GGL | Ghani Global Holdings Limited Transmission of Quarterly Report for the period Ended 2026-03-31

‌3

Ghani Global Group

MARCH 31, 2026

Faith Experience Innovation Growth

3

Ghani Global Group

ISO 9000 & ISO 14000 CERTIFIED COMPANY

‌CORPORATE INFORMATION

BOARD OF DIRECTORS

Atique Ahmad Khan Masroor Ahmad Khan Umar Ahmad

Saira Farooq Muhammad Hanif Mahmood Ahmed

Chairman Chief Executive Officer

SHARE REGISTRAR

Digital Custodian Company Limited

4F, Pardesi House, Old Queens Road, Karachi. Tel: 021-32419770

AUDITORS

Sheikh Muhammad Saleem Ahsan

AUDIT & RISK MANAGEMENT COMMITTEE

Sheikh Muhammad Saleem Ahsan Umar Ahmad

Muhammad Hanif

HR&R AND COMPENSATION COMMITTEE

Mahmood Ahmad Masroor Ahmad Khan Atique Ahmad Khan Saira Farooq

NOMINATION COMMITTEE

Masroor Ahmad Khan Atique Ahmad Khan Umar Ahmad

KEY MANAGEMENT

Zubair Siddiqui

(President)

Asim Mahmud

(Director Finance / CFO)

Farzand Ali

(GM Corporate / Company Secretary)

Muhammad Hanif

(G.M Sales & Marketing - Glass)

Bilal Butt

(G.M Sales & Marketing - Gases/Chemicals)

Asad Wazir

(Head of Glass Plants)

Abid Ameen

(Head of Gases/Chemicals Plants)

Chairman

Chairman

Chairman

ShineWing Hameed Chaudhri & Co. Chartered Accountants, Lahore

BANKERS

Albaraka Bank Pakistan Limited Askari Bank Limited

Bank Alflah Limited Faysal Bank Limited Habib Bank Limited Habib Metro Bank Limited The Bank of Punjab

REGIONAL MARKETING OFFICE

C-7/A, Block F, Gulshan-e-Jamal Rashid Minhas Road, Karachi. Ph: (021) 34572150

E-mail: gglmarketing@ghaniglobal.com

REGISTERED/CORPORATE OFFICE

10-N, Model Town Ext, Lahore. UAN: 111 GHANI 1 (442-641)

Fax: (092) 042-35160393

E-mail: info.gases@ghaniglobal.com Website: https://www.ghaniglobal.com

Ghani Global Holdings Limited 01 3rd Quarter March 31, 2026

DEAR SHAREHOLDERS,

Assalam-o-Alaikum Wa RehmatUllah Wa Barakatoh

The Directors of your Company are pleased to present the unaudited condensed interim financial statements of the Company for the nine months ending March 31, 2026, in compliance with the requirements of Companies Act, 2017. The consolidated unaudited condensed interim Financial Statements of the Company for the nine months ending March 31, 2026 are also annexed.

FINANCIAL PERFORMANCE

STANDALONE PERFORMANCE

During the period under review, your Company closed sales at Rs. 35.44 million, compared with Rs. 94.47 million in the corresponding period last year. Gross profit stood at Rs. 2.55 million, reflecting an improvement from Rs. 1.32 million in the same period of 2025. Administrative expenses remained within normal operating levels. Due to guarantee commission income and return on investments, the Company achieved profit from operations amounting to Rs. 24.99 million where it was Rs. 187.25 million in the same period of last year, mainly comprised on dividend received from an associated company. After accounting for finance costs of Rs. 3.63 million and taxation along-with minimum tax levies of Rs. 5.99 million, profit after tax amounted to Rs. 15.36 million, compared with Rs.

144.92 million in the same period of last year. Earning per share is Rs. 0.04 where it was Rs. 0.41 in the same period of last year.

In pursuance of the approval granted by the Securities and Exchange Commission of Pakistan vide its order dated April 08, 2026, the sponsors of your Company, have incorporated a REIT Management Company under the name of G3 REIT Management Limited, a wholly owned subsidiary with an authorized and paid-up capital of PKR 50 million. The establishment of G3 REIT Management Limited marks a strategic step by your Company to enter and expand into the commercial and residential real estate sector.

The Board of Directors of your Company has granted stock options equivalent to 3,541,196 ordinary shares (representing 1% of the paid-up capital) to eligible employees of the Company under the Employee Stock Option Scheme (ESOS) at an exercise price of PKR 19.22 per share. The minimum vesting period for these stock options shall be one (1) year, followed by an exercise period of one (1) year thereafter.

CONSOLIDATED PERFORMANCE

Financial Performance including subsidiaries for the nine months ending March 31, 2026 in comparison with the same period of last year is as under:

GHANI CHEMICAL INDUSTRIES LIMITED (SUBSIDIARY COMPANY)

Ghani Chemical Industries Limited (GCIL) is principally engaged in manufacturing, sale and trading of medical/ industrial gases and chemicals.

By the grace of Almighty Allah, during the period under review, this subsidiary company improved its sales and profitability as compared to the same period of last year.

For the period ended March 2026, this subsidiary company achieved net sales of Rs.5,987 million, compared to Rs. 5,334 million for the corresponding period of last year. Gross profit increased to Rs. 3,251 million from Rs. 2,501 million compared to the corresponding period of the last year. Main contributors to higher profit is lower production cost due to higher efficiency of new plant at Hattar. Distribution cost and administrative expenses incurred during this period are Rs. 432 million and Rs. 262 million, respectively, whereas in the same period last year these costs were Rs. 124 million and Rs. 196 million, respectively.

Finance cost also increased to Rs. 426 million from Rs. 315 million as compared with the same period of last year. Profit after taxation increased to Rs. 1,927 million, up from Rs. 1,217 million in the corresponding period last year due to higher efficiency of new plant at Hattar as well as tax incentives applied in special economic zone, Hattar. Accordingly, this subsidiary company's Earning per share increased to Rs. 3.38, whereas during the same period of last year, the Company's Earning per share was Rs. 2.43.

