Ghani Global Glass : GGGL | Ghani Global Glass Limited Transmission of Quarterly Report for the Period Ended September 30, 2023

1ST QUARTER

September 30, 2023

Faith

Experience

Innovation

Growth

GHANI GLOBAL GLASS LIMITED

CORPORATE INFORMATION

BOARD OF DIRECTORS
Atique Ahmad Khan	Chairman
Masroor Ahmad Khan	Chief Executive Ofcer
Abdullah Ahmad
Syed Sibtul Hassan Gilani
Chaudhry Umair Waqar
Saima Sha Rana
Yasir Ahmed Awan
AUDIT & RISK MANAGEMENT COMMITTEE
Saima Sha Rana	Chairman
Atique Ahmad Khan	Member
Syed Sibtul Hassan Gilani	Member
HR&R AND COMPENSATION COMMITTEE
Chaudhry Umair Waqar	Chairman
Masroor Ahmad Khan	Member
Atique Ahmad khan	Member
Abdullah Ahmad	Member
KEY MANAGEMENT
Haz Farooq Ahmad	Managing Director
M. Ashraf Bawany	President
Shahnawaz Zafar	CFO
Farzand Ali	Company Secretary
Muhammad Nouman	Head of Internal Audit
Muhammad Hanif	G.M Sales & Marketing
Asad Wazir	Head of Plants

AUDITORS

CROWE Hussain Chaudhury & Co.

Chartered Accountants

LEGAL ADVISOR

Tariq Mahmood Khan, Advocate

DSK Law Firm, Lahore.

SHARE REGISTRAR

Digital Custodian Company Limited

4F, Pardesi House, Old Queens Road, Karachi. Tel: [phone]

BANKERS

Al Baraka Bank (Pakistan) Limited

Askari Bank Limited

Allied Bank Limited

Bank Al Falah Limited

Bank Al Habib Limited

Bank Islami (Pakistan) Limited

Habib Bank Limited

Habib Metropoliton Bank Limited

Meezan Bank Limited

Standard Chartered Bank (Pakistan) Limited Summit Bank Limited

Soneri Bank Limited

The Bank of Punjab

United Bank Limited

REGIONAL MARKETING OFFICE

C-7/A, Block F, Gulshan-e-Jamal

Rashid Minhas Road, Karachi.

Ph: [phone]

E-mail: [e-mail]

REGISTERED/CORPORATE OFFICE

10-N, Model Town Ext, Lahore.

UAN: 111 GHANI 1 (442-641)

Fax: [phone]

E-mail: [e-mail]

Website: www.ghaniglobalglass.com

MANUFACTURING PLANTS

52-K.M. Lahore Multan Road

Phool Nagar, Distt. Kasur

Ph:[phone]-549, Fax: [phone]

E-mail: [e-mail]

Ghani Global Glass Limited

01

1st Quarter September 30, 2023

DIRECTORS' REVIEW

DEAR SHAREHOLDERS,

Assalam-o-Alaikum Wa RehmatUllah Wa Barakatoh

The directors of your Company (Ghani Global Glass Limited) are pleased to present the unaudited condensed interim nancial statements of the Company for the rst quarter ended September 30, 2023, in compliance with the requirements of Companies Act, 2017.

FINANCIAL PERFORMANCE

By the grace of Almighty Allah, despite all adverse economic factors during the period under review, your Company improved/enhanced the sales to Rs. 773 million as compared to the sales of Rs. 480 million in the same period last year. Gross prot of the Company has increased to Rs. 163 million from Rs. 106 million as compared to the same period of last year. Distribution cost and administrative cost incurred during period is Rs. 6 million and Rs. 25 million whereas for the last year it was Rs. 5 million and Rs. 21 million, respectively showing increase in distribution and administrative expenses.

Due to signicant increase in interest rate, nance cost accordingly increased to Rs. 94 million form Rs. 48 million as compared with the same period of last year. Accordingly, despite tremendous increase in gross and operating prots, your Company's earned Prot after taxation amounting to Rs. 25 million as compared with the same period year which was Rs. 24 million. In the result Earnings per share is Rs. 0.11 whereas during the same period of last year, Company's Earnings per share was Rs. 0.10.

