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Agha Steel Industries Limited, a leading player in the steel sector, has announced its financial performance for the fiscal year ended June 30, 2024. The company experienced significant shifts compared to the previous fiscal year, reporting notable losses due to a combination of factors, including increased costs and reduced turnover. Below is an overview of the company’s performance and the key financial metrics for 2024, as compared to 2023.
Key Financial Highlights:
- Turnover (Net):
- 2024: PKR 13,691.8 million
- 2023: PKR 20,582.2 million
- The company’s turnover witnessed a considerable decrease of approximately 33.5%, indicating reduced sales volumes or lower demand in the market.
- Gross Loss/Profit:
- 2024: PKR (628.3) million (Gross Loss)
- 2023: PKR 4,820.0 million (Gross Profit)
- Agha Steel’s gross performance declined significantly, with a gross loss recorded in 2024 as opposed to a healthy gross profit in the previous year, largely due to rising costs of sales.
- Operating Loss/Profit:
- 2024: PKR (5,819.9) million (Operating Loss)
- 2023: PKR 980.5 million (Operating Profit)
- The company faced an operational setback, transitioning from an operating profit to an operating loss. The key factors behind this were administrative and distribution costs alongside higher financial expenses.
- Finance Costs:
- 2024: PKR (4,582.4) million
- 2023: PKR (3,208.7) million
- Finance costs saw an increase of 42.8%, further affecting the overall financial health of the company.
- Net Loss after Taxation:
- 2024: PKR (5,088.6) million
- 2023: PKR 904.9 million (Profit)
- Agha Steel reported a net loss after taxation of PKR (5,088.6) million in 2024, indicating the challenges faced throughout the year.
- Comprehensive Income for the Year:
- 2024: PKR 11,567.8 million
- 2023: PKR 904.9 million
- Despite the substantial losses in various areas, Agha Steel recorded a total comprehensive income of PKR 11,567.8 million for 2024, which includes a significant surplus from the revaluation of fixed assets.
- Earnings/Loss per Share:
- 2024: PKR (8.41)
- 2023: PKR 1.50
- Earnings per share turned negative in 2024, reflecting the adverse financial performance.
Dividend and Corporate Actions:
For the year ended June 30, 2024, Agha Steel Industries Limited did not announce any cash dividends, bonus shares, or rights shares. The board also confirmed that there were no other entitlements or price-sensitive information to be disclosed at this time.