3
Ghani Global Group
September 30, 2025
Faith Experience Innovation Growth
3
Ghani Global Group
ISO 9000 & ISO 14000 CERTIFIED COMPANY
Ghani Global Holdings Limited CORPORATE INFORMATIONBOARD OF DIRECTORS
Atique Ahmad Khan Masroor Ahmad Khan Umar Ahmad
Saira Farooq
Syed Sibtul Hassan Gilani 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
Syed Sibtul Hassan Gilani
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
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
LEGAL ADVISOR
Tariq Mahmood Khan, Advocate DSK Law Firm, 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
DIRECTORS' REVIEW
DEAR SHAREHOLDERS,
Assalam-o-Alaikum Wa RehmatUllah Wa Barakatoh
The directors of your Company (Ghani Global Holding Limited) are pleased to present the unaudited condensed interim financial statements of the Company for the first quarter ended September 30, 2025, in compliance with the requirements of Companies Act, 2017. The consolidated unaudited condensed interim Financial Statements of the Company for the first quarter ended September 30, 2025 are also annexed.
FINANCIAL PERFORMANCE
STANDALONE PERFORMANCE
Despite decrease in sales and inclusion of other income received during the period under review, your Company earned profit after taxation amounting to Rs. 7.34 million whereas it was Rs. 1.18 million during the same period of last year. ALHAMDULILLAH. As a result, Earnings per share improved to Rs. 0.021 whereas during comparative period, the Company's Earnings per share was Rs. 0.003.
A comparison of the key financial results of your Company for the period ended 30 September 2025 with the last period is as under:
Particulars | Rupees in '000' Except EPS | |
September 2025 | September 2024 | |
Gross Sales | 17,322 | 43,629 |
Net sales | 14,228 | 36,564 |
Direct cost | (110) | (5,620) |
Gross profit | 1,832 | 1,084 |
Administrative expenses | (2,563) | (2,007) |
Other income | 10,157 | 8,556 |
Profit / (loss) before taxation and minimum tax levies | 9,316 | 2,013 |
Taxation, minimum tax levies | (1,969) | (827) |
Profit / (loss) after taxation and minimum tax levies | 7,347 | 1,186 |
Earnings / (loss) per share | 0.021 | 0.003 |
The board of directors of your Company has decided to establish a wholly owned subsidiary of Ghani Global Holdings Limited to operate a Real Estate Investment Trust (REIT) Management Company with an initial paid-up capital of Rs. 50 million and has filed an application for its formation seeking approval by the Securities and Exchange Commission of Pakistan.
In addition to above, the board of directors of your Company has also decided for establishing a transportation business unit, initially with a proposed fleet size of 16 trucks and an estimated total investment between PKR 450 million and PKR 500 million.
CONSOLIDATED PERFORMANCE
Financial performance including subsidiaries for the three months ended 30 September 2025 in comparison with last period is as under:
Particulars | Rupees in '000' Except EPS | |
September 2025 | September 2024 | |
Gross sales | 3,075,514 | 2,784,084 |
Sales - net | 2,611,917 | 2,361,504 |
Cost of sales | (1,558,535) | (1,582,902) |
Gross profit | 1,053,382 | 778,602 |
Distribution cost | (137,556) | (47,239) |
Administrative expenses | (115,106) | (89,955) |
Other expenses | (45,660) | (47,334) |
Other income | 48,857 | 137,539 |
Profit from operations | 803,917 | 731,613 |
Finance cost | (175,786) | (161,389) |
Profit before taxation and minimum tax levies | 628,131 | 570,224 |
Taxation and minimum tax levies | (85,711) | (215,883) |
Profit after taxation, minimum and final tax levies | 542,420 | 354,391 |
Combined earnings per share | 0.86 | 0.55 |
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.
By the grace of Almighty Allah, during the period under review, this company delivered a commendable performance. Net sales closed at Rs. 785.13 million, reflecting a growth of 28.89% compared to Rs. 609.16 million in the corresponding period of the previous year. Alhamdulillah, the Company also generated export revenue amounting to Rs. 21.14 million.
The cost of sales increased to Rs. 642.30 million as against Rs. 467.50 million in the same period last year. Consequently, gross profit reached at Rs. 142.83 million compared to Rs. 141.66 million for the corresponding period. Selling and distribution expenses, and administrative expenses were amounting to Rs. 4.94 million and Rs. 25.43 million respectively, as compared to Rs. 7.76 million and Rs. 22.46 million during the same period last year. Operating profit for the quarter reached at Rs. 123.44 million as against Rs. 162.72 million in the previous corresponding period, showing a decline of 24.14%. Despite a finance cost of Rs. 83.92 million, the Company earned a profit after taxation of Rs. 24.37 million compared to Rs. 50.38 million last year, reflecting a decrease of 51.61%. Consequently, the Company's earnings per share (EPS) declined from Rs. 0.21 to Rs. 0.10 compared to the same period last year.
