internal audit function without the CFO and the external auditors being present.

      HR AND REMUNERATION COMMITTEE

      The Human Resource and Remuneration Committee is responsible for reviewing and recommending all elements of the Company's human resource policies, including matters relating to compensation, employee development, and the remuneration structure of senior management. The Committee also oversees succession planning and ensures that the Company's remuneration framework remains fair, transparent, and aligned with its business objectives and regulatory requirements.

      The Chief Executive Officer of the Company serves as a member of the Committee and attends its meetings whenever held during the year. During the financial year 2024-25, the Committee did not hold any meeting, as there was no significant business activity or organizational change requiring revision in compensation or policy matters. However, the Committee continues to monitor the Company's human resource framework and will convene as necessary to review any future adjustments in line with business needs and applicable regulations.

      The names of committee members are as follows:

      Brig Humayun Malik (Retd)	Independent Director	Chairman
      Mrs. Ayesha Alamzeb Durrani	Non-Executive Director	Member
      Mr. Sikandar Kuli Khan Khattak	Non-Executive Director	Member

      MEETINGS OF BOARD AND ITS COMMITTEES IN 2024-2025

      During the year 2024-2025 four Board (BOD) meetings, four Board Audit Committee (BAC) meetings and No HR & Remuneration Committee (HR&RC) meeting were held. The number of meetings attended by each director during the year is given here under:

      Sr. No.	Directors	Committee Members		Attendance
      		Board Audit Committee	HR & RC	Board Meetings	Board Audit Committee	HR & RC
      1.	Lt Gen Ali Kuli Khan Khattak (Retd)	-	-	4/4	-	-
      2.	Mr. Khalid Kuli Khan Khattak	-	-	4/4	-	-
      3.	Mrs. Ayesha Alamzeb Durrani	-	✓	4/4	-	0
      4.	Mr. Muhammad Kuli Khan Khattak	✓	-	4/4	4	-

      P a g e 6 | 8

      5.	Mr. Sikandar Kuli Khan Khattak	✓	✓	2/4	1	0
      6.	Mr. Kamal Abdullah Malik	✓	-	4/4	4	-
      7.	Brig Humayun Malik (Retd)	-	✓	3/4	-	0

      Leave of absence was granted to directors who could not attend the Board meetings due to their busy schedule and other appointments.

      PERFORMANCE EVALUATION OF BOARD OF DIRECTORS AND COMMITTEES OF THE BOARD

      Pursuant to the CCG Regulations, the Board recognized that it continually needs to monitor and improve its performance. This is achieved through the annual performance evaluation and ongoing Board development activities. During the year, the Board has appraised its performance of Board as a whole as well as individual directors and its committees. The overall conclusion of this year's review based on availability feedback has been found satisfactory.

      DIRECTORS' REMUNERATION

      For information on remuneration of Directors and CEO in the year 2024-25, please refer notes to the financial statements.

      KEY OPERATING AND FINANCIAL DATA (SIX YEARS SUMMARY)

      Key operating and financial data of six years is annexed to the report.

      PATTERN OF SHAREHOLDING

      The statement of the pattern of shareholding as at June 30, 2025 and additional information about it, is annexed to the report.

      CONTRIBUTION OF OUR COMPANY TOWARDS GOVERNMENT AND SOCIAL SECTOR

      We wish to give hereunder our Company's revenue contribution towards the Government, Semi Government sectors, Banks and Social sector during the year ended 30 June, 2025.

      GOVERNMENT SECTOR (In Million PKR)

      Income Tax paid (Note 15 to the Financial Statements) 8.304

      Power & Fuel (Note 26 to the Financial Statements) 1.368

      HEALTH, SAFETY AND ENVIRONMENT

      We strongly believe in maintaining the highest standards in health, safety and environment to ensure the well-being of the people who work with us as well as of the communities where we operate.

      P a g e 7 | 8

      SUBSEQUENT EVENTS

      No material changes or commitments affecting the financial position of the Company have taken place between the end of the financial year and the date of the Report.