A comparison of the key financial results of this subsidiary company for the nine months ending March 31, 2026, with the same period of last year is as follows:

‌GHANI GLOBAL GLASS LIMITED (SUBSIDIARY COMPANY)

Ghani Global Glass Limited (GGGL/subsidiary Company) is principally engaged in business for manufacturing and sale of glass tubing, ampoules and vials.

During the period under review, net sales declined to Rs. 2,035.9 million from Rs. 2,125.2 million, primarily due to closure of Afghan border and unprecedented floods in the country earlier during the financial year resulting in lower sales volumes. Gross profit recorded as Rs. 490.3 million compared to Rs. 553.6 million in the same period of last year due to reduced sales and higher input costs. Profit after tax was reported as Rs. 70.6 million compared to Rs. 243.2 million last year, translating into EPS of Rs. 0.30, as compared to EPS of Rs. 1.01 in the corresponding period of 2025.

A comparison of the key financial results of this subsidiary company for the Nine Months ended March 31, 2026 with the same period of last year is as under:

The reduction in profitability is primarily attributable to an increase in cost of sales, driven by higher raw material prices

,increased consumption levels and reduction in other income. Additionally, the commissioning of the new glass furnace in July 2025 resulted in elevated operating costs during its initial start-up phase, impacting overall margins.

On the revenue side, net sales declined to Rs. 2,035.9 million from Rs. 2,125.2 million. Export sales were particularly affected, decreasing significantly due to border closures amid geopolitical tensions between Pakistan and Afghanistan, which disrupted pharmaceutical exports. This adversely impacted demand for glass tubes, ampoules, and vials.

Furthermore, ongoing geopolitical instability, including tensions involving the Middle East region, has indirectly affected export demand for pharmaceutical products in key markets, thereby impacting this company's sales as a supplier to the pharmaceutical sector. Domestic market conditions were also affected by flooding, which further constrained overall demand.

Despite these challenges, finance costs remained largely stable at Rs. 266.9 million where it was Rs. 265.4 million in the same period of last year, reflecting effective financial management and tight control over borrowing costs during the period.

Overall, the combined impact of higher production costs and external market disruptions led to a decline in operating and net profitability. Management remains focused on stabilizing furnace operations, improving operational efficiencies, and strengthening market outreach to support performance improvement in the coming periods.

Ghani ChemWorld Limited (Subsidiary Company)

The principal line of business of this subsidiary company is to manufacture, sell, distribute, import, export, or otherwise deal with import-substitute chemical and allied products.

‌For the nine months ended March 31, 2026, this company reported:

This subsidiary company incurred an operating loss of Rs. 2.27 million, primarily due to the startup phase. However, this company recorded a share of profit from its associated company amounting to Rs. 234.81 million, which significantly supported the bottom line. As a result, this subsidiary company posted a profit after taxation of Rs. 200.08 million, compared to a loss of Rs. 0.24 million in the corresponding period of last year. Earning per share reflected this turnaround, with both basic and diluted EPS at Rs. 0.800 in 2026, compared to a basic loss per share of Rs. (4.832) and a diluted loss per share of Rs. (0.005) in the previous year, highlighting a notable recovery in quarterly performance.

Future Outlook: GHANI CHEMICAL INDUSTRIES LIMITED (SUBSIDIARY COMPANY)

This subsidiary company, together with its joint venture partner Mari Energies Limited, incorporated GHG Emissions Mitigation Limited (GEM), a project company for vent gas processing at Mari Field's Sachal Gas Processing Complex. This would be the first-of-its-kind project in Pakistan to recover hydrocarbons from exhaust gas for production and sale of liquefied natural gas (LNG) and industrial and food-grade liquid CO2, with an investment of PKR 14 billion. A letter of credit for the import of main plant and machinery has been established, and other activities are underway to set up the project.

In connection with the formation of this project company, this subsidiary company has already invested Rs. 98 million (as its 49% equity share) during January 2026.

For further investment of Rs. 1,836 million in this project (as its share of equity investment), the board of directors of this subsidiary company has recommended obtaining approval from shareholders of this company in accordance with the terms of section 199 of the Companies Act, 2017. For this purpose, an Extraordinary General Meeting of this company's shareholders is scheduled to be held on Jun 02, 2026.

This project is expected to generate approximately PKR 17 billion in annual revenue and deliver substantial profitability in the years to come.

In addition to the above, this subsidiary company has stepped forward to enter other business areas by setting up a 450 MT capacity LPG Storage and Filling Plant (the Plant) at Phool Nagar, District Kasur, for operations across the country through the wholly owned subsidiaries of GCIL. For this purpose, a license from the Oil and Gas Regulatory Authority, Islamabad, has already been obtained. After completing the requisite formalities and approvals, this subsidiary (GGPL) will commence construction of the Plant in due course of time, Insha'Allah.

‌GHANI GLOBAL GLASS LIMITED (SUBSIDIARY COMPANY)

This subsidiary company is committed to optimize the overall manufacturing process and to achieve efficiencies in furnace operations and ampoule/vial sections. In this context, a team of experts have reviewed the full manufacturing processes at our production facility and have provided various recommendations for improvement, which are under implementation phase. Once complete, this will reduce our manufacturing costs and will improve the operating profit. However, recent increase in finance cost by 1 % may effect the bottom line profitability.

Alhamdulillah, the production capacity of this company's value-added products has significantly increased, with Ampoules and Vials reaching monthly capacities of 55 million and 3 million units, respectively. This subsidiary company continues to explore international markets for its Glass Tubes, Glass Ampoules, and Glass Vials, particularly across the Middle East, North Africa, and neighboring regions.