The reduction in profit during the quarter is mainly due to an overall increase in the cost of sales and lower sales volume. Store consumption rose significantly owing to the higher cost of imported materials, particularly tubes used in ampoule production, which were impacted by exchange rate fluctuations and increased import prices. Depreciation expense also increased due to the capitalization of refurbished refractory and ampoule machines, while maintenance activities led to higher operating costs. Furthermore, devastating floods during the monsoon season in the quarter under review slowed down economic activity and disrupted the supply chain, resulting in lower sales volumes and impacting overall sales revenue. The company continues to focus on process optimization and efficiency improvements to mitigate these challenges going forward.
A comparison of this company's key financial results for the period ended 30 September 2025 with the previous year is as follows:
Particulars | Rupees in '000' EPS | |
September 30, 2025 | September 30, 2024 | |
Gross Sales Local Export | 915,356 894,212 21,144 | 719,980 719,980 - |
Sales-net | 785,133 | 609,168 |
Gross profit | 142,827 | 141,666 |
Administrative expenses | (25,437) | (22,468) |
Selling and distribution expenses | (4,950) | (7,759) |
Other Income | 13,142 | 55,782 |
Operating profit | 123,447 | 162,722 |
Finance cost | (83,924) | (102,030) |
Levy / Income & Final Taxation | (15,149) | (10,318) |
Profit after taxation | 24,375 | 50,375 |
Earnings per share | 0.10 | 0.21 |
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, despite challenging economic conditions during the review period, your Company increased its sales to Rs. 2,169 million from Rs. 2,037 million as compared to the same period of last year. With increased sales volumes and improved pricing, supported by enhanced operational efficiency and optimized plants performance, your Company's gross profit rose to Rs. 909 million from Rs. 636 million. Additionally, your Company's focus on process improvement, better production planning, and higher capacity utilization contributed to lower per-unit production costs. Overall, these factors reflect stronger productivity and effective cost management initiatives during the period under review. As a result, your company succeeded in increasing profit after taxation to Rs. 528 million from Rs. 303 million compared to the same period of last year. Accordingly, the Company's earnings per share rose to Rs. 0.93 from Rs. 0.61 during the same period of last year.
Although finance cost increased from Rs. 137 million to Rs. 114 million as compared with the same period of last year, however, this company succeeded to increase profit after taxation to Rs. 528 million against Rs. 303 million in comparison with same period of last year. Accordingly, this company's Earnings per share increased to Rs. 0.93 whereas during the same period of last year, this company's Earnings per share was Rs. 0.61.
A comparison of the key financial results of this company for the three months ended September 30, 2025 with the same period of last year is as under:
Particulars | September 2025 | September 2024 |
(Rupees in'000 ) | (Rupees in'000 ) | |
Sales | 2,168,685 | 2,036,568 |
Sales - net | 1,838,404 | 1,731,865 |
Gross profit | 908,723 | 635,852 |
Distribution cost | (132,606) | (39,480) |
Administrative expenses | (85,905) | (64,402) |
Profit from operations | 734,756 | 622,627 |
Finance cost | (137,777) | (114,794) |
Profit after taxation | 528,448 | 303,145 |
Earnings per share - basic | 0.93 | 0.61 |
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.
This subsidiary company was incorporated under the Companies Act, 2017, as a Public Limited Company on 31 July 2024 (initially a wholly owned subsidiary of Ghani Chemical Industries Limited (GCIL). In accordance with the Demerger/Merger Scheme approved by the Honorable Lahore High Court, by its order dated 20 February 2025, in C.O. No. 65259 of 2024, the entire business and undertaking of the Calcium Carbide Project (being established in Hattar Special Economic Zone by GCIL), including all assets, liabilities, and properties, have been transferred from GCIL to this company.
After completing the relevant formalities and allotting 250,093,950 ordinary shares of this company (GCWL) to the shareholders of GCIL, this company was listed on the Pakistan Stock Exchange during April 2025.
During the review period, this company had no sales or trading activity. However, this company incurred administrative and general expenses of Rs. 1.03 million. This company recognized Rs. 64.847 million as its share of profit from its associated company, i.e., Ghani Chemical Industries Limited. As a result, this company earned Rs. 63.919 million in profit after tax, with an EPS of Rs. 0.256.
Financial results of this company for the period ending 30 September 2025 are as follows:
Particulars | September 2025 | September 2024 |
(Rupees) | (Rupees) | |
Sales | -- | -- |
Cost of sales | -- | -- |
Gross profit | -- | -- |
Administrative expenses | (1,028,612) | (23,344) |
Other Income | 100,505 | -- |
Operating Loss | (928,107) | (23,344) |
Share of profit from associated Company | 64,847,423 | -- |
Profit before taxation | 63,919,316 | (23,344) |
Taxation | - | - |
Profit after taxation | 63,919,316 | (23,344) |
Earnings per share | 0.256 | 0.467 |
FUTURE OUTLOOK:
Ghani Global Glass Limited (subsidiary company)
The installation of new ampoule and vial machines has significantly increased this company's production capacity, establishing it as a market leader and achieving self-sufficiency in glass tubes. To further boost vial output, advanced Italian machines are being introduced, enhancing sales, conserving foreign exchange, and supporting exports. Under Saudi Arabia's Vision 2030, this company plans to set up an ampoule manufacturing plant using local materials, beginning with firm registration and a feasibility study for site selection. Expansion into Central and North Africa is also underway, targeting the growing pharmaceutical sector through participation in key exhibitions. Domestically, this company is partnering with major pharmaceutical firms to install on-site ampoule lines, ensuring Just-In-Time supply and expanding its nationwide footprint. Additionally, efforts are ongoing to strengthen tube exports by engaging reliable distributors across Europe.
