29thOctober 2025
The General Manager
Pakistan Stock Exchange Limited Stock Exchange Building
Stock Exchange Road Karachi
ARIF HABIB GROUP
FORM-7
Contact: 021-32439618; 021-35274381
Fax: 021-111-573-329
Subject: Announcement - Financial Results for the Ouarter Ended 30t' September 2025 Dear SirWe have to inform you that Board of Directors of our Company, in their meeting held on Tuesday, 28t' October 2025 at 2:30 p.m. at Arif Habib Centre, 23 M.T. Khan Road, Karachi recommended the following:
CASH DIVIDEND BONUS SHARES RIGHT SHARES
ANY OTHER ENTITLEMENT/CORPORATE ACTION ANY OTHER PRICE-SENSITIVE INFORMATION
NIL NIL NIL NIL NIL
The financial results for the quarter ended 30'hSeptember 2025, along with the required additional statements, are attached herewith as follows :
Condensed Interim Statement of Profit or Loss and Other Comprehensive Income (Annexure-A)
Condensed Interim Statement of Financial Position (Annexure-B)
Condensed Interim Statement of Changes in Equity (Annexure-C)
Condensed Interim Statement of Cash Flows (Annexure-D)
Directors' Review Report (Annexure-E)
The Quarterly Report of the Company for the period ended 30thSeptember 2025 will be transmitted through PUCARS separately, within the specified time.
Yours' faithfully
Manzoo Ra a Company Secretary
AISHA STEEL MILLS LIMITED
CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME
FOR THE PERIOD ENDED SEPTEMBER 30, 2025 - (UNAUDITED)
September 30, 2025 | September 30, 2024 | |||
Note Rupees '000 | ||||
Revenue from contracts with customers | 13 | 9,462,646 | 4,580,421 | |
Cost of sales | (8,540,635) | (4,509,254) | ||
Gross profit | 922,011 | 71,167 | ||
Selling and distribution cost | 14 | (244,139) | (29,197) | |
Administrative expenses | (145,533) | (128,914) | ||
Operating profit / (loss) | 532,339 | (86,944) | ||
Other expenses | 15 | (10,181) | (7,623) | |
Other income | 16 | 23,255 | 1,946 | |
Finance costs | 17 | (525,351) | (1,129,807) | |
Profit / (loss) before levies and income tax | 20,062 | (1,222,428) | ||
Levies | 18 | (13,761) (3,518) | ||
Profit / (loss) before income tax | 6,301 (1,225,946) | |||
Income tax credit | 19 | 75,739 382,823 | ||
Profit / (loss) after taxation | 82,040 (843,123) | |||
Other comprehensive income | ||||
Total comprehensive income / (loss) | 82,040 (843,123) | |||
Rupees | ||||
Earnings / (loss) per share | ||||
- Basic | 20 | 0.07 (0.93) | ||
The annexed notes from 1 to 23 form an integral part of these condensed interim financial statements.
uti
Chief Financial Officer Director
AISHA STEEL MILLS LIMITED
CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT SEPTEMBER 30, 2025 - (UNAUDITED)
(Unaudited) September 30,
2025
(Audited) June 30,
2025
ASSETS
Non-current assets
Note
Rupees '000
Property, plant and equipment | 5 | 19,409,113 | 19,594,487 | |||
Intangible assets | 35,929 | 37,368 | ||||
Long-term advances | 279 | 279 | ||||
Long-term deposits | 73,712 | 65,613 | ||||
Deferred tax asset | 3,596,312 | 3,407,688 | ||||
23,115,345 | 23,105,435 | |||||
Current assets | ||||||
Inventories | 6 | 12,271,957 | 8,101,475 | |||
Trade and other receivables | 7 | 1,198,157 | 1,477,417 | |||
Loans, advances and prepayments | 574,736 | 543,452 | ||||
Tax refunds due from government - Sales tax | 597,336 | 280,611 | ||||