Ghani ChemWorld Limited (Subsidiary Company)

In addition to local sales, this subsidiary company is also exploring export markets in the Middle East, Europe and other countries.

The Precipitated Calcium Carbonate (PCC), a derivative of Calcium Carbide, production will also start in next couple of months. This would help the overall commercialization of the project being another innovative product with primary applications in the paints, paper, and rubber industries.

ACKNOWLEDGEMENTS

The board of directors wishes to express their gratitude to valued shareholders, banks/financial Institutions, customers and suppliers for their continuous support, cooperation and patronage. We also wish to place on record the dedication, hard work and diligence of executives, staff and workers of the Company.

For and behalf of Board of Directors

Lahore

April 28, 2026

MASROOR AHMAD KHAN

Chief Executive Officer

ATIQUE AHMAD KHAN

Director

‌GHANI GLOBAL HOLDINGS LIMITED

UNCONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2026

Un-audited March 31,

2026

Audited June 30,

2025

The annexed notes form an integral part of these unconsolidated condensed interim financial statements.

Masroor Ahmad Khan Asim Mahmud

(Chief Executive Officer) (Chief Financial Officer)

Atique Ahmad Khan

(Director)

‌GHANI GLOBAL HOLDINGS LIMITED

UNCONSOLIDATED STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME

FOR THE QUARTER AND NINE MONTHS PERIOD ENDED MARCH 31, 2026

Nine months period ended Quarter ended March 31, March 31, March 31, March 31,

The annexed notes form an integral part of these unconsolidated condensed interim financial

Masroor Ahmad Khan Asim Mahmud

(Chief Executive Officer) (Chief Financial Officer)

Atique Ahmad Khan

(Director)

‌GHANI GLOBAL HOLDINGS LIMITED

UNCONSOLIDATED STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Share

capital

Accumulated

profit

Rupees in '000

Total

The annexed notes form an integral part of these unconsolidated condensed interim financial statements.

Masroor Ahmad Khan Asim Mahmud

(Chief Executive Officer) (Chief Financial Officer)

Atique Ahmad Khan

(Director)

‌GHANI GLOBAL HOLDINGS LIMITED

UNCONSOLIDATED STATEMENT OF CASH FLOWS

FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Nine months period ended March 31 March 31

2026 2025

----- Rupees in '000 -----

The annexed notes form an integral part of these unconsolidated condensed interim financial statements.

Masroor Ahmad Khan Asim Mahmud

(Chief Executive Officer) (Chief Financial Officer)

Atique Ahmad Khan

(Director)

‌GHANI GLOBAL HOLDINGS LIMITED

NOTES TO THE UNCONSOLIDATED FINANCIAL STATEMENTS FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

1. LEGAL STATUS AND NATURE OF BUSINESS

   Ghani Gases (Private) Ltd. (GGL) was incorporated in Pakistan on November 19, 2007 as a company limited by shares under the Companies Ordinance, 1984 and was converted into a public company on February 12, 2008. GGL was listed on Pakistan Stock Exchange on January 05, 2010; GGL's name has been changed to Ghani Global Holdings Ltd. (the Company) under the provisions of section 13 of the Companies Act, 2017 on August 28, 2019. The registered office of the Company is situated at 10-N Model Town Extension, Lahore. The principal activity of the Company, subsequent to the separation of manufacturing undertaking, is to manage investments in its Subsidiary and Associated Companies and trading activities. In addition, the management intends to expand the Company's business operations by establishing transportation business unit as detailed in note 6.1.

   During the financial year ended June 30, 2020, under a Scheme of Compromises, Arrangement and Reconstruction as sanctioned by the Lahore High Court, Lahore on February 06, 2019, the Company transferred its manufacturing undertaking to Ghani Chemical Industries Ltd. (Subsidiary Company) on July 08, 2019.

2. BASIS OF PREPARATION AND SIGNIFCANT ACCOUNTING POLICIES

   1. Statement of compliance

      These unconsolidated condensed interim financial statements (the 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 International Accounting Standards Board ('IASB') as notified under the Companies Act, 2017, and

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

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

   2. These interim financial statements do not include all of the information required for annual financial statements and should be read in conjunction with the annual audited financial statements of the Company as at and for the year ended June 30, 2025. Selected explanatory notes are included to explain events and transactions that are significant to the understanding of the changes in the Company's financial position and performance since the last annual audited financial statements.

   3. Basis of measurement

      These interim financial statements have been prepared under the historical cost convention.

   4. Functional and presentation currency

      These interim financial statements are presented in Pak Rupees, which is also the

      Company's functional currency. All amounts have been rounded to the nearest thousand,

      unless otherwise stated.

3. Material accounting policies

   The material accounting policies applied in the preparation of these interim financial

   statements are the same as those applied in the preparation of the unconsolidated financial statements of the Company for the year ended June 30, 2025.

4. ‌Standards, amendments and interpretations to accounting standards that are effective in the current period

   Certain standards, amendments and interpretations to International Financial Reporting Standards (IFRSs) are effective for accounting period beginning on July 01, 2025, but are considered not to be relevant or to have any significant effect on the Company's operations (although they may affect the accounting for future transactions and events) and are, therefore, not detailed in these interim financial statements.

   1. Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Company

      There are certain standards, amendments to the accounting standards and interpretations that are mandatory for the Company's accounting periods beginning on or after July 01, 2026, but are considered not to be relevant or to have any significant effect on the Company's operations and are, therefore, not detailed in these interim financial statements.

5. Accounting estimates and judgements

   The preparation of these interim financial statements requires management to make judgements, estimates and assumptions that affect the application of the accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.

   In preparing these interim financial statements, the significant judgements made by management in applying the Company's accounting policies and the key sources of estimation uncertainty were the same as those applied to the unconsolidated financial statements for the year ended June 30, 2025.