A comparison of the key nancial results of your Company for the three months ended September 30, 2023 with the same period of last year is as under:

Particulars	Rupees in '000' Except EPS
September 2023	September 2022
Gross sales	773,575	480,457
Net sales	653,301	408,695
Gross prot	163,337	106,265
Distribution cost	(6,676)	5,713
Administrative expenses	(25,348)	(21,600)
Operating prot	128,005	77,916
Finance cost	(94,555)	(48,742)
Net prot	25,284	24,080
Earnings per share	0.11	0 . 1 0

FUTURE OUTLOOK

Your Company is going to increase its capacity and within this year will install another four Modern Mechanique Italian ampoules forming lines and will be the part of this project during the second half of the current scal year 2023/2024. Keeping this capacity of ampoules formation will increase by about 3 lacs ampoules per day and the total capacity would be around 1.5 Million ampoules per day.

Apart from the new three line furnace, the management of your Company has decided to do the BMR of existing furnace to enhance capacity of Neutral Borosilicate Glass Tube USP Type I. With the help of this Furnace, we will be in a position to enhance our footing of exports in South African countries and other Latin American and eastern European countries. We are focusing our tube exports to main lane European countries by exploring good distributors of tubing.

Ghani Global Glass Limited

02

1st Quarter September 30, 2023

With the commissioning of new furnace having additional production line, tube manufacturing capacity will be enhanced by about 50% and this furnace is expected to be ready by the end of current calendar year IN SHAA ALLAH.

Furthermore, addition of European ampoule manufacturing machines is also on the cards. This will increase our capacity of ampules to almost 45M per month. This will be the largest plant in Pakistan having this much capacity.

We are working on the Export of Glass Ampoules and tubular vials in both Clear Glass & Amber Glass in Latin American and South African markets. For this purpose your Company has engaged a professional agent in this market who is actively working with the customers in Latin America and Caribbean Pharma Companies to promote our products and hopefully, we will start getting good business through these export activities in coming years.

Further we are expecting number of foreign delegates to visit our facilities and hope to actively start bilateral business of glass tubes, ampoules and Vials with these companies in future.

Efforts are also under way to engage ourselves in supplying of tubular glass vials for the pharmaceutical industry both in the Pakistan & outside. This requirement can be met through installing new Italian Machines for the manufacturing of vials. This will further boost our revenue and margins as well, Insha'Allah.

ELECTION OF DIRECTORS

In compliance with the requirements of Section 159 of the Companies Act, 2017 and provisions of Regulation 7A of the Listed Companies (Code of Corporate Governance) Regulation, 2019 the following persons have been elected as directors of the Company for a period of three years commencing from October 31, 2023, in the Annual General Meeting held on October 28, 2023:

Sr. #	Name of Category	No. of Directors	Names of Directors
1	Female Director	1	Ms. Hafsa Masroor
2	Independent Directors	2	Ms. Saima Sha Rana
			Sheikh Muhammad Saleem Ahsan
3	Other Directors	4	Mr. Atique Ahmad Khan
			Haz Farooq Ahmad
			Mr. Abdullah Ahmad
			Mr. Asim Mahmud

ACKNOWLEDGEMENTS

The board of directors wishes to express their gratitude to valued shareholders, banks/nancial 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. Needless to mention, all growth in the business of the company is not possible without will and blessings of ALMIGHTY ALLAH.

For and behalf of Board of Directors

Lahore:	MASROOR AHMAD KHAN	SYED SIBTUL HASSAN GILANI
October 30, 2023	(Chief Executive Ofcer)	(Director)

Ghani Global Glass Limited

03

1st Quarter September 30, 2023

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Ghani Global Glass Limited

04

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Ghani Global Glass Limited

05

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Particulars	Rupees in '000' Except EPS
September 2023	September 2022
Gross sales	773,575	480,457
Net sales	653,301	408,695
Gross prot	163,337	106,265
Distribution cost	(6,676)	5,713
Administrative expenses	(25,348)	(21,600)
Operating prot	128,005	77,916
Finance cost	(94,555)	(48,742)
Net prot	25,284	24,080
Earnings per share	0.11	0 . 1 0

Ghani Global Glass Limited

06

1st Quarter September 30, 2023

GHANI GLOBAL GLASS LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION

AS AT SEPTEMBER 30, 2023

Un-audited	Audited
Note September 30, 2023	June 30, 2023
-----------------------Rupees-----------------------

