Transmission of Quarterly Financial Statements for the Period Ended March 31, 2025

‌CORPORATE INFORMATION

Chairman

Chief Executive Officer

Deputy Chief Executive Officer

Deputy Chief Executive Officer

Director

Director

Director

Director

Director

Director

Director

Director

Director

Director

Director

Director

Director

Director (Nominee EOBI)

Chairman

Member

Member

Chairman

Member

Member

CHIEF FINANCIAL OFFICER

AUDITORS

COMPANY SECRETARY

LEGAL ADVISOR

SHARE REGISTRAR

Wings Arcade, 1-K Commercial Model Town, Lahore, Pakistan Phones : (042) 35916714, 35916719 Fax : (042) 35869037

BANKS

(042) 111 949 949 (042) 35172263

info@ghaniglass.com

https://www.ghaniglass.com

HEAD OFFICE & REGISTERED OFFICE

(021) 111 949 949 (021) 34926349

marketing@ghaniglass.com

(0995) 639236-40 & (0995) 539063-65 (0995) 639067

H-15, Landhi Industrial Area, Karachi-74000

(021) 35020761-63

(021) 35020280

29 KM, Lahore Sheikhupura Road, District Sheikhupura

(056) 3406810-11 (056) 3406795 ghanifloat@ghaniglass.com

‌DIRECTORS' REPORT

Dear Shareholders,

Assalam-o-Alaikum wa Rahmatullah wa Barakatohu

The Board of Directors is pleased to present the unaudited Financial Statements of Ghani Glass Limited for the third quarter and nine months ended March 31, 2025.

During the nine months ended March 31, 2025, the company earned Net revenue of Rupees 33.5 billion as compared to Rupees 35.9 billion for the corresponding period of the last year. Gross Profit also slightly declined to Rupees 9.3 billion comparing with last year's number of the corresponding period of Rupees 9.7 billion. The company registered Net Profit of Rupees 4.4 billion as compared to Rupees 4.9 billion for the period under review of the last year. The tight financial results of the Company, from top to bottom, majorly attributed to sluggish construction activity, high gas prices and high taxes etc.

Earning per shares also decreased from Rupees 4.93 to Rupees 4.39.

Financial Performance

Nine Months ended

(Rupees in million)

Pakistan's economic outlook appears optimistic as it is moving in positive direction. Macroeconomic indicators are showing affirmative trajectory and key sectors are showing recovery after a period of extraordinary difficulty. The longterm sustainability of Pakistan's recovery hinges on a deliberate shift in its development paradigm. First time, remittance inflows had reached a historic high of 4 billion dollars in March which when projected for the current year would give a total of 38 billion dollars, widening the gap with export revenue, the other major desirable form of earning foreign exchange. Pakistan's current account posted a record all-time high monthly surplus of $1.2 billion in March 2025 (229 percent increase). Cumulatively the country's current account posted a surplus of $1.859 billion in the first nine months (July-March) of this fiscal year (FY25) compared to a deficit of $1.652 billion in the same period of last fiscal year (FY24). CPI for Mar-2025 clocked in at 0.7%, lowest since 1965. The main contributor to this was the significant decrease in food inflation, which declined 5.1% YoY in Mar-2025. The stock market has entered a phase of consistent recovery, and the international credit rating agencies have acknowledged Pakistan's improved fiscal conduct and macroeconomic stability by revising outlooks upwards.

Future outlook

Pakistan economy has started recovery but some economic challenges including sluggish economic activity, slow moving construction activities, unprecedented climate change, high debt payments, surging gas prices and input costs are still there. However, the management is fully committed towards managing these challenges and delivering sustainable profitable growth capitalizing our strength, proved capabilities and operational excellence with continuous Excellence mindset.

Acknowledgment

The Board and the management would like to thank senior executives of Pharmaceutical, food and beverage industries for their continuous support and confidence on our quality products. Thanks are also due to our dealers and customers of float glass for their trust reposed on our quality products. The Board also appreciates the cooperation of our suppliers, contractors and bankers.

The Board acknowledges and puts on record its sincere appreciation for all employees of the Company for their hard work, commitment and loyalty.