6. Capital work-in-progress

   Un-audited Audited

   March 31, June 30,

   2026 2025

   Rupees in thousand

   The period-end balance comprised of as follows:
   - Cost of 3truck tractors	65,710	0
   - Registration charges	698	0
   - Advances to suppliers for modification	23,997	0

   Balance as at March 31,2026 90,405 0

   1. The Company's Board of Directors, in its meeting held on October 29, 2025, has granted its approval for establishing a transportation business unit with a proposed fleet size of 16 trucks and estimated total investment between Rs.450 million to Rs.500 million.

7. TRADE AND OTHER PAYABLES

   Trade creditors Accrued liabilities

   Withholding tax payable

   Due to Ghani Chemical Industries Ltd. ( a Subsidiary Company)

   49

   320

   275

   0

   644

   4,717

   1,409

   153

   17,992

   24,271

8. ‌CONTINGENCIES AND COMMITMENTS

   1. Contingencies

      The Company has provided corporate guarantees aggregating Rs.3,288,000 thousand (June 30, 2025: Rs. 2,619,000 thousand) and Rs.465,000 thousand (June 30, 2025: Rs.231,000 thousand) to the banks against finance facilities availed by Ghani Chemical Industries Ltd. (GCIL) and Ghani Global Glass Ltd. (GGGL) [ Subsidiary Companies ] respectively. The Subsidiary Companies have provided collateral security in the form of demand promissory notes to the Company.

   2. Commitments

      Commitments against capital expenditure as at March 31, 2026 were for Rs.5 million (June 30, 2025: Rs. Nil).

9. OTHER INCOME

   Profit on bank saving accounts Commission on corporate guarantees Markup from subsidiary company Dividend income

   March 31, March 31,

   2026 2025

   Rupees in thousand

   1,564 1,523

   10,059 8,550

   21,360 13,803

   0 167,944

10. Credit balances written back

    EARNINGS PER SHARE

    There is no dilutive effect on earnings

    per share of the Company, which is based on:

    Profit after taxation attributable to

    4,685

    37,668

    0

    191,820

    ordinary shareholders

    Weighted average number of ordinary shares in issue during the year

    Earnings per share - basic

11. TRANSACTIONS WITH RELATED PARTIES

    Significant transactions with related parties made during the period were as follows:

    15,358 144,916

    (Number of shares)

    354,119,590 354,119,590

    Rupee

    0.04 0.41

    March 31, March 31,

    Name

    - Ghani Global Glass Ltd.

    Nature of transaction

    2026 2025

    Rupees in thousand

    Commission income against corporate guarantees	895	462
    Mark-up income	17,749	10,204
    Sales	0	31,483

    ‌- Ghani Chemical Industries Ltd.

    Commission income against corporate guarantees	9,164	5,238
    Mark-up expense	101	8,208
    Mark-up income	3,611	0
    Sales	0	3,557

    - Directors

    Sale of long term investments

    0 500

    1. Transactions with related parties are carried out on commercial terms and conditions.

12. FINANCIAL RISK MANAGEMENT

    1. Financial risk factors

       The Company's activities expose it to a variety of financial risks: market risk (including currency risk), credit risk and liquidity risk.

       The interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Company's unconsolidated audited financial statements as at and for the year ended June 30, 2025.

       There have been no changes in the risk management department or in any risk management policy since the year ended June 30, 2025.

    2. Fair value estimation

       During the period, there were no significant changes in the business or economic circumstances that affect the fair value of the Company's financial assets and financial liabilities. Further, there were no reclassifications of financial assets.

13. SHARIAH SCREENING DISCLOSURE

    Lbs-audited

    ¥'flarcn az, zozs

    Carried under

    Coventiona Shariah I compliant

    Audited 3une 3O, 2025

    compliant

    Carried under Cowntional Shariah

    Note -------------------------- Rupees in thousand •

    Long term financing	0	56,825	0	0
    Accrued profit	0	315	0	0
    Short term investments and loans	0	278,051	0	193,900
    Bank balances - current and deposits	0 16,215		0	20,277

    lbs-audited Un-audited

    March 31, 2026 March 31, 2025

    compliant

    Coventiona Shariah I compliant

    Covontional Shariah

    Note -------------------------- Rupees in thousand •

    Profit earned on bank deposits	0	1,564	0	1,523
    Profit earned on short term loans	0	21,360	0	13,803
    Revenue earned	0	35,436	0	94,466
    Profit on Islamic mode of financing Paid	0	3,315	0	0

14. ‌CORRESPONDING FIGURES

    - In order to comply with the requirements of IAS 34, the unconsolidated condensed interim statement of financial position has been compared with the balances of annual audited financial statements of the Company for the year ended June 30, 2025, whereas, the unconsolidated condensed interim statement of profit or loss and other comprehensive income, unconsolidated condensed interim statement of cash flows and unconsolidated condensed interim statement of changes in equity have been compared with the balances of comparable period of immediately preceding financial year.

    Comparative information has been re-classified, re-arranged or additionally incorporated in these interim financial statements, where necessary, to facilities better comparison and to conform with the changes in presentation.

15. DATE OF AUTHORISATION FOR ISSUE

These unconsolidated condensed interim financial statements were authorised for issue on April 28, 2026 by the board of directors of the Company.

Masroor Ahmad Khan Asim Mahmud

(Chief Executive Officer) (Chief Financial Officer)

Atique Ahmad Khan

(Director)

‌GHANI GLOBAL HOLDINGS LIMITED

CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT MARCH 31, 2026

|Wote

Un-audited March 31,

2026

Audited June 30,

2025

Restated

ASSETS

Non-current assets

Rupaeo in thousand

The annexed notes form an integral part of these consolidated condensed interim financial statements.

