Moreover, the Board of Directors of the company also approved a capital expenditure of Rs290 million for the installation of additional annealing. This takes half-year (July to December 2017) profit to Rs2.18 billion (EPS of Rs5.02), up 90% compared with Rs1.15 billion (EPS of Rs2.67) in the same period last year. ISL surpassed its own sales record, posting highest quarterly sales revenue of Rs11.5 billion owing to an increase in selling prices, while volumes were likely stable, according to a Topline Securities report. According to the World Steel Association (WSA), Pakistan’s total steel use in 2015 was 7.1 million tons, which translates into a per-capita use of just 37.5kg – one of the lowest in the world. Analysts expect the country’s steel requirement to grow to over 12 million tons by 2019, taking per-capita need to 62kg.

Source: The Express Tribune January 24, 2018 04:07 UTC