LAHORE — The Pakistan Credit Rating Agency Limited (PACRA) has upgraded the long-term and short-term entity ratings of Pakistan Aluminium Beverage Cans Limited (PSX: PABC) to “AA-” and “A1” respectively, with a stable outlook, according to a press release issued on Monday.
The upgrade reflects PABC’s strengthened market position, operational scale, and financial discipline. PACRA noted that PABC, which supplies aluminium cans to beverage manufacturers under a B2B model, has capitalised on rising beverage consumption both domestically and regionally. High entry barriers and technical complexity have helped PABC secure a dominant foothold in Pakistan’s beverage can industry.
During calendar year 2024, the company expanded its production capacity from 950 million to 1.2 billion cans annually. This led to a record production volume of 972 million cans, up from 843 million in the previous year. The average production rate increased to 2,100 cans per minute, allowing the company to effectively serve peak season demand.
PABC’s financial performance also showed strong momentum, with net sales rising 17% to Rs23 billion, driven by increased export volumes and better pricing. Net profits rose 22% year-on-year to Rs6 billion, while the company’s equity base stood at Rs16.7 billion as of December 2024. The company continues to maintain a strong liquidity position and low credit risk.
PACRA highlighted PABC’s growing international footprint, especially in Afghanistan and other export markets, and a stable customer base. It also pointed to the company’s robust governance framework, which includes regular board meetings and active board committees.
The rating agency underlined PABC’s association with Liberty Group and Soorty Enterprises as a source of sponsor strength. Collectively, the sponsors and substantial shareholders own over 55% of the company. Key individual holdings include Zain Ashraf Mukaty (20.99%), Temor Ashraf Mukaty (17.30%), and Ahmed Ashraf Mukaty (17.30%). Soorty Enterprises holds 20%, while banks and financial institutions hold 3.3%, and the general public owns just over 18%.
The company, which began operations in 2017 and went public in 2021, benefits from a 10-year tax holiday under the Special Economic Zones regime. It also maintains contracts with international experts to supplement its in-house technical capabilities.
In terms of leadership, the board appointed Mr. Zain Ashraf Mukaty as Chief Executive Officer, effective July 1, 2024, following the resignation of Mr. Azam Sakrani. Additionally, the Board of Directors was reconstituted following elections held on May 23, 2025, with Mr. Ahmed Mukaty joining as a non-executive director.
PACRA stated that the current ratings depend on the company’s ability to sustain its market share and operational scale, while maintaining financial prudence and governance standards as it continues to grow.