Ghani Chemical Industries Limited (subsidiary company)
This subsidiary company has taken steps to expand into other business areas by establishing a 450 MT capacity LPG Storage and Filling Plant (the Plant) at Phool Nagar, District Kasur, for operations across the country through M/s Ghani Gases (Private) Limited (GGPL), one of the wholly owned subsidiaries of GCIL. For this purpose, GGPL has recently obtained a license from the Oil and Gas Regulatory Authority, Islamabad. After completing all required formalities and obtaining the necessary approvals, this subsidiary (GGPL) will begin construction of the Plant shortly, Insha'Allah.
As another bold move, this company has signed MOU with a leading Pakistani energy company (involved in the exploration, development, and production of hydrocarbons, including natural gas, crude oil, condensate, and liquefied petroleum gas) to develop a project jointly for capturing and processing cold vent/exhaust gases (including flue gas) in province of Sindh, to reduce greenhouse gas (GHG) emissions and recover commercially valuable products, including food-grade liquid CO₂. In this respect, a formal agreement is expected to be signed shortly.
Ghani ChemWorld Limited (subsidiary company)
One of the sister companies of this company (Ghani Chemical Industries Limited) has been engaged in the trading of chemicals for more than 1.5 decades. By the grace of Almighty Allah, this company has set up the import substitute Calcium Carbide (and its related products) project at Hattar Special Economic Zone. The project's commissioning is actively in progress under the supervision of Chinese and European experts. This milestone shall mark a significant step towards the commercial operations of this first-of-its-kind project in Pakistan. The state-of-the-art project has been built with modern technological standards. It is designed to meet both domestic and export market demands of Calcium Carbide (and its related products), which are key inputs in various industrial processes. Commercial operations are expected within the next few weeks.
ACKNOWLEDGEMENTS
Indeed, all growth in the business of the Company was not possible without the Will and Blessings of ALMIGHTY ALLAH. The Board of Directors wishes to express its gratitude to valued shareholders, banks/financial Institutions, 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
October 29, 2025
MASROOR AHMAD KHAN
Chief Executive Officer
ATIQUE AHMAD KHAN
Director
2024 | 2025 | ||
2,036,568 | 2,168,685 | ||
1,731,865 | 1,838,404 | ||
635,852 | 908,723 | ||
(39,480) | (132,606) | ||
(64,402) | (85,905) | ||
622,627 | 734,756 | ||
(114,794) | (137,777) | ||
303,145 | 528,448 | ||
0.61 | 0.93 |
2024 | 2025 | ||
-- | -- | ||
-- | -- | ||
-- | -- | ||
(23,344) | (1,028,612) | ||
-- | 100,505 | ||
(23,344) | (928,107) | ||
-- | 64,847,423 | ||
(23,344) | 63,919,316 | ||
- | - | ||
(23,344) | 63,919,316 | ||
0.467 | 0.256 |
Particulars | Rupees in '000' EPS | |
September 30, 2025 | September 30, 2024 | |
Gross Sales Local Export | 915,356 894,212 21,144 | 719,980 719,980 - |
Sales-net | 785,133 | 609,168 |
Gross profit | 142,827 | 141,666 |
Administrative expenses | (25,437) | (22,468) |
Selling and distribution expenses | (4,950) | (7,759) |
Other Income | 13,142 | 55,782 |
Operating profit | 123,447 | 162,722 |
Finance cost | (83,924) | (102,030) |
Levy / Income & Final Taxation | (15,149) | (10,318) |
Profit after taxation | 24,375 | 50,375 |
Earnings per share | 0.10 | 0.21 |
Particulars | Rupees in '000' Except EPS | |
September 2025 | September 2024 | |
Gross Sales | 17,322 | 43,629 |
Net sales | 14,228 | 36,564 |
Direct cost | (110) | (5,620) |
Gross profit | 1,832 | 1,084 |
Administrative expenses | (2,563) | (2,007) |
Other income | 10,157 | 8,556 |
Profit / (loss) before taxation and minimum tax levies | 9,316 | 2,013 |
Taxation, minimum tax levies | (1,969) | (827) |
Profit / (loss) after taxation and minimum tax levies | 7,347 | 1,186 |
Earnings / (loss) per share | 0.021 | 0.003 |
Particulars | Rupees in '000' Except EPS | |
September 2025 | September 2024 | |
Gross sales | 3,075,514 | 2,784,084 |
Sales - net | 2,611,917 | 2,361,504 |
Cost of sales | (1,558,535) | (1,582,902) |
Gross profit | 1,053,382 | 778,602 |
Distribution cost | (137,556) | (47,239) |
Administrative expenses | (115,106) | (89,955) |
Other expenses | (45,660) | (47,334) |
Other income | 48,857 | 137,539 |
Profit from operations | 803,917 | 731,613 |
Finance cost | (175,786) | (161,389) |
Profit before taxation and minimum tax levies | 628,131 | 570,224 |
Taxation and minimum tax levies | (85,711) | (215,883) |
Profit after taxation, minimum and final tax levies | 542,420 | 354,391 |
Combined earnings per share | 0.86 | 0.55 |
GHANI GLOBAL HOLDINGS LIMITED
UNCONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT SEPTEMBER 30, 2025 Un-audited Audited September 30 June 30
2025 2025
ASSETS
Non-current assets
Note
---- Rupees in '000 ----
Intangible assets | 70 | 70 | ||
Long term investments | 4 | 3,580,641 | 3,580,641 | |
3,580,711 | 3,580,711 | |||
Current assets | ||||
Stock in trade | 48,155 | 60,551 | ||
Trade debts | 62,294 | 111,427 | ||
Loans, advances and other receivables | 255,367 | 202,460 | ||
Trade deposits and prepayments | 1,340 | 1,344 | ||
Sales tax refundable | 1,301 | 2,976 | ||
Prepaid tax levies | 3,846 | 3,504 | ||
Advance income tax - net | 41,040 | 38,048 | ||
Cash and bank balances | 18,327 | 20,277 | ||
431,670 | 440,587 | |||
Total Assets | 4,012,381 | 4,021,298 | ||
EQUITY AND LIABILITIES | ||||
Share capital and reserves | ||||
Authorised capital 420,000,000 (June 30, 2025: 420,000,000) ordinary shares of Rs.10 each | 4,200,000 | 4,200,000 | ||
Issued, subscribed and paid up share capital | 3,541,197 | 3,541,197 | ||
Revenue reserve - unappropriated profit | 426,690 | 419,343 | ||
3,967,887 | 3,960,540 | |||
Liabilities | ||||
Current liabilities | ||||
Trade and other payables | 5 | 6,510 | 24,271 | |
Contact liabilities | 3,068 | 3,540 | ||
Unclaimed dividend | 842 | 842 | ||
Provision for tax levies | 1,462 | 1,368 | ||
Provision for taxation | 32,612 | 30,737 | ||
44,494 | 60,758 | |||
Contingencies and commitments | 6 | |||
Total Equity and Liabilities | 4,012,381 | 4,021,298 |
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 CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS COMPREHENSIVE INCOME
(2,563) | (2,007) |
10,157 | 8,556 |
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025
September 30, 2025 | September 30, 2024 | |||
Note | - Rupees in '000 - | |||
Gross sales | 17,322 | 43,629 | ||
Less: sales tax | (3,094) | (7,065) | ||
Net sales | 14,228 | 36,564 | ||
Cost of sales | (12,396) | (35,480) | ||
Gross profit | 1,832 | 1,084 | ||
Administrative expenses | ||||
Other income | ||||
7,594 | 6,549 | |||
Profit from operations | 9,426 | |||
Finance cost | (110) | (5,620) | ||
Profit before taxation, minimum and final tax levies | 9,316 | 2,013 | ||
Minimum and final tax levies | (94) | (827) | ||
Profit before taxation | 9,222 | 1,186 | ||
Taxation | (1,875) | 0 | ||
Profit after taxation | 7,347 | 1,186 | ||
Other Comprehensive Income | 0 | 0 | ||
Total Comprehensive Income
Earnings per share
7,347
1,186
- basic and diluted (Rupees)
---------------------- Rupee •
0.021 0.003
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 CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025
Share capital
Accumulated profit
Rupees in '000
Total
Balance as at July 01, 2024 | 3,541,187 | 270,153 | 3,811,350 |
Total comprehensive income for the period | 0 | 1,188 | 1,186 |
Balance as at September 30, 2024 | 3,541,197 | 271,339 | 3,812,536 |
Balance as at June 30, 2025 Audited | 3,541,197 | 419,343 | 3,960,540 |
Total comprehensive income for the period | 0 | 7,347 | 7,347 |
Balance as at September 30, 2025 | 3,541,197 | 426,690 | 3,967,887 |
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 CONDENSED INTERIM STATEMENT OF CASH FLOWS FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025
Un-audited Un-audited September 30, September 30,
2025 2024
----- Rupees in '000 -----
CASH FLOWS FROM OPERATING ACTIVITIES | |||
Profit before taxation | 9,316 | 2,013 | |
Effect on cash flows due to working capital changes | |||
(Increase) / decrease in current assets: | |||
Stock in trade | 12,396 | 5,241 | |
Trade debts | 49,133 | 6,044 | |
Loans, advances and other receivables | (52,907) | (2,844) | |
Trade deposits and prepayments | 4 | (70) | |
Sales tax refundable | 1,675 | (3,533) | |
Increase I (decrease) in current liabilities: | |||
Trade and other payables | (17,761) | (6,422) | |
Contact liabilities | (472) | 2,010 | |
(7,932) | 426 | ||
Net cash generated from operations | 1,384 | 2,439 | |
Income tax paid | (3,334) | (1,312) | |
Net Cash (used in) / generated from operating activities | (1,950) | 1,127 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Unclaimed dividend | 0 | (2) | |
(1,650) | 1,125 | ||
CASH FLOWS FROM FINANCING ACTIVITIES | 0 | 0 | |
Net (decrease) / increase in cash and cash equivalents | (1,950) | 1,125 | |
Cash and cash equivalents at the beginning of the period | 20,277 | 21,095 | |
Cash and cash equivalents at the end of the period | 18,327 | 22,220 | |
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 CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025
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 / 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 Company transferred its manufacturing undertaking to Ghani Chemical Industries Ltd. (Subsidiary Company) on July 08, 2019.