      COMMENTS ON "EMPHASIS OF MATTER" PARAGRAPH IN THE AUDITOR'S REPORT

      The Company's Board of Directors are of the opinion that the case falls within the ambit of SBP "Incentive Scheme" for the recovery of loan defaults vide BPRD Circular no. 19 and, as such, liable to pay only Rs.35.122 million in full and final settlement of its outstanding liability and provision for the same has already made in financial statements.

      APPOINTMENT OF AUDITORS

      The Company's Auditors M/S Rizwan & Co Chartered Accountants, 114-A, Tipu Block, New Garden Town, Lahore retired and offered themselves for re-appointment. The Board of Directors of the Company as recommended by the Board Audit Committee hereby recommends that the retiring auditors be re-appointed.

      ACKNOWLEDGMENT

      We appreciate the hard work and dedication of the Company's Management, engineers and

      employees during the period under review.

      We would also like to express our gratitude to our Bankers, Clients and Suppliers for their cooperation, support and trust reposed in the Company.

      
      
      
      
      
      

      Khalid Kuli Khan Khattak

      Chief Executive Officer Director

      P a g e 8 | 8

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ċMTCţƯPls udt.CSDS.MUslx.ыłMTC

slus3.l(s6.9uSçdglsSl/ 2025-26łl

ćżSsll62ť.łSdGS

łSçlud.sSJSĖlȦdutslØCOBR3sufisl

SPs (lUllsslċdMuEȦuĖsl.PĠGSPssl

lłsçÙG



l).ÙPgln ªsJGSłċE

6 lçL

SçlSł ţłdçMgglsSllM 2025g30łl

Ub.Sll d/ssl ssu/5glsS)lć/

Słã bUns.SluJLslSu Sçls.ll5



slglJlţsţl)..25 4l)lglsS2024-25łl

ыslżSJçSłãs 5ы

lçslx5lĩ 6.Uċ.sdţldJcы d l

ƯгlUċu5ы

6гl2.4glsS2024-25łlБSlslg . P

lsluыdlsl .S(duSl sl

lllllllsdċJl.slJ 

sťduEȦdss .SUuEȦslJlld/



4

ll6(SPlċṪUPls .4ċCFBR3oṷE

sl1.5l).ƯlGSċEť.5sl l).s ƯlċcxP

ddl lbżSuEȦ 6Ư гl3.8l

Øы2.5.S(du/lxsll4p58

.lslJdl/lыdsłdnłcыlMg

ćsdll n.Ȧl

l3ţłdċbcnglsSł6

.sMg ÙPl x.r.

d

Sglsu/.sdl.SUIr sllxJsluEȦ

llsl.dd.lslċlldťMłs l).lċs.

Ub.sdMgslċU(dĠMMMçĩ.ĩ6.

GS ėd

łdċbȦsllscxPslssl

ċ AMu/øDslllƯb6n 5Mglsl.

.ċlxu sll3slċdłS dċlĠćMçĩ.

Ưçd

 sl

dd .żSCl d .g lċGSl).M.sd



l)ll

 6

ċlØdd.

s6.l

slţdd . slċØы MU  dl   pl 

6lldSs).PSM;l l

lłSċSs6.sSll  çllĩGS6u

.sl ţ ;l

lslċU(dl).s Ưlg (ć

ç.GSMGSċBl lxLlsċuxd ldd

Js) Elsl Ed SC ç..c;.J 3 2019 ç..c;.J C ỨEd M 3 udrdslg l l s.xf.r¥ l

ÂJs)ElslEd

S

lsç.F slыidldgslBыid l.FS 1



ы

ƯlduƯl.ċ

id lS 2

 Axid lċ 3

lusllslid lƯlMglỨUg ḘidllUl4

dMJSlfissl lfislƯỨU Alsl ç dssl 5

é.PćыłSSċUç slċ

s5Mc.Sť 6

ls5Mu

ASC ç..c;.J32019uSC Ứ Ed 3udrd 7

5id lglSullglćlxlĖťd(J3żS.