‌GHANI GLOBAL HOLDINGS LIMITED

CONSOLIDATED CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ACCOUNT FOR THE QUARTER AND NINE MONTHS PERIOD ENDED MARCH 31, 2026

Nine months period ended March. 31, March. 31,

Note 2026 2025

Restated

Quarter ended

March. 31, March. 31,

2026 2025

Restated

Rupees in thousand

Combined earnings per share

Rupees

3.03 2.21

1.06

0.85

The annexed notes form an integral part of these consolidated condensed interim financial statements.

‌GHANI GLOBAL HOLDINGS LIMITED

CONSOLIDATED CONDENSED INTERIM STATEMENT OF OTHER COMPREHENSIVE INCOME FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

March. 31,

2026

March. 31,

2025

Restated

Note Rupees in thousand

The annexed notes form an integral part of these consolidated condensed interim financial statements.

Masroor Ahmad Khan Asim Mahmud

(Chief Executive Officer) (Chief Financial Officer)

Atique Ahmad Khan

(Director)

‌GHANI GLOBAL HOLDINGS LIMITED

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

Rupees in thousand

Income attributable to

The annexed notes form an integral part of these consolidated condensed interim financial statements.

‌GHANI GLOBAL HOLDINGS LIMITED

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

CASH FLOWS FROM OPERATING ACTIVITIES

Un-audited Un-audited

March 31, March. 31,

2026 2025

(Rupees in thousand)

The annexed notes form an integral part of these consolidated condensed interim financial statements.

‌GHANI GLOBAL HOLDINGS LIMITED

NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE NINE MONTHS PERIOD ENDED MARCH 31, 2026

1. THE GROUP AND ITS OPERATIONS

   1. Ghani Global Holdings Ltd. (GGHL - the Holding Company) Legal status and operations

      Ghani Gases (Private) Ltd. (GGL) was incorporated in Pakistan on November 19, 2007 as a company limited by shares under the Companies Ordinance, 1984 and was converted into a public company on February 12, 2008. GGL was listed on Pakistan Stock Exchange on January 05, 2010; GGL's name has been changed to Ghani Global Holdings Ltd. (GGHL). under the provisions of section 13 of the Companies Act, 2017 on August 28, 2019. The registered office of GGHL is situated at 10-N Model Town Extension, Lahore. The principal activity of the Holding Company, subsequent to the separation of manufacturing undertaking, is to manage investments in its Subsidiary and Associated Companies and trading activities.

      During the financial year ended June 30, 2020, under a Scheme of Compromises, Arrangement and Reconstruction as sanctioned by the Lahore High Court, Lahore on February 06, 2019, the Holding Company transferred its manufacturing undertaking to Ghani Chemical Industries Ltd. (Subsidiary Company) on July 08, 2019.

   2. Subsidiary Companies

      1. Ghani Global Glass Ltd. (GGGL)

         Ghani Global Glass Ltd. (GGGL) was incorporated in Pakistan as a private limited company on October 04, 2007 as Ghani Tableware (Private) Ltd. under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017). The status of the GGGL was changed to public unlisted company and consequently, its name was changed to Ghani Tableware Ltd. on July 24, 2008. Name of the Company was further changed to Ghani Global Glass Ltd. on January 14, 2009. GGGL was merged into Libaas Textiles Ltd., a listed company and GGGL became listed on Pakistan Stock Exchange on December 12, 2014 upon merger. GGGL commenced its commercial operations with effect from April 01, 2016.

         GGGL is principally engaged in manufacturing and sale of glass tubes, glass-ware, vials and ampules and chemicals. The registered office of GGGL is situated at 10-N, Model Town Extension, Lahore whereas manufacturing units are located at 52 -K.M. Lahore Multan Road, Phool Nagar, District Kasur.

         GGGL is a subsidiary of GGHL, which holds 120,235,680 (June 30, 2025: 120,235,680) ordinary shares of Rs.10 each representing 50.10% (June 30, 2025: 50.10%) of total shares issued as at the reporting date.

      2. Ghani Chemical Industries Ltd. (GCIL)

         Ghani Chemical Industries Ltd. (GCIL) was incorporated in Pakistan as a private limited company on November 23, 2015 under the repealed Companies Ordinance, 1984 (now the Companies Act, 2017) and was converted into a public limited company on April 20, 2017. GCIL is principally engaged in manufacturing, sale and trading of medical & industrial gases and chemicals. The registered office and head office of GCIL are situated at 10-N, Model Town Extension, Lahore whereas production facilities are situated at Phool Nagar, District Kasur and Industrial Zone, Port Qasim, Karachi. GCILOs liaison office is situated in Sangjani, District Rawalpindi.

         ‌GGHL direct and indirect holding in GCIL is 55.93% (June 30, 2025: 55.93%) as at reporting date; therefore, GCIL has been treated a Subsidiary of GGHL.

         GCIL is a Subsidiary of GGHL, which holds 279,905,983 (June 30, 2025: 279,905,983) ordinary shares of GCIL representing 49.07% (June 30, 2025: 49.07%) of its paid-up capital as at reporting date.

         As per the Scheme of Compromises, Arrangement and Reconstruction (the Scheme), as sanctioned by the Lahore High Court, Lahore on February 06, 2019, GGHL had transferred its manufacturing undertaking to GCIL on July 08, 2019 after the effective date.

      3. Ghani ChemWorld Ltd. (GCWL)

      GCWL was incorporated in Pakistan as a limited company under the Companies Act, 2017, on 31 July 2024. The principal line of business of GCWL is to manufacture, produce, refine, process, formulate, acquire, convert, sell, distribute, buy, import, export or otherwise deal in all types of chemicals, basic drugs, all types of acids etc. The registered office and head office of GCWL are situated at 10-N, Model Town Extension, Lahore whereas production facility is situated at plot No. 13 to 24, Zones B3 & B4, Hattar Special Economic Zone, Dhorian Chowk near Tanoli Filling Station, Hattar, District Haripur.