On behalf of the Board of Directors

Lahore: April 29, 2025

Chief Executive Officer

Director

‌CONDENSED INTERIM

STATEMENT OF FINANCIAL POSITION (Un-audited)

21,817,505,974 21,066,035,215

29,080,786,550 28,497,433,496

50,898,292,524 49,563,468,711

10,000,000,000 10,000,000,000

37,348,581,726 33,951,980,509

2,096,048,056 2,339,188,722

11,453,662,742 13,272,299,480

- -

50,898,292,524 49,563,468,711

As at 31 March 2025

Current assets

Stores, spares and other consumables Stock-in-trade

Trade debts Advances & deposits

Tax refunds due from government Short-term investment

Other receivables

Cash and bank balances

EQUITY AND LIABILITIES

Share capital and reserves

Authorized share capital

1,000,000,000 (30 June 2024: 1,000,000,000) ordinary shares of Rs. 10 each

Issued, subscribed and paid up capital Reserves

Shareholder's equity

Non-current liabilities

Deferred taxation Lease Liabilities

Current liabilities

Trade and other payables Contract liabilities Unclaimed dividends

Current portion of lease Liabilities

Contingencies and commitments 7.1

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

Lahore

Chief Executive Officer

Director

Chief Financial Officer

‌CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (Un-audited)

For the period ended 31 March 2025

31 March

2025

31 March

2024

31 March

2025

31 March

2024

-------------------------------------------Rupees----------------------------------------

Nine months ended Quarter ended

Note

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

Lahore

Chief Executive Officer

Director

Chief Financial Officer

‌CONDENSED INTERIM

STATEMENT OF COMPREHENSIVE INCOME (Un-audited)

For the period ended 31 March 2025

Nine months ended Quarter ended

31 March

2025

31 March

2024

31 March

2025

31 March

2024

--------------------------------------------Rupees--------------------------------------------

4,384,840,267 4,925,057,386 1,645,160,770 1,707,464,553

11,475,788

(43,527,400)

9,570,842

(2,517,090)

4,396,316,055 4,881,529,986 1,654,731,612 1,704,947,463

Profit for the period

Other comprehensive income:

Items that may be reclassified to profit or loss in subsequent years:

Investment in associate

- Exchange translation - net of tax

Total comprehensive income for the period

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

Lahore

Chief Executive Officer

Director

Chief Financial Officer

‌ Capital Reserves Revenue Reserve

scheme of and other

CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (Un-audited)

For the period ended 31 March 2025

------------------------------------------------------------------------------------- Rupees--------------------------------------------------------------------------------------

Third Quarter Financial Statements' 2024-25

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

07

Lahore

Chief Executive Officer

Director

Chief Financial Officer

‌CONDENSED INTERIM

STATEMENT OF CASH FLOW (Un-audited)

For the period ended 31 March 2025

Nine months ended

Cash flows from operating activities

Profit before taxation

Adjustments for non cash and other items:

• Depreciation

• Amortization

• Fair value (gain)/ loss on short term investment

• Finance costs

• Allowance for expected credit losses

• Impact of discounting and unwinding of interest on GIDC

• Provision /(reversal) for stores & stock in trade

• Share of profit of associate

• Gain on sale of property, plant & equipment

• Provision for Workers' Profit Participation Fund

• Provision for Workers' Welfare Fund

• Dividend income

• Exchange fluctuation - net

  Operating profit before working capital changes

  (Increase)/decrease in current assets:

• Stores , spares and other consumable

• Stock in trade

• Trade debtors

• Other receivables

• Advances and deposits

  Increase/(decrease) in current liabilities:

• Contract liabilities

• Trade and other payables

Cash used in working capital changes Cash generated from operations

Finance cost paid

Income Taxes paid - net

Worker's Welfare Fund and Workers' Profit Participation Fund paid

Net cash generated from operating activities

Cash flows from investing activities

Fixed capital expenditures Proceeds from sale of fixed assets Short term investments

Dividend received from associate Long term deposits and prepayments Net cash used in investing activities

Payment of liability against right to use assets Dividend paid

Net cash used in financing activities

Net (decrease) in cash and cash equivalents

Cash and cash equivalents at the beginning of the period Cash and cash equivalents at the end of the period

The annexed notes from 1 to 11 form an integral part of these condensed interim financial statements.