BASIS OF PREPARATION AND SIGNIFCANT ACCOUNTING POLICIES
Statement of compliance
These unconsolidated 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
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.
These unconsolidated condensed 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.
These unconsolidated condensed interim financial statements are the separate financial statements of the Company in which investment in Subsidiary Companies is accounted for on the basis of direct equity interest rather than on the basis of reported results and net assets of the investee. Consolidated condensed interim financial statements of the Company are prepared and are presented separately.
Standards, amendments to published standards, interpretations and guidelines that are
effective in the current period
There were certain amendments to accounting and reporting standards which became mandatory for the Company during the period. However, these do not have any significant impact on the Company's financial reporting and, therefore, have not been detailed in these condensed interim financial statements.
Standards, amendments and interpretations to existing standards that are not yet effective and have not been early adopted by the Company
There are certain amendments to the accounting and reporting standards that will be mandatory for the Company's annual accounting periods beginning on or after July 01, 2025. However, these amendments will not have any significant impact on the financial reporting of the Company and, therefore, have not been disclosed in these condensed interim financial statements.
Accounting policies
All the accounting policies and the methods of computation adopted in the preparation of these condensed interim financial statements are consistent with those applied in the preparation of audited annual financial statements for the year ended June 30, 2025.
ACCOUNTING ESTIMATES AND JUDGEMENTS
The preparation of unconsolidated condensed interim financial statements require management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets and liabilities, income and expenses. Actual results may differ from these estimates.
In preparing these condensed 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 financial statements for the year ended June 30, 2025.
4. LONG TERM INVESTMENTS - at cost Subsidiary Companies - at cost | Un-Audited September 30, 2025 | Audited June 30, 2025 |
Quoted Ghani Global Glass Limited (GGGL) | ||
120,235,680 (June 2025: 120,235,680) ordinary shares of Rs.10 each | 1,423,690 | 1,423,690 |
Equity held: 50.10% (June 2025: 50.10%) | ||
Ghani Chemical Industries Ltd. (GCIL) - Quoted | ||
279,905,986 (June 30,2025: 279,905,983) ordinary | ||
shares of Rs.10 each | 2,156,951 | 2,156,951 |
Shareholding held: 49.07% (June 30,2025: 49.07%) |
Ghani ChemWorld Ltd. (GCWL) - Quoted
139,952,994 (June 30,2025: 139,952,994)ordinary shares
of Rs.10 each Shareholding held: 55.95% (June 30,2025: 55.95%) | 0 3,580,641 | 0 3,580,641 | ||
5. | TRADE AND OTHER PAYABLES Trade creditors | 4,717 | 4,717 | |
Accrued liabilities | 1,410 | 1,409 | ||
Withholding tax payable | 383 | 153 | ||
Due to Ghani Chemical Industries Ltd. (a Subsidiary Company) | 0 | 17,992 | ||
6,510 | 24,271 |
CONTINGENCIES AND COMMITMENTS
Contingencies
The Company has provided corporate guarantees aggregating Rs.2,619,000 thousand (2025: Rs.2,619,000 thousand) and Rs.231,000 thousand (2025:Rs.231,000 thousand) to the banks against finance facilities availed by Ghani Chemical Industries Ltd. and Ghani Global Glass Ltd. (GGGL) [ Subsidiary Companies ] respectively.
Commitments
No commitments were outstanding as at reporting date (June 30, 2025: Nil).
EARNINGS PER SHARE
There is no dilutive effect on earnings
per share of the Company, which is based on:
Profit after taxation attributable to ordinary shareholders
Weighted average number of ordinary shares in issue during the year
Earnings per share - basic
TRANSACTIONS WITH RELATED PARTIES
Un-Audited Un-Audited
September 30, September 30,
2025 2024
7,347 1,186
(Number of shares)
354,119,590 354,119,590
Rupee
0.021 0.003
Related parties comprise of Subsidiary Companies, directors of the Company, Companies in which directors also hold directorships and key management personnel. The Company in the normal course of business carries out transactions with various related parties. Detail of related parties (with whom the Company has transacted) along with relationship and transactions with related parties, other than those which have been disclosed elsewhere in these unconsolidated financial statements.