      GCWL is a Subsidiary of GGHL, which holds 139,952,994 (June 30, 2025:139,952,994) ordinary shares of GCWL representing 55.95% (June 30, 2025:55.95%) of its paid-up capital as at reporting date.

      Pursuant to a Scheme of Arrangement and Reconstruction under Sections 279 to 282 of the Companies Act, 2017, duly sanctioned by the Honourable Lahore High Court on February 20, 2025, the Calcium Carbide Division of GCIL was demerged and transferred to GCWL as a going concern.

   3. Sub-subsidiary Companies

      1. Ghani Gases (Pvt.) Ltd. (GGPL)

         GGPL was incorporated in Pakistan under the Companies Act, 2017 (XIX of 2017) as a private limited company on May 18, 2020. The principal business of GGPL is to carry on the business of manufacturers, buyers, sellers, importers, exporters, dealers and traders of all types of gases including LPG and LNG for use in industries, hospitals, houses, factories and all types of chemicals including petro-chemicals and their derivatives and importers, exporters and manufacturers of and dealers in heavy chemicals, alkalis, acids, drugs, tannins, essences, pharmaceutical, surgical and scientific apparatus and materials.

         GGPL is a virtually wholly owned Subsidiary of GCIL, which holds 999,997 (June 30,2025: 999,997) ordinary shares representing 99.99% (June 30, 2025: 99.99%) of its paid-up capital as at reporting date.

         GGPL has not commenced its commercial operations till the reporting date.

      2. Ghani Power (Pvt.) Ltd. (GPPL)

      GPPL was incorporated in Pakistan as a private limited company on March 15, 2024 under the Companies Act, 2017. The principal line of business of GPPL is to carry on all or any of the businesses of generating, purchasing, importing, transforming, converting, manufacturing, distributing, supplying, exporting and dealing in power, electricity, oil, gas, hydrocarbons, petrochemicals, petroleum solar, hydel power plants and petroleum products, asphalt, bituminous substances or services associated therewith and all other forms of energy and energy related products / services including all kinds of efficient use of energy and to perform all other acts which are necessary or incidental to the above businesses and related products. GPPL has not commenced its commercial operations till the reporting date.

      ‌GGPL is also a virtually wholly owned Subsidiary of GCIL, which holds 999,997 (June 30,2025: 999,997) ordinary shares representing 99.99% (June 30, 2025: 99.99%) of its paid-up capital as at reporting.

2. STATEMENT OF COMPLIANCE

   These consolidated 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 Standards Board (IASB) as notified under the Companies Act, 2017 and

   • Islamic Financial Accounting Standards (IFASs) issued by the Institute of Chartered Accountants of Pakistan 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 the Companies Act, 2017 differ with the requirements of IAS 34, the provisions of and directives issued under the Companies Act, 2017 have been followed.

   2.1. Accounting convention

   These consolidated condensed financial statements have been prepared under the historical cost convention, except where otherwise specifically stated.

   2.2 Functional and presentation currency

   Items included in the consolidated condensed financial statements are measured using the currency of the primary economic environment in which the Group operates. These consolidated condensed financial statements are presented in Pak Rupees, which is the Group's functional currency. All financial information has been rounded-off to the nearest thousand of Rupees unless otherwise stated.

3. BASIS OF PREPARATION

   These consolidated condensed interim financial statements do not include the information reported for annual financial statements and should be read in conjunction with the audited annual published consolidated financial statements for the year ended June 30, 2025.

   1. The accounting policies and methods of computations adopted for the preparation of these condensed interim financial statements are the same as applied in the preparation of the preceding audited annual published financial statements of the Group for the year ended June 30, 2025.

   2. Critical accounting estimates, assumptions and judgments

   The preparation of these consolidated condensed interim financial statements in conformity with the approved accounting standards require the use of certain critical accounting estimates. It also requires the management to exercise its judgment in the process of applying the Group's accounting policies. Estimates and judgments are continually evaluated and are based on historical experience and other factors, including expectations of future events that are believed to be reasonable under the circumstances.

   ‌During preparation of these consolidated condensed interim financial statements, the significant judgments made by the management in applying the Group's accounting policies and the key sources of estimation and uncertainty were the same as those that applied in the preceding audited annual published financial statements of the Group for the year ended June 30, 2025.

4. PROPERTY, PLANT AND EQUIPMENT

Note

Un-audited Audited

March 31, June 30,

2026 2025

Rupees in thousand

4,529,284 3,225,663

‌4.2 Capital work-in-progress

Plant and machinery

Note

4.2.1

Un-audited Audited

March 31, June 30,

2026 2025

Rupees in thousand 373,678 2,993,385

373,678 2,993,385

Transferred to GCWL as per Scheme Closing balance

0 (1,915,010)

373,678 2,993,385

This is composed of the following:

Taxable temporary difference arising in respect of accelerated tax depreciation allowances

Deductible temporary differences arising in respect of:

• allowance for expected credit loss

• alternate corporate tax recoverable against normal tax charge in future years

1,464,009

(38,618)

1,375,299

(15,743)

1,425,391 1,359,556

1. ‌CONTINGENCIES AND COMMITMENTS

   The Holding Company

   Contingencies

   The Company has provided corporate guarantees aggregating Rs.3,288,000 thousand (June 30, 2025: Rs. 2,619,000 thousand) and Rs.465,000 thousand (June 30, 2025: Rs.231,000 thousand) to the banks against finance facilities availed by GCIL and GGGL. (Its Subsidiary Companies ] respectively.

   1. Commitments

      Commitments against capital expenditure as at March 31, 2026 were for Rs.5 million (June 30, 2025: Rs. Nil).

      GCIL

      Contingencies

   2. There has been no significant change during the period in the contingencies reported in the audited financial statements of the Company for the year ended June 30, 2025 except for the following:

      The Federal Constitutional Court, vide its short order dated January 27, 2026, upheld the super tax; the Court held that section 4C (Super tax on high earning persons) of the Income Tax Ordinance, 2001 was to apply at the rate of 10% for the tax year 2022 .