ASSETS

Non-current assets

Property, plant and equipment Intangible assets - goodwill Long term deposit

Current assets

5	2,497,428,978	2,532,183,849
	19,794,072	19,794,072
	12,460,900	12,460,900
	2,529,683,950	2,564,438,821

Stores, spares and loose tools		272,254,385	213,521,381
Stock in trade		822,745,611	844,969,855
Trade debts		465,246,783	449,912,519
Advances		77,945,512	70,374,279
Trade deposits, prepayments and other receivable		10,353,937	18,734,753
T ax refunds due from government		219,880,779	225,807,925
Short term investment		75,000,000	-
Advance income tax - net		146,694,222	184,077,780
Cash and bank balances		98,016,236	132,077,349
		2,188,137,465	2,139,475,841
TOTAL ASSETS		4,717,821,415	4,703,914,662
EQUITY AND LIABILITIES
Share capital and reserves
Authorized share capital
300,000,000 (2023: 300,000,000) ordinary shares of
Rupees 10 each		3,000,000,000	3,000,000,000
Issued, subscribed and paid up share capital	6	2,400,000,000	2,400,000,000
Accumulated profit		48,927,035	23,642,941
Total equity		2,448,927,035	2,423,642,941
Non-current liabilities		358,847,191	376,759,459
Long term financing	7
Deferred income		50,188,393	50,188,393
Long term security deposits		400,000	400,000
		409,435,584	427,347,852
Current liabilities
Trade and other payables	8	236,429,029	164,631,191
Payable to related party		943,375,343	960,405,450
Accrued profit on financing		41,255,933	35,502,059
Short term borrowings		569,457,310	628,129,776
Current portion of long term financing	7	68,941,181	64,255,393
		1,859,458,796	1,852,923,869
Total liabilities		2,268,894,380	2,280,271,721
CONTINGENCIES AND COMMITMENTS	9
TOTAL EQUITY AND LIABILITIES		4,717,821,415	4,703,914,662

The annexed notes from 1 to 14 form an integral part of these condensed financial statements.

CHIEF EXECUTIVE OFFICER

CHIEF FINANCIAL OFFICER

DIRECTOR

Ghani Global Glass Limited

07

1st Quarter September 30, 2023

GHANI GLOBAL GLASS LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS

FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023

Three month period ended

			Un-audited	Un-audited
			September 30, 2023	September 30, 2022
			(Rupees)
Gross sales	Note
	Local		773,575,006	474,300,131
	Export		-	6,157,789
			773,575,006	480,457,920
Less:	Sales tax		118,074,771	70,433,954
	Trade discounts		2,198,453	1,328,677
			120,273,224	71,762,631
Sales - net		653,301,782	408,695,289
Cost of sales		(489,963,963)	(302,429,882)
Gross profit		163,337,819	106,265,407
Administrative expenses		(25,348,141)	(21,600,978)
Selling and distribution expenses		(6,676,505)	(5,713,194)
Other operating expenses		(4,995,167)	(2,162,186)
			(37,019,813)	(29,476,358)
Other income		1,687,789	1,127,012
Profit from operations		128,005,795	77,916,061
Finance cost		(94,555,429)	(48,742,218)
Profit	before taxation		33,450,366	29,173,843
Taxation		(8,166,272)	(5,093,297)
Profit	after taxation		25,284,094	24,080,546
Earnings per share - basic and diluted (Rupees)	10	0.11	0.10

The annexed notes from 1 to 14 form an integral part of these condensed financial statements.

CHIEF EXECUTIVE OFFICER

CHIEF FINANCIAL OFFICER

DIRECTOR

Ghani Global Glass Limited

08

1st Quarter September 30, 2023

GHANI GLOBAL GLASS LIMITED
CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME
FOR THE FIRST QUARTER ENDED SEPTEMBER 30, 2023	Un-audited	Un-audited
	September 30, 2023	September 30, 2022
	(Rupees)
Profit for the period	25,284,094	24,080,546
Other comprehensive income	-	-
T otal comprehensive profit for the period	25,284,094	24,080,546

The annexed notes from 1 to 14 form an integral part of these condensed financial statements.

CHIEF EXECUTIVE OFFICER

CHIEF FINANCIAL OFFICER

DIRECTOR

Ghani Global Glass Limited

09

1st Quarter September 30, 2023