Name of Subsidiary Companies
Ghani Global Glass Ltd. - 50.10% (2025 : 50.10%)shares held by the Company.
Ghani Chemical Industries Ltd. - 49.07% (2025: 49.07%) shares held by the Company. Ghani ChemWorld Ltd.-55.95% (2025 : 55.95) shares held by the Company.
Transactions with Related Parties
- Ghani Global Glass Ltd.
Commission income against corporate guarantees
231
231
Mark-up income
6,058
5,352
- Ghani Chemical Industries Ltd.
Commission income against
corporate guarantees
2,619
2,619
Mark-up expense
101
4,908
Mark-up income
751
0
Transactions with related parties are carried out on commercial terms and conditions.
FINANCIAL RISK MANAGEMENT
The Company's activities expose it to a variety of financial risks: market risk (including currency risk, interest rate risk and price risk), credit risk and liquidity risk.
These 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 Company'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.
FAIR VALUE OF FINANCIAL ASSETS AND FINANCIAL LIABILITIES
Fair value is the price that would be received upon sale of an asset or paid upon transfer of a liability in an orderly transaction between market participants at the measurement date. Underlying the definition of fair value is the presumption that the Company is a going concern and there is no intention or requirement to curtail materially the scale of its operation or to undertake a transaction on adverse terms.
Given below is the analysis of financial instruments, carried at fair value, by valuation method. The different levels have been defined as follows:
Quoted prices (unadjusted) in active markets for identical assets or liabilities [Level 1].
Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices) [Level 2].
Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs) [Level 3].
The carrying values of all financial assets and liabilities reflected in these interim financial statements financial statements approximate their fair values.
CORRESPONDING FIGURES
The comparative unconsolidated condensed interim statement of financial position presented in these unconsolidated condensed interim financial statements has been extracted from the audited unconsolidated financial statements of the Company for the year ended June 30, 2025, whereas the comparative unconsolidated condensed interim statement of profit or loss & other comprehensive income, unconsolidated condensed interim statement of changes in equity and unconsolidated condensed interim statement of cash flows have been extracted from the unaudited unconsolidated condensed interim financial statements for the period ended September 30, 2024.
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.
DATE OF AUTHORISATION FOR ISSUE
These unconsolidated financial statements were approved by the Board of Directors and authorised for issue on October 29,2025.
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 SEPTEMBER 30, 2025
ASSETS
Note
Un-audited Audited
September 30, June 30,
2025 2025
Rupees in thousand
Non-current assets | |||||
Property, plant and equipment | 15,255,167 | 15,218,924 | |||
Right of use assets | 527,785 | 531,758 | |||
Intangible assets | 350,346 | 350,346 | |||
Long term deposits | 102,307 | 102,182 | |||
16,235,605 | 16,203,210 | ||||
Current assets | |||||
Stores, spares and loose tools | 833,950 | 773,042 | |||
Stock-in-trade Trade debts | 964,416 | 1,402,559 2,919,907 | |||
Loans and advances | 871,234 | 494,732 | |||
Deposits, prepayments and other receivables | 720,877 | 644,229 | |||
Tax refunds due from the Government | 339,852 | 329,478 | |||
Prepaid tax Levies | 5,923 | 5,581 | |||
Advance income tax | 1,096,590 | 1,065,393 | |||
Short term Investment | 100,000 | 100,000 | |||
Cash and bank balances | 536,636 | 941,595 | |||
9,162,561 | 8,676,516 | ||||
Total assets | 25,498,166 | 24,879,726 | |||
Equity and liabilities | |||||
Share capital and reserves | |||||
Authorized capital | |||||
420,000,000 (June 30, 2025: 420,000,000) | |||||
ordinary shares of Rs.1O each | 4,200,000 | 4,200,OOO | |||
Issued, subscribed and paid up share capital | 3,541,197 | 3,541,197 | |||
Loans from directors | 40,000 | 40,000 | |||
Unappropriated profit | 4,002,550 | 3,699,379 | |||
Equity attributable to the equity | |||||
holders of the Holding Company | 7,280,576 | ||||
Non-controlling interest | 8,079,782 | 7,842,553 | |||
Total equity | 15,663,529 | 15,123,129 | |||
Non-current liabilities | |||||
Long term finances | 5 | 1,520,415 | 1,719,722 | ||
Redeemable capital - Sukuk | 700,000 | 750,000 | |||
Long term security deposits | 83,466 | 79,766 | |||
Lease liabilities | 5,396 | 5,906 | |||
Deferred liabilities | 1,064,329 | 1,052,921 | |||
Long term advances | 8,022 | 7,624 | |||
3,381,628 | 3,615,939 | ||||
Current liabilities | |||||
Trade and other payables | 1,128,513 | 889,531 | |||
Contract liabilities - advances from customers | 88,427 | 101,639 | |||