      GCIL, during the current period in compliance with order of the Court, has made further provision of Rs.63.205 million in its books of account.

      Commitments

   3. Commitments in respect of letters of credit amounted to Rs.135.100 million as at March 31, 2026 (June 30, 2025: Rs.270.261 million).

   4. Commitments for construction of buildings as at March 31, 2026 amounted Rs.50 million (June 30, 2025: Rs.100 million).

      GGGL

      Contingencies

      1. There has been no significant change in contingencies as reported in the annual audited financial statements of the company for the year ended June 30, 2025.

         Commitments

      2. Commitments under letter of credits for capital expenditure Rs. Nil (June 30,2025: Nil).

      3. Commitments under letter of credits for other than capital expenditure Rs. 75.75 million (June 30, 2025: Rs. 199.42 million).

         GCWL

         Contingencies

      4. There has been no significant change in contingencies as reported in the annual audited financial statements of the company for the year ended June 30, 2025.

         Commitments

      5. Commitments for construction of buildings as at March 31, 2026 amounted Rs.100 million (June 30, 2025: Rs.Nil).

2. ‌COMBINED EARNINGS PER SHARE

   There is no dilutive effect on earnings

   per share of the Holding Company, which is based on:

   Profit after taxation attributable to

   equity holders of the Holding Company

   Weighted average number of shares outstanding during the year

   Combined earnings per share - basic

3. TRANSACTIONS WITH RELATED PARTIES

   Un-audited Un-audited

   March 31, March 31,

   2026 2025

   Rupees in thousand

   1,071,845 781,726

   (Number of shares)

   354,119,590 354,119,590

   Rupees

   3.03 2.21

   Related parties comprise of associated companies, directors, companies in which directors also hold directorship, related companies, key management personnel and staff retirement benefit funds. The Group in the normal course of business carries out transactions with various related parties. Detail of related parties (with whom the Group has transacted) along with relationship and transactions with related parties, other than those which have been disclosed elsewhere in these financial statements, are as follows:

   Relationship with related

   party

   Key management

   personnel (directors)

   Nature of transaction

   Sales of shares

   March 31, March 31,

   2026 2025

   Rupees in thousand

   920 0

   Associated Companies

   - GHG Emissions Mitigation Ltd Investment made

   Share of loss

   98,000 0

   (13,438) 0

   Employees' Provident

   Fund Trust Contribution 47,794

   1. Transactions with related parties are carried out on arm's length basis.

4. Financial risk management

   1. Financial risk factors

      27,626

      The Group's activities expose it to a variety of financial risks: market risk (including currency risk, fair value interest rate risk, cash flow interest rate risk and price risk), credit risk and liquidity risk.

      These consolidated condensed interim financial statements do not include all financial risk management information and disclosures required in the annual financial statements, and should be read in conjunction with the Group's financial statements as at and for the year ended June 30, 2025.

      There have been no changes in the risk management department or in any risk management policies since the year ended June 30, 2025.

   2. Fair value estimation

   During the period, there were no significant changes in the business or economic circumstances that affect the fair value of the Group's financial assets and financial liabilities. Further, there were no reclassifications of financial assets.

5. ‌SEGMENT REPORTING

   1. GCIL

      GCIL has following two strategic divisions which are its reportable segments. Following summary describes the operations of each reportable segments:

      1. Industrial Chemicals

         This segment covers business of trading of chemicals.

      2. Industrial and Medical Gases

         This segment covers business with large-scale industrial consumers, typically in the oil, chemical, food and beverage, metal, glass sectors and medical customers in healthcare sectors. Gases and services are supplied as part of customer specific solutions and range from supply by road tankers in liquefied form. Gases for cutting and welding, hospital, laboratory applications and a variety of medical purposes are also distributed under pressure in cylinders.

         Segment results are as follows:

         Descriptions

         
         
         

         	5,847,078	140,265	5,987,343	4,830,877	503,253	5,334,130
         	(2,602,711)	(133,049)	(2,735,760)	(2,365,676)	(467,636)	(2,833,312)
         	3,244,367	7,216	3,251,583	2,465,201	35,617	2,500,818
         Distribution cost	(41II,706)	(12,950)	(431,656)	(119,839)	(3,706)	(123,N5)
         Administrative expenses	(248,599)	(13,084)	(261,683)	(186,553)	(9,819)	(196,372)
         	(667,305)	(26,034)	(693,339)	(306,392)	(13,525)	(319,917)
         Segment profit	2,502	(1Q8	2,W28	2,W,8O9	22,092	2,180,901
         Unallocated corpoate expenses Other expenses			(153,492)
         Other income		236,MI				248,400
         						2,281,766
         Finance cost						(314,892)
         Profit befoe taxation, minimum and final tax levies
         Minimum and final tax IeYies						(967)
         PF0fit b9f0f0 tdX8ti0I1		2,187,810				1,965,907
         Taxation		(260,957)				(749,366)
         Profit aRer taxation		1,926,8M				1,216,541

         The segment assek and liabilities at the sporting date for the year-end wee as follows:

         Nine months ended Starch 31, 2026 Nine months ended #Iarch 31, 2025

         Industrial and Industrial Total Industrial and Industrial Total Medical Gases Chemicals Medical Gases Chemicals

         - --•••-••••-••••-Rupees in thousand -••••-••••-••••-••••-

         Segment asseb	15,675,849	52,926	15,728,775	11,939,636	200,924	12,140,560
         Unallocated assets			3,653,191			3,356,7M
         Q#t/			19,381,966			15,497,313
         Segment liabilities	5,294,179	30,994	5,325,173	3,667,980	137,032	3,805,012
         Unallocated liabilities			3,338,375			3,317,834
         Total liabilities

   2. ‌All the non-current assets of the Company at the reporting date were located within Pakistan. Depreciation expense mainly relates to industrial and medical gases segment.

