Ghani Global Glass : Transmission of 3rd Quarterly Accounts for the period ended March 31, 2024 - GHANI GLOBAL GLASS LIMITED

3rd Quarter

March 31, 2024

Faith

Experience

Innovation

Growth

GHANI GLOBAL GLASS LIMITED

CORPORATE INFORMATION

BOARD OF DIRECTORS
Haz Farooq Ahmad	Chairman
Atique Ahmad Khan	Chief Executive Ofcer
Abdullah Ahmad
Hafsa Masroor
Saima Sha Rana
Shiekh M. Saleem Ahsan
Asim Mahmud
AUDIT & RISK MANAGEMENT COMMITTEE
Shiekh M. Saleem Ahsan	Chairman
Hafsa Masroor	Member
Asim Mahmud	Member
HR&R AND COMPENSATION COMMITTEE
Saima Sha Rana	Chairman
Atique Ahmad Khan	Member
Haz Farooq Ahmad	Member
Abdullah Ahmad	Member
KEY MANAGEMENT
Masroor Ahmad Khan	Managing Director
M. Ashraf Bawany	President
Shahnawaz Zafar	CFO
Farzand Ali	Company Secretary
Muhammad Hanif	G.M. Sales & Marketing
Syed Sibtul Hassan Gilani	G.M. Procurement
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 Makramah Limited

Habib Bank Limited

Habib Metropoliton Bank Limited

Meezan 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

3rd Quarter - March 31, 2024

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 nine months ended March 31, 2024, 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 the sales / turnover as compared to the same period of last year. For the period ended March 2024, your company closed the sales at amounting to Rs. 2,077 million as compared to last period end sales of Rs. 1,780 million showing the 17% increase in sale. Gross prot increased to Rs. 431 million from Rs. 405 million as compared to same period in last year. Distribution cost and administrative cost incurred during period is Rs. 27.7 million and Rs. 74.7 million whereas for the comparative period it was Rs. 34.8 million and Rs. 84.7 million, respectively. Prot from operations increased from 19% in corresponding period to 25%.

Finance cost signicantly increased for the period incurred on the long term nance and working capital lines to Rs. 299 million compared to Rs. 174 million for the last period. Company earned prot amounting to Rs. 109 million as compared to the comparative period which was Rs. 87 million. As a result Earnings per share improved to Rs. 0.46 whereas during comparative period Company's Earnings per share was Rs. 0.36.

A comparison of the key nancial results of your Company for the period ended March 31, 2024 with the same period of last year is as under:

Particulars	Rupees in '000' except EPS
March 31, 2024	March 31, 2023
Gross sales	2,077,538	1,780,057
Sales - net	1,760,812	1,517,496
Gross prot	431,831	404,827
Administrative expenses	(74,709)	(84,791)
Selling and distribution expenses	(27,776)	(34,816)
Prot from operations	435,783	281,243
Finance cost	(299,622)	(174,956)
Prot after taxation	109,475	87,467
Earnings per share - basic and diluted (Rupees)	0.46	0.36

FUTURE PROSPECTS

Company has planned to increase the capacity of Glass Ampoules and Vials production and for that purpose 6 high-tech fully automatic ampoules lines are being acquired. With this increased capacity your company will be able to produce more than 50M ampoules per month. The machines will be available in partial shipments from July, 2024 onwords.

Also we are working in Latin American companies for supply of Glass ampoules and Vials. Keeping our product quality Colombian company has approved our products. This will be a breakthrough to export the value added products other than Glass tube exports to these countries.

Ghani Global Glass Limited

02

3rd Quarter - March 31, 2024

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 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.

For and behalf of Board of Directors

Lahore:	ATIQUE AHMAD KHAN	HAFIZ FAROOQ AHMAD
April 29, 2024	(Chief Executive Ofcer)	(Director)

Ghani Global Glass Limited

03

3rd Quarter - March 31, 2024

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Ghani Global Glass Limited

04

3rd Quarter - March 31, 2024

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Particulars	Rupees in '000' except EPS
March 31, 2024	March 31, 2023
Gross sales	2,077,538	1,780,057
Sales - net	1,760,812	1,517,496
Gross prot	431,831	404,827
Administrative expenses	(74,709)	(84,791)
Selling and distribution expenses	(27,776)	(34,816)
Prot from operations	435,783	281,243
Finance cost	(299,622)	(174,956)
Prot after taxation	109,475	87,467
Earnings per share - basic and diluted (Rupees)	0.46	0.36

Ghani Global Glass Limited

05

3rd Quarter - March 31, 2024

GHANI GLOBAL GLASS LIMITED

CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION (UN-AUDITED)

AS AT MARCH 31, 2024

Note	March 31, 2024	June 30, 2023
	Un-audited	Audited
	----------------------Rupees	---------------------

ASSETS

Non-current assets

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

5	2,490,983,382	2,532,183,849
	19,794,072	19,794,072
	12,460,900	12,460,900
	2,523,238,354	2,564,438,821

