Agha Steel charts a green path with 'Agha Green' subsidiary approval

MG News | October 16, 2023 at 09:52 AM GMT+05:00

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October 16, 2023 (MLN): The board of Directors of Agha Steel (PSX: AGHA) on Friday approved setting up a wholly owned subsidiary of the company under the name and style as "Agha Green", the company's filing on PSX showed today.

In addition, the company also informed that its MiDa project has achieved critical milestones and is set for its first phase cold start in November.

The company is principally engaged in the manufacturing and sale of steel bars, wire rods and billets.

On the earning front, the company reported a YoY profit decline of 18.32% in the first quarter of FY24, with its after-tax profit amounting to Rs125.24 million, resulting in an earnings per share (EPS) of Rs0.21.

At the time of writing, the scrip of the company is being traded at Rs12.29, up by Rs46 paisa or 3.89% compared to the previous close.

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