Lahore

Chief Executive Officer

Director

Chief Financial Officer

‌CONDENSED INTERIM NOTES TO THE FINANCIAL STATEMENTS

FOR THE PERIOD ENDED 31 MARCH 2025

1. LEGAL STATUS AND NATURE OF BUSINESS

   1. Ghani Glass Limited ("the Company") was incorporated in Pakistan in 1992 as a limited liability company under the Companies Ordinance, 1984 (now Companies Act, 2017). Its shares are quoted on Pakistan Stock Exchange.

      The principal activity of the Company is to engage in the business of manufacturing and sale of glass containers and float glass. Following are the business units of the Company including production facilities, along with their respective locations:

      • Head office and Registered office: 40 - L, Model Town Extension, Lahore

      • Marketing Office: 12 D/5 Chandani Chowk, KDA Scheme No. 7-8, Karachi

      • Plant 1 and Regional Marketing Office (North): 22 Km Haripur Taxila Road, District Haripur

      • Plant 2: H-15 Landhi Industrial Area, Karachi

      • Plant 3: 29 Km Lahore Sheikhupura Road, District Sheikhupura

      • Plant 4: 50 Km Lahore Gujranwala road, Tehsil Kamonke, District Gujranwala

2. BASIS OF PREPARATION

   1. Statement of compliance

      These condensed interim financial statements have been prepared in accordance with the accounting and reporting standards as applicable in Pakistan for interim financial reporting. The accounting and reporting standards as applicable in Pakistan for interim financial reporting comprise of:

      • International Accounting Standard (IAS) 34, Interim Financial Reporting, issued by the International Accounting Standard Board (IASB) as notified under the Companies Act, 2017; and

      • Provisions of and directives issued under the Companies Act, 2017.

      Where the provisions of and directives issued under Companies Act, 2017 differ with the requirements of IAS-34, the provisions of and directives issued under Companies Act, 2017 have been followed.

      1. This interim financial information of the Company for the nine month period ended 31 March 2025 has been prepared in accordance with the requirements of the International Accounting Standard (IAS) 34, "Interim Financial Reporting" and provisions of and directives issued under the Companies Act, 2017.

   2. These condensed interim financial statements do not include all the information and the disclosures required in the annual financial statements and should be read in conjunction with annual audited financial statements of the Company for the year ended 30 June 2024.

   3. These condensed interim financial statements are unaudited are being submitted to the shareholders as required under Section 237 of the Companies Act, 2017 and the Listing Regulations of Pakistan Stock Exchange Limited.

3. SIGNIFICANT ACCOUNTING POLICIES

   The accounting policies and methods of computation adopted in the preparation of these condensed interim financial statements are the same as those applied in the preparation of the financial statements for the year ended 30 June 2024.

4. CRITICAL ACCOUNTING ESTIMATES AND JUDGEMENTS

The preparation of condensed interim financial statements requires management to make judgments, estimates and assumptions that affect the application of accounting policies and reported amount of assets and liabilities, income and expenses. Actual results may differ from these estimates. The significant judgments made by management in applyingthe Company's accounting policies and the key sources of the estimation are the same as those that applied to the financial statements for the year ended 30 June 2024.

Provision in respect of taxation, Workers' Profit Participation Fund and Workers' Welfare Fund in these condensed interim financial statements is estimated and this is subject to final adjustment in the annual financial statements.

‌5

1. Investment in associate

   Rak Ghani Glass LLC

   RAK Ghani Glass LLC, a limited liability company registered with the Ras Al Khaimah Investment Authority in United Arab Emirates engaged in the business of container glass manufacturing.