Current assets		313,139,413	213,521,381
Stores, spares and loose tools
Stock in trade		995,871,657	844,969,855
Trade debts		510,152,753	449,912,519
Advances		145,549,159	70,374,279
Trade deposits, prepayments and other receivable		61,467,504	18,734,753
Tax refunds due from government		228,187,489	225,807,925
Advance income tax - net		174,541,321	184,077,780
Cash and bank balances		140,066,600	132,077,349
		2,568,975,896	2,139,475,841
TOTAL ASSETS		5,092,214,250	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		133,118,354	23,642,941
Total equity		2,533,118,354	2,423,642,941
Non-current liabilities		343,244,487	376,759,459
Long term financing	7
Deferred income		45,429,308	50,188,393
Long term security deposits		400,000	400,000
		389,073,795	427,347,852
Current liabilities
Trade and other payables	8	160,656,882	164,631,191
Payable to related party		1,248,348,322	960,405,450
Accrued profit on financing		46,695,120	35,502,059
Short term borrowings		648,235,250	628,129,776
Current portion of long term financing	7	66,086,527	64,255,393
		2,170,022,101	1,852,923,869
Total liabilities		2,559,095,896	2,280,271,721
CONTINGENCIES AND COMMITMENTS	9
TOTAL EQUITY AND LIABILITIES		5,092,214,250	4,703,914,662

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

Atique Ahmad Khan	Shahnawaz Zafar	Hafiz Farooq Ahmad
Chief Executive Officer	Chief Financial Officer	Director

Ghani Global Glass Limited

06

3rd Quarter - March 31, 2024

GHANI GLOBAL GLASS LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS ( UN-AUDITED)

FOR THE NINE MONTHS ENDED MARCH 31, 2024

			9 Months Ended	Quarter Ended
			March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
Gross sales	Note	2,055,879,284
	Local		1,720,708,463	596,329,407	638,521,203
	Export		21,658,745	59,348,642	-	6,650,636
			2,077,538,029	1,780,057,105	596,329,407	645,171,839
Less:	Sales tax		314,527,651	257,130,974	91,249,078	96,712,781
	Trade discounts		2,198,453	5,429,878	-	2,765,080
			316,726,104	262,560,852	91,249,078	99,477,861
Sales - net		1,760,811,925	1,517,496,253	505,080,329	545,693,978
Cost of sales		(1,328,981,329)	(1,112,668,733)	(361,405,063)	(398,214,630)
Gross profit		431,830,596	404,827,520	143,675,266	147,479,348
Administrative expenses		(74,709,087)	(84,791,144)	(23,122,511)	(32,725,991)
Selling and distribution expenses		(27,775,662)	(34,815,860)	(15,108,236)	(13,953,288)
Other operating expenses		(10,857,214)	(8,077,775)	(4,366,382)	(2,597,748)
			(113,341,963)	(127,684,779)	(42,597,129)	(49,277,027)
Other income		117,294,597	4,100,449	55,410,308	1,528,251
Profit	from operations		435,783,230	281,243,190	156,488,445	99,730,572
Finance cost		(299,622,333)	(174,956,330)	(101,505,568)	(66,829,336)
Profit	before taxation		136,160,897	106,286,860	54,982,877	32,901,236
Taxation		(26,685,484)	(18,820,331)	(11,042,986)	(6,803,417)
Profit	after taxation		109,475,413	87,466,529	43,939,891	26,097,819
Earnings per share - basic and diluted (Rupees)	10	0.46	0.36	0.18	0.11

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

Atique Ahmad Khan	Shahnawaz Zafar	Hafiz Farooq Ahmad
Chief Executive Officer	Chief Financial Officer	Director

Ghani Global Glass Limited

07

3rd Quarter - March 31, 2024

GHANI GLOBAL GLASS LIMITED

CONDENSED INTERIM STATEMENT OF COMPREHENSIVE INCOME (UN-AUDITED)

FOR THE NINE MONTHS ENDED MARCH 31, 2024

	9 Months Ended	Quarter Ended
Profit for the period	March 31, 2024	March 31, 2023	March 31, 2024	March 31, 2023
109,475,413	87,466,529	43,939,891	26,097,819
Other comprehensive income / (loss)	-			-
Total comprehensive profit for the period	109,475,413	87,466,529	43,939,891	26,097,819

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

Atique Ahmad Khan	Shahnawaz Zafar	Hafiz Farooq Ahmad
Chief Executive Officer	Chief Financial Officer	Director

Ghani Global Glass Limited

08

3rd Quarter - March 31, 2024

GHANI GLOBAL GLASS LIMITED

STATEMENT OF CHANGES IN EQUITY

FOR THE NINE MONTHS ENDED MARCH 31, 2024

	Share Capital	Accumulated	Loan from	Total
	profit / (loss)	sponsors
Balance as at June 30, 2022 ( audited)		(Rupees)
2,400,000,000	(78,234,724)	-	2,321,765,276
Profit after taxation	-	87,466,529	-	87,466,529
Other comprehensive profit	-	-	-	-
Total comprehensive profit for the period	-	87,466,529	-	87,466,529
Loan repaid during the period	-	-	-	-
Balance as at March 31, 2023	2,400,000,000	9,231,805	-	2,409,231,805
Balance as at June 30, 2023 ( audited)	2,400,000,000	23,642,941	-	2,423,642,941
Profit after taxation		-
-	109,475,413	-	109,475,413
Other comprehensive profit	-	-	-	-
Total comprehensive profit for the period	-	109,475,413	-	109,475,413
Balance as at March 31, 2024	2,400,000,000	133,118,354	-	2,533,118,354

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

Atique Ahmad Khan	Shahnawaz Zafar	Hafiz Farooq Ahmad
Chief Executive Officer	Chief Financial Officer	Director

Ghani Global Glass Limited

09

3rd Quarter - March 31, 2024