Unclaimed dividend | 1,333 | 1,333 | |||
Unpaid dividend | 2,056 | 2,415 | |||
Accrued profit | 219,868 | 216,581 | |||
Short term borrowings | 3,570,695 | 3,667,633 | |||
Current portion of non-current liabilities | 907,488 | 789,635 | |||
Provision for tax levies | 3,273 | 3,179 | |||
Taxation | 531,356 | 468,712 | |||
6,453,009 | 6,140,658 | ||||
Total liabilities | 9,834,637 | 9,756,597 | |||
Contingencies and commitments | 6 | ||||
Total equity and liabilities | as,<98,166 | 24,879,726 | |||
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 PROFIT OR LOSS ACCOUNT
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025
Restated | |||
Un-audited | Un-audited | ||
Note | September 30, 2025 | September 30, 2024 | |
t------------ Rupees in thousand | | |||
Gross sales | 3,075,514 | 2,784,084 | |
Less: sales tax | (463,597) | (420,777) | |
Less: Trade discounts | 0 | (1,803) | |
Net sales | 2,611,917 | 2,361,504 | |
Cost of sales | (1,558,535) | (1,582,902) | |
Gross profit | 1,053,382 | 778,602 | |
Distribution cost | (137,556) | (47,239) | |
Administrative expenses | (115,106) | (89,955) | |
Other expenses | (45,660) | (47,334) | |
Other income | 48,857 | 137,539 | |
(249,465) | (46,989) | ||
Profit from operations | 803,917 | 731,613 | |
Finance cost | (175,786) | (161,389) | |
Profit before taxation and minimum tax levies | 628,131 | 570,224 | |
Minimum tax levies | (15,243) | (11,220) | |
Profit before taxation | 612,888 | 559,004 | |
Taxation | (70,468) | (204,613) | |
Profit after taxation | 542,420 | 354,391 | |
Attributable to: | |||
- Equity holders of the Holding Company | 305,191 | 195,884 | |
- Non-controlling interest | 237,229 | 158,507 | |
542,420 | 354,391 | ||
------------------------- Rupees •
Combined earnings per share 7
0.86
0.55
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 FIRST QUARTER ENDED SEPTEMBER 30, 2025
Un-audited Un-audited
September 30, September 30,
2024 2024
Note | Rupees in thousand | ||
Profit after taxation | 542,420 | 354,391 | |
Other comprehensive income | 0 | 0 | |
Total comprehensive income | 542,420 | 354,391 | |
Attributable to: | |||
- Equity holders of the Holding Company | 305,191 | 195,884 | |
- Non-controlling interest | 237,229 | 158,507 | |
542,420 | 354,391 |
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 FIRST QUARTER ENDED SEPTEMBER 30, 2025
CASH FLOWS FROM OPERATING ACTIVITIES
Un-audited Un-audited September 30, September 30,
2024 2024
(Rupees in thousand)
Profit for the year - before taxation Adjustments for non-cash charges and other items: | 628,131 | 570,224 | |
Finance cost | 175,786 | 161,389 | |
Depreciation | 129,211 | 103,385 | |
Amortization of right-of-use assets | 3,973 | 3,973 | |
Gain on disposal of operating fixed assets | (31,577) | (6,365) | |
Allowance for expected credit loss | 0 | 5,000 | |
Profit before working capital changes Effect on cash flows due to working capital changes Increase in current assets: | 905,524 | 837,606 | |
Stores, spares and loose tools | (60,908) | (124,023) | |
Stock-in-trade | 438,143 | 32,749 | |
Trade debts | (873,176) | 226,203 | |
Loans and advances | (376,502) | (136,901) | |
Deposits, prepayments and other receivables | (76,648) | (232,635) | |
Tax refunds due from the Government Increase in current liabilities: Trade and other payables | (10,374) 238,388 | (1,387) 142,276 | |
Contract liabilities - advances from customers | (13,212) | (306,138) | |
(734,289) | (399,856) | ||
Cash generated from operations | 171,235 | 437,750 | |
Income tax paid - net | (54,512) | (197,739) | |
Net cash generated from operating activities | 116,723 | 240,011 | |
CASH FLOWS FROM INVESTING ACTIVITIES | |||
Fixed capital expenditure | (195,021) | (252,495) | |
Proceeds from sale of operating fixed assets | 61,144 | 20,883 | |
Long term deposits | (125) | (180) | |
Unclaimed dividend | 0 | (2) | |
Net cash used in investing activities | (134,002) | (231,794) | |
CASH FLOWS FROM FINANCING ACTIVITIES | |||
Long term finances | (118,634) | (45,971) | |
Treasury Share | (2,020) | 0 | |
Lease finances | (510) | 0 | |
Long term security deposits - net | 3,700 | 7,910 | |
Short term borrowings | (96,938) | 170,158 | |
Long term advances | 398 | (717) | |
Finance cost paid | (173,317) | (130,617) | |
Unpaid dividend | (359) | 0 | |
Net cash (used in) / generated from financing activities | (387,680) | 763 | |
Net (decrease) / increase in cash and cash equivalents | (404,959) | 8,980 | |
Cash and cash equivalents at beginning of the period | 941,595 | 601,123 | |
Cash and cash equivalents at end of the period | 536,636 | 610,103 |
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
NOTES TO THE CONSOLIDATED CONDENSED INTERIM FINANCIAL STATEMENTS FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2025
THE GROUP AND ITS OPERATIONS
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.