Taxation - payments less provision | 4,667,139 | 4,795,775 | ||||
Cash and bank balances | 8 | 391,109 | 452,292 | |||
19,700,434 | 15,651,022 | |||||
Total assets | 42,815,779 | 38,756,457 | ||||
EQUITY AND LIABILITIES | ||||||
Share capital and reserves | ||||||
Share capital Ordinary shares | 9,300,159 | 9,300,159 | ||||
Cumulative preference shares | 444,950 | 444,950 | ||||
Difference on conversion of cumulative preference shares and dividends into ordinary shares | (1,762,459) | (1,762,459) | ||||
7,982,650 | 7,982,650 | |||||
Surplus on revaluation of property, plant and equipment | 2,210,271 | 2,214,080 | ||||
Capital reduction reserve | 667,686 | 667,686 | ||||
Accumulated loss | (443,552) | (529,401) | ||||
Contribution from sponsor | 9 | 15,000,000 | 10,281,098 | |||
25,417, 055 | 20, 616,113 | |||||
Liabilities | ||||||
Non-current liabilities | ||||||
Long-term finance - secured | 10 | |||||
Lease liabilities | ||||||
Employee benefit obligations | ||||||
Current liabilities Trade and other payables Provisions Short-term borrowings - secured 11 Unclaimed dividend Current maturity of long-term finance Current maturity of lease liabilities Accrued mark-up | ||||||
Total liabilities | 17,398,724 | 18,140,344 | ||||
Contingencies and commitments | 12 | |||||
Total equity and liabilities | 42,815,779 | 38,756,457 | ||||
153,733 276,138 | 152,174 260,206 412,380 1,070,049 497,195 15,069,089 2,378 593,580 21,091 474,582 17,727,964 |
429,871 | |
1,096,741 497,195 14,390,177 2,378 602,210 22,691 357,461 16,968,853 |
Director
AISHA STEEL MILLS LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED SEPTEMBER 30, 2025 - (UNAUDITED)
SHARE CAPITAL RESERVES
Contribution
from sponsor
TOTAL
Capital Revenue (Note 9)
Ordinary shares Cumulative | Difference on | Surplus on | Capital reduction Accumulated loss |
preference shares | conversion of | revaluation of | reserve |
cumulative | property plant | ||
preference shares | and equipment | ||
into ordinary | |||
shares |
(843,123) | 2,904,500 | (843,123) 2,904,500 |
Rupees '000
Balance as at July 1, 2024 | 9,300,159 | 444,950 | (1,762,459) | 2,229,316 | 667,686 | 827,326 | 4,000,000 | 15,706,978 | ||||||
Incremental depreciation net of deferred tax transferred | (13,518) | 13,518 | ||||||||||||
Total comprehensive loss for the period ended September 30, 2024 | ||||||||||||||
- Loss for the period | ||||||||||||||
- Contribution received from sponsor - net | ||||||||||||||
- Other comprehensive income for the period | ||||||||||||||
(843,123) | 2,904,500 | 2,061,377 | ||||||||||||
Balance as at September 30, 2024 | 9,300,159 | 444,950 | (1,762,459) | 2,215,798 | 667,686 | (2,279) | 6,904,500 | 17,768.355 | ||||||
balance as at July 1, 2025 | 9,300,159 | 444,950 | (1,762,459) | (529,401) | 10,281,098 | 20,616,113 | ||||||||
Incremental depreciation net of deferred lax Transferred | (3,809) | 3,809 | ||||||||||||
Total comprehensive income for the period ended September 30, 2025 | ||||||||||||||
- Profit for the period | ||||||||||||||
| ||||||||||||||
82,040 | 4,718,802 | 4,800,942 |
82,040 | 4,718,902 | 82,040 4,718,902 |
Balance as at September 30, 2025
9,300,159 444,950 (1,762,459)
2,210,271 (443,552) 15,000,000 25,417,055
The annexed notes from 1 to 23 form an integral part of these condensed interim financ"al statements.
