Islamabad, Apr 6, 2025: Ghani Global Glass Limited (PSX: GGGL) was established in Pakistan as a private limited company in 2007, originally named Ghani Tableware (Private) Limited.
The company’s core operations involve producing and selling a variety of glassware, including tubes, vials, ampoules, and chemicals.
Shareholding Structure
As of June 30, 2024, GGGL has 240 million shares outstanding, held by 6,227 shareholders.
Its parent company, Ghani Global Holdings Limited, holds 50.1% of the shares, while individual shareholders own 47.1%.
Joint stock companies account for 1.98%, with the remaining shares held by other categories of investors.
Financial Overview (2019-2024)
GGGL has experienced steady growth in its revenues, with its profit margins showing signs of recovery and fluctuation.
Despite a rough start in 2019, the company saw a significant improvement in 2022, although it faced challenges in 2023.
The company’s financial performance has been affected by factors such as inflation, energy price hikes, and exchange rate fluctuations, yet it has managed to adapt by diversifying its product range and expanding its export base.
In 2019, GGGL’s revenue surged by nearly 60%, reaching Rs.792.02 million.
This was due to rising demand for its products, particularly in the KPK and North-West regions, and its export venture into Bangladesh.
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However, the company faced rising operational costs, especially in administrative and distribution expenses. GGGL’s operating loss stood at Rs.44.54 million for the year, leading to a net loss of Rs.147.6 million.
In 2020, the company recorded a significant revenue growth of 63.8% to Rs.1.297 billion, driven by expanding its customer base, especially in the pharmaceutical sector.
Ghani Global Glass Export destinations grew, including Egypt, Argentina, and Mexico.
Operational efficiency improved, and the company posted a net profit of Rs.40.48 million with an earnings per share (EPS) of Rs.0.33.
The year 2021 saw a 7.8% increase in sales to Rs.1.398 billion, despite the challenges posed by the pandemic.
GGGL’s gross profit margin rose to 29.6% due to cost reductions, but administrative expenses surged due to payroll and fees.
The company’s net profit jumped by 228.9%, reaching Rs.133.12 million, with an EPS of Rs.0.85.
In 2022, GGGL’s revenue rose by 7.6%, reaching Rs.1.505 billion. However, inflation and higher energy prices squeezed its margins.
Nevertheless, a reduction in administrative and distribution costs, along with higher other income, helped the company post a net profit of Rs.197.94 million, a 48.7% increase from the previous year.
In 2023, the company recorded an impressive 37.6% growth in revenue, reaching Rs.2.071 billion.
However, rising costs, especially due to inflation and exchange rate fluctuations, eroded margins.
GGGL posted a significant increase in finance costs and a drop in net profit by 48.5%, amounting to Rs.101.88 million.
In 2024, GGGL experienced a 17.8% year-on-year growth in revenue to Rs.2.44 billion.
Despite challenges in export markets, especially in Bangladesh and Egypt, the company reported a net profit of Rs.144.8 million, a 42.2% increase.
This was attributed to higher sales of vials, tubes, and ampoules, and improved efficiency.
Recent Performance (1HFY25)
For the first half of FY25, GGGL reported a 4.4% increase in net sales, reaching Rs.1.31 billion.
The company benefitted from a more favorable exchange rate and stable raw material prices, leading to a 30.4% improvement in gross profit.
Operating profit grew by 39.6%, and net profit soared by 150.9%, reaching Rs.164.46 million with an EPS of Rs.0.69.
Future Outlook
GGGL is focused on expanding its production capacity and improving the efficiency of its existing operations.
The company aims to enhance its market share and continue exploring new export markets while managing costs effectively to maintain profitability in the face of ongoing economic challenges.
