Announcement - Financial Results for the Quarter Ended 31-March-2025

‌30'hApril 2025

FORM-7

ARIF HABIB GROUP

The General Manager

Pakistan Stock Exchange Limited Stock Exchange Building

Stock Exchange Road Karachi

Contact: 021-32439618; 021-35274381

Fax: 021- I I I -573-329

Subject: Announcement - Financial Results for the Quarter Ended 31"' March2025

Dear Sir

We have to inform you that Board of Directors of our Company, in their meeting held on Tuesday, 29thApril 2025 at 3:00 p.m. at Arif Habib Centre, 23 M.T. Khan Road, Karachi recommended the following:

1. CASH DIVIDEND

2. BONUS SHARES

3. RIGHT SHARES

4. ANY OTHER ENTITLEMENT/CORPORATE ACTION

5. ANY OTHER PRICE-SENSITIVE INFORMATION

NIL NIL NIL NIL

NIL

The financial results for the nine months and quarter ended 31stMarch 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)

  
  
  

  We will be transmitting the financial statements for the period under review as prescribed within the specified time.

  "' ' .°"z

  Manzoor azi " " Company Secretary

  
  
  

  ‌Annexure-A‌‌

  AISHA STEEL MILLS LIMITED

  CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS AND OTHER COMPREHENSIVE INCOME - (UNAUDITED)

  FOR THE PERIOD ENDED MARCH 31, 2025

  	Quarter ended			Nine months ended
  	March 31,	March 31,			March 31,	March 31,
  	2025	2024		2025		2024
  		Rupees '000
  Revenue from contracts with customers	8,865,844	8,790,107		21,792,807		31,435,915
  Cost of sales	(8,131,288)	(7,509, 074)		(21,158,950)		(27,985,519)
  Gross profit	734,556		1,281,033		633,857		3,450,396
  Selling and distribution costs	(130,302)	(161,518)		(232,316)		(372,286)
  Administrative expenses	(150,466)	(106,045)		(429,942)		(336,884)
  Operating (loss) / profit	453,788		1,013,470		(28,401)		2,741,226
  Other expenses	(15,745)	(977)		(23,920)		(18,046)
  Other income	479,687	3,905		494,641		271,609
  Finance costs	(482,178)	(990,976)		(2,264,884)		(2,907,924)
  (Loss) / Profit before levies and income tax	435,552		25,422		(1,822,564)		86,865
  Levies	(4,849)			(13,761)
  (Loss) / profit before income tax	430,703		25,422		(1,836,325)		86,865
  Income tax credit / (charge)	(113,612)	65,664		451,139		136,389
  (Loss) / Profit for the period	317,091		91,086		(1,385,186)		223,254
  Other comprehensive income
  Total comprehensive (loss) / income	317,091		91, 086		(1,385,186)		223,254
  	-	Rupees
  (Loss) / earnings / per share - basic and diluted	0.32	0.07		(1 56		0.15

  
  
  

  Annexure-B

  AISHA STEEL MILLS LIMITED

  CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION AS AT MARCH 31, 2025 - (UNAUDITED)

  (Unaudited) March 31,

  2025

  (Audited) June 30,

  2024

  ASSETS

  Non-current assets

  Rupees'000

  Property, plant and equipment	19,704,833		19,624,339
  Intangible assets	38,812		43,300
  Long-term advances	294		294
  Long-term deposits	73,479		68,601
  Deferred tax asset	3,118,505		2,650,936
  	22,935,923		22,387,470
  Current assets
  Inventories	6,990,226		9,870,972
  Trade and other receivables	1,355,261		2,930,930
  Loans, advances and prepayments	515,166		554,932
  Tax refunds due from government - Sales tax	387,437
  Taxation - payments less provision	4,909,92T		4,635, 782
  Cash and bank balances	336,045		217,072
  	14,494,062		18,20B,688
  Total assets	37,429,985		40,597,158
  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

  306,450	572,133
  154,862	171,579
  242,407	197,759
  703,719	941,471
  981,427	2,943,108
  497,195	497,195
  13,484,581	16,490,129
  -	178,116
  3,223	3,223
  612,900	2,623,137
  32,718	22,272
  511,332	1,191,529
  16,123,376	23,948,709

  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	2,181,120		2,229,316
  Capital reduction reserve	667,686		667,686
  (Accumulated loss) / unappropriated profit	(509,664)		827,326
  Contribution from sponsor	10,281,098		4,000,000
  	20,602,890		15,706,978
  Liabilities
  Non-current liabilities
  Long-term finance - secured Lease liabilities Employee benefit obligations Current liabilities Trade and other payables Provisions Short-term borrowings - secured Sales tax payable Unclaimed dividend Current maturity of long-term finance Current maturity of lease liabilities Accrued mark-up

  Total liabilities	16,827,095		24,890,180
  Contingencies and commitments
  Total equity and liabilities	37,429,985		40,597,158

  
  
  

  Annexure-C

  AISHA STEEL MILLS LIMITED

  CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY FOR THE PERIOD ENDED MARCH 31, 2025 - (UNAUDITED)

  SHARE CAPITAL

  Contribution

  
  
  

  ISOm Sp 0 ISO I

  Capital Revenue

  
  
  

  Cumulative Difference on Surplus on Capital reduction Unappropriated preference shares conversion of revaluation of reserve P"•*

  cumLTIative property plant (accumulated loss) preference shares and equipment

  into ordinary shares

  {Note 9)

  • Rupees '000

‌Annexure-D

Directors' Report

The Directors of Aisha Steel Mills Limited (ASML) present herewith the Directors' Review Report together with condensed interim financial statements of the Company for the third quarter ended March 31, 2025.

The HRC prices during the December 2024 and March 2025 quarter, remained stable at around US$ 470, FOB China. The market is expected to remain at these levels. However, if the ongoing trade war between China and America escalates further, disruption in commodities prices, including HRC, can be anticipated. The Chinese HRC price, due to further export restrictions, may move downwards while American and European HRC price may rise.

The restriction elsewhere has resulted in further influx of Chinese CRC and HRC into Pakistan. The local mills had to reduce prices to push sales. The demand for CRC and GI has improved, but cheap imports are blocking an increase in local producers' share.

The total quantity sold during the July 2024 to March 2025 period was 95,528 tons compared to 119,676 tons sold during the corresponding period last year showing a decrease of about 20%. The export quantity was 6,294 tons compared to 18,185 tons exported during the corresponding period last year.

The total quantity produced during the period was 104,892 tons compared to 126,444 tons in the corresponding period last year, a decrease of about 17%. Low sales and high finance costs are the main reasons for the weak financial results of the Company.

A brief summary of the financial results as on March 31, 2025, is as follows:

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As cited in the last directors' report, the domestic flat steel industry has been significantly affected by the influx of Galvalume Coils from China, which are solely imported to avoid antidumping duties imposed by the National Tariff Commission on galvanized coils. The anti-circumvention case filed, against this misuse, in NTC is progressing well and outcome is expected within this financial year.

The ongoing trade war between America and China may bring down commodities prices. Both iron ore and coke prices are exhibiting a declining trend. The local demand is still slow but stable. However, the prices in America and Europe are rising and may open up export options for ASML.

The directors are grateful to the Company's stakeholders for their continuing confidence and patronage. We would also like to record our appreciation to the Banks for their continuous support in the ongoing operations. We also acknowledge the support of Regulators for their continued support.

Karachi: April 29, 2025

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