Chief Financia Officer Director
AISHA STEEL MILLS LIMITED
CONDENSED INTERIM STATEMENT OF CASH FLOWSFOR THE PERIOD ENDED SEPTEMBER 30, 2025 - (UNAUDITED)
(Unaudited) (Unaudited) September 30, September 30,
2025 2024
Rupees '000
GASH FLOWS FROM OPERATING ACTIVITIES Profit / (loss) before levies and income tax | 20,062 | (1,222,428) |
Add I (less): Adjustment for non-cash charges and | ||
other items | ||
Depreciation and amortisation | 251,994 | 247,628 |
Mark-up charges | 511,998 | 1,095,084 |
Unwinding of long-term finance | 8,630 | 34,518 |
Finance lease charges | 4,723 | 205 |
Provision for staff retirement benefit | 16,726 | 13,561 |
(Gain) / loss on disposal of fixed assets | (296) | 465 |
Return on PLS savings accounts | (3,329) | (2,411) |
790,446 | 1,389,050 | |
Profit before working capital changes | 810,508 | 166,622 |
Effect on cash flow due to working capital changes | ||
(Increase) / decrease in current assets | ||
Inventories | (4,170,482) | 1,405,939 |
Trade and other receivables | 279,260 | 1,909,203 |
Loans, advances and prepayments | (31,284) | 96,399 |
Tax refunds due from Government - Sales tax | (316,725) | (295,854) |
(4,239,231) | 3,115,687 | |
Increase / (decrease) in current liabilities Trade and other payables | 26,692 | (2,699,357) |
Net cash (used in) / generated from operations | (3,402,031) | 582,952 |
Income tax paid | (298,067) | (106,522) |
Income tax refund | 300,056 | |
Mark-up on loans paid | (629,119) | (1,336,803) |
Staff retirement benefit paid | (794) | (5,856) |
Decrease / (increase) in long-term deposits | (8,099) | 285 |
Net cash used in operating activities | (4,038,054) | (865,944) |
(72,066) | (104,131) |
3,331 | 2,411 |
7,181 | 285 |
Purchase of property, plant and equipment Return on PLS accounts
Sale proceeds from disposal of property, plant and equipment Net cash used in investing activities
CASH FLOWS FROM FINANCING ACTIVITIES(61,554)
(101,435)
Repayment of long-term finance | (409,518) | |
Loan from related party - net | 450,000 | |
Short-term loan obtained | 11,896,899 | 9,280,677 |
Short-term loan repaid | (12,799,680) | (12,388,657) |
Contributions received from associated undertaking - net | 4,718,902 | 2,904,500 |
Lease rental paid | (1,564) | (8,301) |
Net cash generated from / (used in) financing activities | 3,814,557 | (171,299) |
Net decrease in cash and cash equivalents | (285,051) | (1,138,678) |
Cash and cash equivalents at beginning of the period | (21) | (1,553,853) |
Cash and cash equivalents at end of the period | (285,072) | (2,692,531) |
Directors' Review Report
The Directors of Aisha Steel Mills Limited (ASML) present herewith Directors' Review Report together with condensed interim financial statements (un-audited) of the Company for the first quarter ended September 30, 2025.
Steel Market ReviewInternational steel prices remained more or less stable during the July-September quarter. In the flat steel sector, HRC price fluctuated in a narrow band around US$ 475, FOB China. The trade war between America and China further intensified. Steep tariffs were imposed by America on many countries including China. Steel exports from Pakistan to America will now be subjected to 50% tariff instead of the previous 25%, making exports to the region very challenging. However, exports to other regions may increase.
The local automotive and white goods industries are doing well. The demand for both CRC and GI has also improved. The local manufacturers continue to face stiff competition from importers. However, after enforcement of 10% sales tax on FATA/PATA and implementation of anticircumvention bill by NTC, the share of local producers is expected to rise gradually.
Operational ReviewThe total quantity sold during the Jul-Sep 2025 Qtr. was 43,376 tons as compared to 20,504 tons sold during the corresponding period last year, showing an increase about 112%. The exports during the period were 5,856 tons compared to 1,975 tons exported last year.
The total quantity produced during the period was 49,513 tons compared to 23,187 tons in the corresponding period of last year, showing an increase of about 114%.
A brief summary of the financial results as on September 30, 2025 is as follows:
All figures in PKR Million | Quarter ended | |
Sep 2025 | Sep 2024 | |
Revenue | 9,463 | 4,580 |
Gross profit | 922 | 71 |
Finance Costs | (525) | (1,130) |
Exchange loss - (Net) | (10) | (8) |
Profit / (Loss) before tax | 20 | (1,222) |
Profit / (Loss) after tax | 82 | (843) |
EPS / (LPS) | 0.07 | (0.93) |
The financial numbers for the July-September quarter have improved compared to same period last year on account of higher volumes, better gross margin and lower financial cost.
Future Outlook:The auto sector and the white goods industries are doing fairly well. The consumption of CRC and GI is increasing in these sectors and also showing improvement in the general engineering applications. The local producers expect to see gradual increase in their market share.
AcknowledgementWe would like to record our appreciation and gratitude to the Banks for the continuous support in the ongoing operations as well as In the expansion project. We also acknowledge the support of Regulators for their continued support.
For and on behalf of the Board
Dr. Munir AhmedChief Executive Karachi : October 28, 2025
Kashif HabibDirector