⚡ Flash Summary

Ghani Glass Limited (GHGL) reported a challenging year in fiscal year 2025, with revenue decreasing to PKR 45.783 billion from PKR 47.790 billion in the previous year. Net profit also declined to PKR 5.902 billion from PKR 6.750 billion, impacting earnings per share, which decreased to PKR 5.90 from PKR 6.75. While facing market headwinds, including stagnation in the construction sector and rising input costs, GHGL maintains a positive outlook and continues to focus on strategic cost management and operational resilience, with a proposed final cash dividend of Rs. 1.5 per share indicating confidence in its long-term prospects.

📌 Key Takeaways

• 📉 Revenue decreased by 4.2% YoY, from PKR 47.790 billion to PKR 45.783 billion.
• 📉 Net profit decreased by 12.6% YoY, from PKR 6.750 billion to PKR 5.902 billion.
• 📉 Earnings per share (EPS) decreased by 12.6% YoY, from PKR 6.75 to PKR 5.90.
• 🏭 Gross profit decreased by 5% YoY, from PKR 13.133 billion to PKR 12.474 billion.
• Operating profit decreased by 5.7% YoY, from PKR 7.405 billion to PKR 6.980 billion.
• 🏛️ Profit before income tax decreased by 7% YoY, from PKR 8.032 billion to PKR 7.479 billion.
• Dividend: Final Cash Dividend @ 15% i.e. Rs. 1.5 per share for the year ended June 30, 2025.
• 💰 The company contributed Rupees 40.7 Billion on account of various Government levies, taxes, custom duty, sales tax and reduction in import bill.
• 🏥 Increased community support with PKR 1.39 billion spent by the Ghani Foundation.
• 🌍 Strong focus on ESG initiatives and responsible growth.
• 💹 Resumption of operations at Pharma Glass facility in Karachi.
• 👍 Installation of machinery to improve the quality of glass tableware.
• 🌐 Export reach to over 56 countries worldwide.

🎯 Investment Thesis

Given the revenue and earnings decline in fiscal year 2025, coupled with moderate signs of recovery in Pakistan’s economy, HOLD is appropriate for Ghani Glass. Any strategic restructuring or a return to growth could lead to potential upside.