ċuSglslylSglsl4sll llS



025g30 8

 025g30 9 s)sS

łE

r(u lElłłSl lc/ssllБS

lE

5l):l

AlbE

(07) ll

(06) ç

ll

(01) gĩ

(02)

(04) l lc/s

(01)  l

Ư6łSl3ż.lsll

lł/d(dES6sfSspxc  Ugl



dl)lS Sslť 1

uĠusLslÙlØłł 2

6slsllyUł6l;żSl 3

lċl)lsl5M 4

sp5lsdlċ uilS(d 5

6dDȦl 6

ťsl lġM 7



slullSċMu

Aslu slrlSċçd S 8

6s56Ėťsp9

ċNl lsllĢ AċgdlSEJ(dEłl

Ưlll MllEdSċEslƯçd

E

lRMlPƯlsll.PEċlEMuṷl3ż lfiċE

l6l.łSussslċblPlSJSslçlScġslç

Ss

EżS3ċid l(2ť.jØ.ċ6Y

. glsS2024-25ċEMESS/uuxAlS

ť

:żçSgdlS





 6l./dsl



ll

4



 l

 l

il1

g32

g3

gg4

lyUłsll/.s sl Ssl6sfSȦslċ

Ư6d n

SslslCsll3jsl lłSsċ6sfSuxAlU.

ť łSCcl5l36l./

snslłs l

l3żċsl6dpBçÙSç..c.J  *sl 

sllfiDȦNxlSØ *Ssl  sn

БSuèslP.sdSlslyJs) *dM.l

lu

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 l

FORM-20

Pattern of shareholding

[Pursuant to Section 227(2)(f) of the Companies Act, 2017 read with Regulation 30 of the Companies Regulations, 2024]

PART-I

(Please complete in typescript or in bold block capitals.)

1.1 Name of the Company

PART-II

3 0

0 6

2.1. Pattern of holding of the shares held by the shareholders as at

Page 1 of 2

(Add appropriate slabs of shareholdings)

0.0248

7023

2.3.9 Others (Joint Stock Companies)

Note: In case there are more than one class of shares carrying voting rights, the information regarding each such class shall be given separately.

Page 2 of 2

Statement of Compliance for Listed Companies (Code of Corporate Governance) Regulations, 2019

Name of Company: Gammon Pakistan Limited Year ended: June 30, 2025

The company has complied with the requirements of the Regulations in the following manner:

1. The total number of Directors are seven (7), as following:

   1. Male: 6

   2. Female: 1

2. The composition of the Board is as follows:

   Category	Names
   Executive Directors	Mr. Khalid Kuli Khan Khattak
   Non-Executive Directors	Lt Gen Ali Kuli Khan Khattak (Retd) Mrs. Ayesha Alamzeb Durrani Mr. Sikandar Kuli Khan Khattak Mr. Muhammad Kuli Khan Khattak
   Independent Directors	Mr. Kamal Abdullah Malik Brig Humayun Malik (Retd)

3. The Directors have confirmed that none of them is serving as a director with more than seven listed companies, including this company;

4. The company has prepared a code of conduct and has ensured that appropriate steps have been taken to disseminate it throughout the company along with its supporting policies and procedures;

5. The Board has developed a vision / mission statement, overall corporate strategy and significant policies of the company. The Board has ensured that complete record of particulars of the significant policies along with their date of approval or updating is maintained by the company;

6. All the powers of the Board have been duly exercised and decisions on relevant matters have been taken by the Board / Shareholders as empowered by the relevant provisions of the Act and the Regulations;

7. The meetings of the Board were presided over by the Chairman and, in his absence, by a director elected by the Board for this purpose. The Board has complied with the requirements of the Act and the Regulations with respect to frequency, recording and circulating minutes of the Board meeting;

8. The Board have a formal policy and transparent procedures for remuneration of Directors in accordance with the Act and the Regulations;

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