MACPAC Films Limited

Company Overview

MACPAC Films Limited (PSX: MACFL) is a Pakistani manufacturer of plastic packaging films used across several industries. Incorporated on 19 August 1993, the company began commercial production of biaxially oriented polypropylene (BOPP) films in 1995 and was listed on the Pakistan Stock Exchange (PSX) in 2004.

The company operates in the Paper, Board & Packaging sector on the PSX. Its principal activity is the manufacture, production, purchase, and sale of plastic packaging films. Its registered office and manufacturing facility are located in Karachi, Pakistan.

Official resources:

• PSX company profile
• Official MACPAC Films website
• Company announcements

What Does MACPAC Films Limited Do?

MACPAC Films manufactures flexible packaging films used to protect, package, and present products. Its product range serves customers in industries such as food packaging, printing, pharmaceuticals, and other packaging applications.

Its principal product categories include:

• BOPP films: Biaxially oriented polypropylene films used in flexible packaging, labels, lamination, and printing applications.
• CPP films: Cast polypropylene films used in packaging structures and applications requiring particular sealing and flexibility characteristics.
• Metallized films: Films with a thin metallic coating that can provide barrier and appearance properties for suitable packaging applications.
• Specialty packaging films: Films developed for specific customer, printing, lamination, and packaging requirements.

Product specifications, barrier properties, thickness, printability, and sealing characteristics vary by grade and intended application. Customers select films according to their packaging needs and manufacturing processes.

Company History and Development

MACPAC Films was established in 1993 and started commercial BOPP film production in 1995. The company subsequently expanded into CPP films and brought a metalizer plant into commercial operation in 2015. Its company history also records the reinstallation of its CPP manufacturing line, which became commercially operational in 2017.

In recent years, the company has highlighted technology and operational initiatives, including enterprise-resource-planning improvements and efforts to expand its product and market reach. It has also announced the establishment of Macpac Films Middle East LLC FZ as part of its international expansion strategy.

Investors should consult the latest annual report for details about the status and financial contribution of subsidiaries, expansion projects, production capacity, and overseas operations.

FY2026 Financial Performance

For the financial year ended 30 June 2026, MACPAC Films reported higher sales, profit after taxation, and earnings per share compared with FY2025.

Financial Metric	FY2026	FY2025
Sales	Rs 6,725.594 million	Rs 5,994.617 million
Gross profit	Approximately Rs 947 million	Approximately Rs 682 million
Operating profit	Approximately Rs 241.6 million	Approximately Rs 138 million
Profit after taxation	Rs 130.693 million	Rs 85.284 million
Earnings per share (EPS)	Rs 2.20	Rs 1.44
Dividend proposed	Nil	Rs 0.50 per share reported for comparison

Source: PSX MACFL company profile and the FY2026 results analysis.

What Do the Results Mean?

Sales increased by approximately 12.2% year over year, while profit after taxation rose by approximately 53.2%. EPS improved from Rs 1.44 to Rs 2.20.

Gross profit also improved, suggesting better gross margins compared with FY2025. The FY2026 results analysis attributes the improvement in margins partly to product mix and procurement and energy measures.

However, the improvement should not be interpreted without examining the balance sheet and cash flow. The same results analysis highlights higher finance costs, increased short-term borrowings, and a significant rise in trade receivables. These factors may affect the durability of earnings and the company's funding requirements.

The figures above are for the company's reported financial statements as reflected in the available PSX financial profile and published FY2026 results analysis. Investors should consult the original annual report for the exact line items and accounting notes.

Cash Flow, Borrowings, and Working Capital

A company's profit is only one part of its financial position. Cash flow, receivables, payables, inventory, and borrowing requirements also matter.

The published FY2026 results analysis reported that operating cash flow improved substantially, reaching approximately Rs 271 million, compared with negative operating cash flow in the preceding year. Cash balances also increased.

At the same time, the analysis highlighted several areas requiring attention:

• Trade receivables increased faster than sales, which can indicate slower customer collections or a greater amount of credit extended to customers.
• Short-term borrowings increased, raising the importance of liquidity management and refinancing.
• Finance costs rose, reducing the benefit of the improvement in operating performance.
• Higher payables contributed to the operating cash-flow improvement, so investors should assess whether the cash inflow is sustainable.

These factors do not by themselves establish financial distress, but they make it important to assess the cash-conversion cycle and funding needs alongside reported profit.

Latest Quarterly Results and Announcements

As of 27 October 2026, the PSX company profile lists the FY2026 annual results and a notice of a board meeting for the quarter ended 30 September 2026. The meeting was scheduled for 27 October 2026.

The September-quarter figures should not be presented as confirmed until the company releases its official results announcement. Readers should check the official PSX MACFL profile for the published quarterly statements, EPS, and any dividend recommendation.

The company has also published annual-report and annual-general-meeting notices. Investors should review these documents for the latest audited figures, shareholder resolutions, and corporate disclosures.

Important PSX Regulatory Warning

The PSX company profile currently displays a warning stating that MACPAC Films Limited is in continuous violation of specified PSX regulations and carries a risk of suspension of trading or delisting from the Exchange, subject to the applicable terms and conditions.

This is a significant listing-related risk and should be considered separately from the company's FY2026 improvement in revenue and earnings.

