Karachi: Ghani Global Holdings Limited (GGL) revealed substantial growth and strategic advancements in its FY24 financial results during a corporate briefing yesterday. The company reported a 49% year-on-year increase in consolidated earnings, reaching PkR935 million, driven by significant performance improvements in its subsidiaries.

According to AKD Securities Limited, GGL’s earnings boost is primarily due to the 55% and 35% year-on-year profit increases at Ghani Chemical Industries Limited (GCIL) and Ghani Global Glass Limited (GGGL), respectively. GCIL’s impressive growth is attributed to a surge in sales volume and three major contracts enhancing its profitability and liquidity. These contracts include a 15-year agreement with EPCL for supplying oxygen and nitrogen gases, a five-year deal with ATRL for liquid nitrogen, and a rate-running model contract with LOTCHEM.

Furthermore, GCIL is set to commission its fifth Air Separation Unit (ASU) in CY24 at the Hattar Industrial Estate in KPK, poised to be Pakistan’s largest facility for industrial and medical gases with a capacity of 275 tons per day.

GGGL also reported a profitable year with a 35% increase in earnings, amounting to PkR145 million, primarily due to optimal plant capacity utilization. The company commands a significant market share in the Chinese domestic glass tube market and is making strong inroads in the European market. GGGL’s expansion includes the acquisition of six state-of-the-art ampoule machines from Europe, anticipated to elevate its production capacity to 55 million ampoules per month and potentially position it as a market leader with more than 25% market share.

GGGL has also penetrated the import market for European glass tubing significantly and is focusing on expanding its exports to consumers in the MENA region, Latin America, South Asia, and several African countries.