   21,971 (30 June 2024:21,971) fully paid ordinary

   Note

   Audited 30 June 2024

   Un-audited 31 March 2025 Rupees 664,050,766

   2,294,574,467

   503,928,045 15,301,050 (681,624,866)

   (162,395,771)

   2,796,229,462

   Rupees

   shares of AED 1,000 each 6.1

   1. Movement in equity instruments of associated company is as follows:

      Company's share of profit - post acquisition As at 01 July

      Share of total comprehensive income:

      Profit for the period Exchange translation impact Dividend for the period

      Total comprehensive income for the period Balance at end of the period

2. Contingencies and commitments

   1. Contingencies

      664,050,766

      2,254,444,281

      922,939,581

      (105,442,875)

      (777,366,520)

40,130,186

2,958,625,233

1. 1. There has been no significant change in the status of contingencies as reported in the preceding published annual financial statements of the Company for the year ended 30 June 2024.

   2. Aggregate amount of bank guarantees issued by banks on behalf of the Company outstanding as at 31 March 2025 amounts to Rs. 2,587.363 million (30 June 2024: Rs. 3,157.36 million).

   3. Letters of credit for import of materials and stores outstanding as at 31 March 2025 amounts to Rs. 1,242.319 million (30 June 2024: Rs. 1,426.34 million).

      31 March 2025 - - - - - - - - - - - - - -	31 March 2024 - Rupe		31 March 2025 es - - - - - - - - - -	31 March 2024 - - - - - - - - - - - - - - -
      35,851,144,179	34,650,424,391		12,187,790,337	10,919,593,596
      3,350,425,204	6,850,986,323		1,303,628,148	2,235,912,880
      39,201,569,383	41,501,410,714		13,491,418,485	13,155,506,476
      (5,561,233,888)	(5,521,817,505)		(1,919,676,096)	(1,710,754,340)
      (182,808,201)	(23,672,989)		(72,176,479)	(11,901,926)
      (5,744,042,089)	(5,545,490,494)		(1,991,852,575)	(1,722,656,266)
      33,457,527,294	35,955,920,220		11,499,565,910	11,432,850,210

      ‌Nine months ended - unaudited Quarter ended - unaudited

2. Revenue

   Local sales Export sales

   Less: Sales tax

   Trade Discounts

3. Transactions with related parties

   The related parties comprise of associated Company. Other related party comprises of staff retirement fund, directors and key management personnel and their associates. Balances with related parties are disclosed elsewhere in these condensed interim financial statements and transactions with related parties have been given below:

   Nine month ended - unaudited

   Related party	Nature of transactions	31 March 2025	31 March 2024
   		Rupees	Rupees
   Ghani Value Glass Limited	Sales	1,642,727,521	1,571,054,343
   	Purchases	75,913,827	52,787,947
   	Others expenses-net	14,377,456	30,338,892
   RAK Ghani Glass LLC	Dividend received	278,237,882	575,289,345
   	Purchases	-	4,262,500
   	Others expenses-net	13,066,769	12,974,003
   Ghani Ceramics Limited	Sales	13,693,645	174,237
   	Purchases	-	5,583,821
   	Others expenses-net	26,550,310	7,540,873
   Ghani Metal & Rubber Industries	Others expenses-net	816,170	228,260
   Ahmad Brothers materials Pvt.Ltd.	Purchases	1,402,611,379	232,425,087
   	Others expenses-net	18,650,744	4,142,838
   Health Tek (Private) Limited	Sales	21,415,302	20,329,637
   Sami Pharmaceutical (Private) Ltd.	Sales	519,184,779	453,711,219
   Provident fund	Payment to provident fund	357,763,344	148,947,330
   Ghani Foundation	Donation expense	773,637,590	844,058,438
   Key Management Personnel
   Key management personnel	Salary and Other Benefits	874,394,103	844,383,934

   'Key management personnel are those persons having authority and responsibility for planning, directing and controllingthe activities of the entity. The Company considers all members of their management team, including Chief Executive Officer and Directors to be its key management personnel.

4. Date of authorization

   These unauditedcondensed interim financial informationfor the period ended 31 March 2025 was authorized for issue by the Board of Directors on April 29, 2025.

5. General

   1. Figures have been rounded off to nearest rupee.

Lahore

Chief Executive Officer

Director

Chief Financial Officer