Investors should:

• Read the latest official PSX notice to identify the relevant regulatory requirements.
• Check whether the company has published a response or taken corrective action.
• Monitor subsequent PSX announcements for any change in the warning or the company's listing status.
• Avoid assuming that the warning has been resolved unless an official update confirms it.

The warning does not, on its own, establish that the shares have already been delisted. Its current status should be verified directly through the PSX before publication or investment decisions.

Official source: PSX MACFL company profile.

Dividend History and Shareholder Returns

For FY2026, the board did not propose a cash dividend, bonus shares, or rights shares in the published results information. The FY2026 results analysis identifies a prior-year cash dividend of Rs 0.50 per share for comparison.

A dividend is not guaranteed, even when a company reports higher profit. The board may retain cash to fund working capital, capital expenditure, debt repayment, expansion, or other business requirements.

Investors seeking dividend income should verify the latest payout record, entitlement dates, and payment announcements on the official PSX company profile.

Factors That May Affect MACFL Shares

1. Packaging demand

Demand from food, consumer goods, printing, pharmaceutical, and industrial customers can influence film sales volumes and factory utilisation.

2. Raw-material prices

Polypropylene and other production inputs can be affected by global commodity prices, supply conditions, and currency movements. Higher input costs may compress margins if selling prices do not adjust accordingly.

3. Energy and manufacturing costs

Electricity, fuel, maintenance, labour, and production efficiency can affect operating margins in film manufacturing.

4. Product mix and pricing

Higher-value specialty products and changes in the customer or product mix may improve margins. Competitive pricing and weak demand can have the opposite effect.

5. Export markets and foreign exchange

International expansion may create growth opportunities, but exports also expose the business to currency changes, logistics expenses, overseas competition, and customer-payment risks.

6. Working capital and customer collections

Rising receivables and inventory can tie up cash. Investors should compare receivables growth with sales growth and monitor the company's cash-conversion cycle.

7. Financing costs and debt

Higher borrowings or interest-related costs may reduce net profit even when operating performance improves.

8. Regulatory and listing status

The PSX's published continuous-violation warning is a key company-specific consideration. Investors should track official updates rather than relying on social-media claims or assumptions.

9. Overall market conditions

Interest rates, inflation, economic activity, investor sentiment, and broad PSX movements may influence MACFL's share price independently of its operating performance.

Key Risks for Investors

Before investing in MACFL, investors should consider:

• Regulatory risk: The PSX has displayed a warning about continuous violations and possible suspension or delisting.
• Raw-material risk: Changes in polypropylene and other input prices may affect margins.
• Liquidity risk: Higher receivables, working-capital needs, and short-term borrowing may place pressure on available cash.
• Finance-cost risk: Increased financing costs can reduce the benefit of stronger operating performance.
• Demand risk: Lower demand from packaging customers can affect sales volumes and plant utilisation.
• Competition risk: Local and international manufacturers may put pressure on prices and margins.
• Dividend risk: No dividend was proposed for FY2026 despite higher earnings.
• Execution risk: New products, technology investments, and international expansion may not deliver the expected financial returns.

These are factors to investigate, not predictions of future share-price performance.

How to Research MACPAC Films on PSX

When researching MACFL, investors should review:

• Annual and quarterly financial statements.
• Sales growth, gross profit, and operating margins.
• Raw-material costs and product mix.
• Operating cash flow and changes in working capital.
• Trade receivables, inventory, payables, and short-term borrowings.
• Finance costs and repayment obligations.
• Dividend announcements and shareholder entitlements.
• Current share price, trading volume, free float, and valuation ratios.
• Official PSX notices concerning regulatory compliance and listing status.
• Announcements about new products, capital expenditure, and overseas operations.

Start with the official PSX MACFL profile and the official MACPAC Films website.

Frequently Asked Questions

What is the PSX symbol of MACPAC Films Limited?

MACPAC Films Limited trades on the Pakistan Stock Exchange under the symbol MACFL.

What does MACPAC Films Limited manufacture?

The company manufactures plastic packaging films, including BOPP and CPP films, as well as metallized and specialty films for packaging and related applications.

When was MACPAC Films Limited incorporated?

The company was incorporated on 19 August 1993.

When was MACPAC Films listed on the PSX?

The company's corporate history records its PSX listing in 2004.

Was MACPAC Films profitable in FY2026?

Yes. The company reported profit after taxation of Rs 130.693 million and EPS of Rs 2.20 for FY2026, compared with profit after taxation of Rs 85.284 million and EPS of Rs 1.44 in FY2025.

Did MACPAC Films announce a dividend for FY2026?

No cash dividend, bonus shares, or rights shares were proposed in the published FY2026 results information.

Is MACPAC Films at risk of suspension or delisting?

The PSX company profile displays a warning about continuous violations and possible suspension or delisting. Investors should read the latest official PSX notices to establish the precise requirements and current status.

What are the main risks associated with MACFL shares?

Key risks include regulatory compliance, raw-material costs, customer collections, short-term borrowing, financing costs, packaging demand, competition, and trading liquidity.

Where can investors find official MACFL financial results?

Visit the official PSX MACFL profile for company announcements, financial results, ratios, reports, and payout information.

Disclaimer

This company profile is for educational and informational purposes only and is not investment advice or a recommendation to buy or sell MACFL shares. Financial figures should be checked against the original company filings. The PSX regulatory warning is especially important and should be verified against the latest official notice before publication. Investors should conduct independent research and consider their financial objectives and risk tolerance before making investment decisions.