   1. Transfers between business segments are recorded at cost. There were no inter segment transfers during the period.

   2. One of the GCIL's customers having sales aggregating Rs.1,321,093 thousand contributed towards 18.74% of the Company's gross sales.

6. SHARIAH SCREENING DISCLOSURE - GGHL

   Un-audited f4arch 31, 1026

   compliant

   Carried under Coventional Shariah

   Audited 3une 30, 2025

   compliant

   Carried under Coventional Shariah

   Note -------------------------- Rupees in thousand----------------------------

   Long term financing	56,825	0	0
   Accrued profit	315	0	0
   Short term investments and loans	278,051	0	193,900
   Bank balances - current and deposits	16,215 Un-audited	0 Un-audited	20,277
   	h4azch 31, 2O26	March 31, 2025

   Coventional Shariah compliant

   Coventional Shariah compliant

   Note -------------------------- Rupees in thousand----------------------------

   	Profit earned on bank deposits	0	1,564	0	1,523
   	Profit earned on short term loans	0	21,360	0	13,803
   	Revenue earned	0	35,436	0	94,466
   12.1.	Profit on Islamic mode of financing Paid SHARIAH SCREENING DISCLOSURE - GCIL	0	3,315	0	0

   
   
   

   Un-audited

   
   
   

   Shariah compliant

   Audit

   .June3O, 2025

   compliant

   Carried under Coventional Shariah

   Note -------------------------- Rupees in thousancl----------------------------

   Long term financing Lease liabilities

   Short term borrowings Wcrued profit

   Short term investments and loans Bank balances - current and deposits

   
   
   
   
   
   
   
   
   
   
   

   un-auoned

   O O 0

   0

   0

   o

   Un-audited

   1,714,463

   6,254

   2,898,747

   148,840

   1,541,040

   s4s,z3s

   March 31, 2026 March 31, 2025

   
   
   
   
   

   COwontiOnal

   Shariah compliant

   -------------------------- Rupees In thousand----------------------------

   Profit earned on bank deposits			0	19,602
   Profit earned on short term loans			O	]44.S38
   Revenue earned	0	7,O48,O8O	O	6.265.838
   Profit on Islamic mode of financing paid	0	404,207	0	442,516
   Exchange loss earned	0	0	0	72

   1. ‌SHARIAH SCREENING DISCLOSURE - GGGL

      Un-audited March 31, 2026

      Carried under

      Un-audited

      .June 30, 2025

      Carried under

      Note Coventional

      Shariah

      e..‹ .. Shariah

      compliant compliant

      .......+.......+........ RUpgg$ tn th U$gpd+.......+.......+........

      Loans/ advances obtained as per Islamic rrode

      Shariah compliant bank deposits/ bank balances/ investments

      0 3,111,130

      
      
      

      Un-audited March 31, 2026

      compliant

      Coventional Shariah

      0 2,842,972

      0 169,956

      Un-audited March 31, 2025

      Shariah

      C0V9Nt0NB compliant

      
      
      

      Revenue earned from a shariah compliant business segment

      Profit earned from shariah compliant bank deposits I bank balances lTDRs Profit on Islamic node of fnancing

      Exchange loss earned

      0 2,035,910

      0 (281,218)

      0 255,199

      0 0

      0 2,125,220

      0 (264,567)

      0 262,787

      0 0

   2. SHARIAH SCREENING DISCLOSURE - GCWL

   Un-audited Narch 31, 2026

   Audited June 30, 2025

   Carried under Carried under Conventional Shariah Conventional Shariah

   Compliant Compliant

   Note -------------------------- Rupees in thousand-------------------------

   Long term financing	0	800,000	0	800,000
   /ccrued profit	0	28,815	0	21,633
   Loans and advances	0	0	0	0
   Short term borrowings	0	387,491	0	0
   Bank balances - current and deposits	0	88,402	0	686

   Un-audited Un-audited

   Starch 31, 2026 Narch 31, 2025

   Note -------------------------- Rupees in thousand-------------------------

   Profit earned on bank deposits	0	954	0	0
   Profit on loans and advances	0	0	0	0
   Revenue earned	0	124,074	0	0
   Profit on Islamic mode of financing paid	0	7,182	0	21,633
   Exchange gain earned	0	0	0	0

7. ‌CORRESPONDING FIGURES

   In order to comply with the requirements of IAS 34, the consolidated condensed interim statement of financial position has been compared with the balances of annual audited financial statements of the Group for the year ended June 30, 2025, whereas, the consolidated condensed interim statement of profit or loss and other comprehensive income, consolidated condensed interim statement of cash flows and consolidated condensed interim statement of changes in equity have been compared with the balances of comparable period of immediately preceding financial year.

   1. CORRESPONDING FIGURES - RESTATEMENTS

      In compliance with the order of the Federal Constitutional Court detailed in note 7.2, the Group during the period has accounted for super tax under section 4C of the Income Tax Ordinance, 2001 pertaining to prior year. Accordingly, current and deferred taxation of prior periods have also been restated. The effects of these restatements have been detailed in notes 6.1 and statement of changes in equity.

8. DATE OF AUTHORISATION FOR ISSUE

These consolidated condensed interim financial statements were approved and authorized for issue on April 28, 2026 by the board of directors of the Holding Company.

Masroor Ahmad Khan Asim Mahmud

(Chief Executive Officer) (Chief Financial Officer)

Atique Ahmad Khan

(Director)

‌Corporate Office:

10-N, Model Town Ext., Lahore 54000, Pakistan. UAN: 111 GHANI 1 (442-641)

Tel: 042 35161424-5, Fax: +92 42 35160393

https://www.ghaniglobal.com