Agha Steel Industries : Transmission of Quarterly Report for the Period March 31, 2023

FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED MARCH 31, 2023

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TABLE OF CONTENTS

Company Information

Directors' Review Report (English & Urdu)

Condensed Interim Statement of Financial Position

Condensed Interim Statement of profit or Loss & Other Comprehensive Income

Condensed Interim Statement of Change in Equity

Condensed Interim statement of Cash Flows

Notes to the Condensed Interim Financial Statements

FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED MARCH 31, 2023

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CORPORATE INFORMATION

BOARD OF DIRECTORS
Mrs. Shazia Agha	Chairperson, Non-Executive Director
Mr. Hussain Iqbal Agha	Chief Executive Officer
Mr. Raza Agha	Executive Director
Mr. Saad Iqbal	Executive Director
Mr. Akbar Pesnani	Independent Director
Mr. Muhammad Asif	Independent Director
Mr. Askari Asghar Agha	Independent Director
AUDIT COMMITTEE
Mr. Askari Asghar Agha	Chairman
Ms. Shazia Agha	Member
Mr. Muhammad Asif	Member
HUMAN RESOURCE & RUMENERATION COMMITTEE
Mr. Akbar Pesnani	Chairman
Mr. Muhammad Asif	Member
Mr. Raza Agha	Member

CHIEF FINANCIAL OFFICER

Mr. Kamran Ahmed

COMPANY SECRETARY

Mr. Muhammad Muneeb Khan

HEAD OF INTERNAL AUDIT

Mr. Muhammad Azam

EXTERNAL AUDITORS

Reanda Haroon Zakaria & Company Chartered Accountants

Progressive Plaza, Beaumont Road, Karachi, Pakistan

FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED MARCH 31, 2023

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SHARE REGISTRAR

CDC Share Registrar Services Limited

CDC House, Main Shahrah-e-Faisal, Karachi, Pakistan

LEGAL ADVISOR

Asad Mehmood

Uni Shopping Center, Abdullah Haroon Road, Karachi, Pakistan

BANKERS
	Bank Al Habib Limited	 	Faysal Bank Limited
	Askari Bank Limited		Habib Metro Bank Limited
	Habib Bank Limited	 MCB Islamic Bank Limited
 Bank Al Falah Limited		MCB Bank Limited
	Meezan Bank Limited		Dubai Islamic Bank Limited
 Bank Islami Pakistan Limited	 The Bank of Khyber
	United Bank Limited	  National Bank of Pakistan
	JS Bank Limited		Allied Islamic Bank Limited
	Samba Bank Limited		Bank of Punjab

REGSITERED OFFICE

Plot No. N.W.I.Z/1/P-133,(SP-6),D-2,

Port Qasim Authority, Karachi, Pakistan

PTCL# 021-34156219-21

CORPORATE OFFICE

Office 801 & 804, 8th Floor, Emerald Tower, G-19

1. Talwar, Block 5, Clifton, Karachi, Pakistan UAN # [e-mail]

SYMBOL AT PAKISTAN STOCK EXCHANGE

AGHA

WEBSITE INFORMATION

www.aghasteel.com

FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED MARCH 31, 2023

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DIRECTORS' REVIEW REPORT

On behalf of the Board of Directors of AGHA STEEL INDUSTRIES LIMITED, we would like to present un-audited condensed interim financial statements of the Company for the third quarter and nine months' period ended March 31st, 2023.

FINANCIAL PERFORMANCE

During the period under review your Company faced stern economic pressures that were exerted by the system due to extreme declining macroeconomic indicators for the country. According to Pakistan Bureau of Statistics, the inflation rate in Pakistan had increased by 35.4 % in March 2023 over the same month in the previous year. The maximum level was 37.81 % and minimum was -10.32 %.

Despite these macroeconomic hardships, your company was able to successfully post a net sales revenue Rs. 5,689 million during the 03rd Quarter as compared to Rs. 6,145 million in the corresponding period (with a mere decline of 7% in the revenues, as compared to PKR-USD parity decline during the same period upto 25.2%). The gross profit stood at Rs. 1,373 million as compared to Rs. 1,428 million in the corresponding period, primarily attributable to overall inflation in the industry, during the period.

Key financial highlights of the company is as follows:

	Nine Months	Nine Months	Three Months	Three Months
	ended	ended	ended March	ended March 31,
	March 31, 2023	March 31, 2022	31, 2023	2022
	(Unaudited)	(Unaudited)	(Unaudited)	(Unaudited)
		(Rs. in million)
Sales - net	15,452	18,713	5,689	6,145
Gross Profit	3,620	4,272	1,373	1,428
Operating Profit	772	2,352	379	649
Profit before tax	2,080	2,080	356	660
Profit after tax	705	1,740	303	562
Earnings per share
Basic (in Rupees)	1.17	2.88	0.50	0.93
Diluted (in Rupees)	1.17	2.88	0.50	0.93

Earnings per Share

Basic and Diluted Earnings per share for the period ended March 31st, 2023 was Rs. 0.50 as compared with Rs. 0.93 per share in the corresponding period.

FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED MARCH 31, 2023

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