Subsidiary Companies
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.
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, Industrial Zone, Port Qasim, Karachi and Hattar Special Economic Zone, Dhorian Chowk Near Tanoli Filling Station Hattar, Haripur. GCIL's 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.
(c 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 has not commenced its commercial operations till the reporting date.
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.
Sub-subsidiary Companies
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 (2025: 999,997) ordinary shares representing 99.99% ( 2025: 99.99%) of its paid-up capital as at reporting date.
GGPL has not commenced its commercial operations till the reporting date.
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 (2025: 999,997) ordinary shares representing 99.99% (2024: 99.99%) of its paid-up capital as at reporting.
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.
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.
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.
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.
PROPERTY, PLANT AND EQUIPMENT
Note
Un-audited Audited
September 30, June 30,
2025 2025
Rupees in thousand
Operating fixed assets | 4.1 | 12,359,513 | 11,975,430 | |
Capital work-in-progress | 4.2 | 2,630,478 | 2,993,385 | |
Stores held for capitalisation | 225,988 | 226,001 | ||
Advance against construction of building | 21,849 | 21,849 | ||
Advance against purchase of vehicle | 17,339 | 2,259 | ||
15,255,167 | 15,218,924 | |||
4.1 Operating fixed assets - tangible | ||||
Opening book value | 11,975,430 | 9,191,169 | ||
Add: addition during the period | 4.1.1 | 542,861 | 3,225,663 | |
Less: book value of the disposals | (29,567) | (57,334) | ||
12,488,724 | 12,359,498 | |||
Less: depreciation charged during the period | (129,211) | (384,068) | ||
Closing book value | 12,359,513 | 11,975,430 | ||
4.1.1 Addition during the period I year Building | 94,749 | 1,699 | ||
Plant & Machinery | 0 | 2,867,115 | ||
Furnace | 417,192 | 0 | ||
Furniture and fixtures | 1,027 | 9,768 | ||
Office equipment's | 1,464 | 15,557 | ||
Computers | 1,745 | 5,246 | ||
Vehicles | 26,684 | 326,278 | ||
542,861 | 3,225,663 | |||
4.2 Capital work-in-progress | ||||
Plant and machinery | 4.2.1 | 2,630,478 | 2,993,385 | |
2,630,478 | 2,993,385 |
4.2.1 | Buildings | Note | Un-audited Audited September 30, June 30, 2025 2025 Rupees in thousand | ||
Opening balance | 0 38,533 | ||||
Additions during the period / year | 0 6,898 | ||||
Capitalized during the period / year | 0 (45,431) | ||||
Closing balance | 0 0 | ||||
4.2.1 Plant and machinery | |||||
Opening balance | 2,993,385 | 3,158,662 | |||
Additions during the period | 151,026 | 4,408,608 | |||
Capitalized during the period / year | (513,933) | (2,658,875) | |||
Transferred to GCWL as per Scheme | 0 | (1,915,010) | |||
Closing balance | 2,630,478 | 2,993,385 | |||
5. LONG TERM FINANCES From banking companies - secured | |||||
Diminishing Musharakah | 2,304,917 | 2,423,551 | |||
Current portion grouped under current liabilities: | (784,502) | (703,829) | |||
1,520,415 | 1,719,722 | ||||
6. CONTINGENCIES AND COMMITMENTS | |||||
The Holding Company | |||||
Contingencies | |||||
The Holding has provided corporate guarantees | aggregating Rs.2,619,000 | thousand (2025: | |||
Rs.2,619,000 thousand) and Rs.231,000 thousand (2025:Rs.231,000 thousand) to the banks | |||||
against finance facilities availed by GCIL and GGGL [ Subsidiary Companies ] respectively.
Commitments
No commitments were outstanding as at reporting date (June 30, 2025). Contingencies of GCIL
There are no any material changes in contingencies as disclosed in the note to the financial
statements for the year ended June 30, 2025. Commitments of GCIL
Commitments in respect of letters of credit amounted to Rs.264.353 million (June 30, 2025: Rs.270.261 million).
Commitments for construction of buildings at the reporting date amounted to Rs.100 million (June 30, 2025: Rs.100 million).
GGGL
Contingencies
There has been no significant change in contingencies as reported in the annual audited financial statements for the year ended June 30, 2025.
Commitments
Commitments under letter of credits for capital expenditure Rs. 19.00 million (2025: Nil).
6.6 Commitments under letter of credits for other than capital expenditure Rs. 79.43 million (2025: Rs. 199.42 million).
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
TRANSACTIONS WITH RELATED PARTIES
September 30, September 30,
2025 2024
Rupees in thousand
305,191 195,884
(Number of shares)
354,119,590 354,119,590
Rupees
0.86 0.55
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 Nature of transaction
party
Employees' Provident
September 30, September 30,
2025 2024
Rupees in thousand
Fund Trust Contribution 14,234
Transactions with related parties are carried out on arm's length basis.
Financial risk management
9.1. Financial risk factors
12,228
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.
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