Posted on 24 Sep 2024
Mughal Steel has announced an upgrade project for its steel bar re-rolling mill in Pakistan.
The balancing, modernization, and replacement (BMR) project will enable the company to maximize its existing capacity to produce both steel rebars and medium sections interchangeably, notes Kallanish.
The BMR project is expected to significantly enhance the capacity utilization of the current re-rolling mill, diversify Mughal’s product range, and bolster its competitive edge in the market.
Once operational, the upgraded facility is projected to produce approximately 8,000 to 10,000 tonnes of medium sections each month.
The total estimated investment for this project is PKR 2 billion ($7.19 million).
In addition to this announcement, the company has released its financial performance report for fiscal year 2024 (FY24), which ended in June. It reports a 38% increase in sales, reaching PKR 106 billion, marking the company’s first time exceeding the PKR 100 billion mark.
However, profits saw a significant decline of 43% year-on-year, totalling PKR 1.99 billion in FY24 with the decrease is primarily attributed to a 44% rise in finance costs, which reached PKR 6.36 billion.
Source:Kallanish
