Pakistan’s Agha Steel Industries Limited reported a loss of PKR 1.81 bln (USD 10.2 mln) for the quarter ending September 30, 2024, compared to a profit of PKR 125.2 mln in the same period last year, according to a stock exchange filing.
Revenue also declined sharply, dropping nearly 46pct YoY to PKR 2.85 bln (USD 6.5 mln). Finance costs rose by 20pct YoY to PKR 1.39 bln (USD 4 mln), mainly due to higher interest rates.
Agha Steel and other long steel producers in Pakistan continue to face significant challenges, largely linked to the country’s economic difficulties. Slower economic growth has dampened construction activity, leading to reduced demand for rebar and other steel products.
Earlier this year, Agha Steel revealed it had received a Public Announcement of Intention from Fauji Foundation, a major Pakistani conglomerate, expressing interest in acquiring shares and control of the company.
Agha Steel operates an EAF plant in Port Qasim, Karachi, with an annual capacity of 450,000 tons for billets and 650,000 tons for rebar.
1 USD / 278.7 PKR
