Avanceon : Financial Results for the Quarter Ended 31 March 2024
May 02, 2024 at 11:15 pm
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Regional Operations Centre
The Avanceon Building
19 km Main Multan Road Lahore 54660 Pakistan
03 May 2024
AVN/PSX/F/03052024
The General Manager.
Pakistan Stock Exchange Limited.
Stock Exchange Building,
Stock Exchange Road,
Karachi.
Subject: Financial results for the 1st Quarter ended 31 March 2024 - Consolidated and
Standalone.
Dear Sir,
We would like to inform you that the Board of Directors of our Company in their meeting held at Tuesday, 30 April 2024 at 05:00 P.M. at Regional Operations Centre, The Avanceon Building, 19-Km, Main Multan Road, Lahore / online, recommended the following: -
(i)
CASH DIVIDEND
NIL
(ii)
BONUS SHARES
NIL
(iii)
RIGHT SHARES
NIL
(iv)
ANY OTHER ENTITLEMENT/CORPORATE ACTION
NIL
(v)
ANY OTHER PRICE-SENSITIVE INFORMATION
NIL
The unaudited financial results of the company (consolidated and standalone) for the 1st Quarter ended 31 March 2024 are as per attachment.
The Quarterly Report of the Company for the period ended 31 March 2024 will be transmitted through PUCARS separately, within specified time.
Yours truly,
Ahsan Khalil | Company Secretary
cc:
Director/HOD,
Surveillance, Supervision and Enforcement Department, Securities and Exchange Commission of Pakistan
NIC Building, 63 Jinnah Avenue, Blue Area, Islamabad.
www.avanceon.ae| Enquiries: support@avanceon.ae
AVANCEON GROUP
CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE FIRST QUARTER ENDED MARCH 31, 2024
Revenue from contracts with customers
Cost of revenue
Gross Profit / (Loss)
Administrative and selling expenses Other expenses
Other income
Profit / (Loss) from operations
Finance costs
Proft / (Loss) before tax
Taxation
Profit / (Loss) for the year from operations
Attributable to:
Equity holders of the Holding Company Non-Controlling Interest
Combined earnings per share
Basic
Diluted
First Quarter Ended
Mar 31, 2024
Mar 31, 2023
(Rupees in '000) Restated
1,973,544 1,198,290
(1,277,243) (951,710)
696,301 246,581
(500,549) (454,044)
(37,822)(1,655)
2,251 683,263
(536,120) 227,564
160,182 474,144
(120,751) (57,601)
39,431 416,543
(28,859) (47,529)
10,571 369,015
(19,186) 320,372
29,75748,643
10,571 369,015
(0.05)0.85
(0.05)0.84
Chief Executive
Chief Financial Officer
Director
AVANCEON LIMITED
STATEMENT OF PROFIT OR LOSS (UN-AUDITED) FOR THE FIRST QUARTER ENDED MARCH 31, 2024
Revenue from contracts with customers
Cost of revenue
Gross Profit / (Loss)
Administrative and selling expenses
Other expenses
Other income
Profit / (Loss) from operations
Finance costs
Proft / (Loss) before tax
Taxation
Profit / (Loss) for the year from operations
Combined earnings per share
Basic
Diluted
First Quarter Ended
Mar 31, 2024
Mar 31, 2023
(Rupees in '000)
532,516 323,791
(290,307) (204,426)
242,208 119,365
(90,027) (68,472)
(30,140)(1,655)
731 837,086
(119,437) 766,960
122,772 886,324
(34,466) (34,952)
88,306 851,372
(17,908) (28,316)
70,398 823,057
Restated
0.192.19
0.182.16
Chief Executive
Chief Financial Officer
Director
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Avanceon Ltd. published this content on
03 May 2024 and is solely responsible for the information contained therein. Distributed by
Public, unedited and unaltered, on
03 May 2024 03:14:08 UTC.
Avanceon Limited is a Pakistan-based provider of industrial automation, process control, and systems integration, as well as proprietary energy management solutions and support services. The Company's After Marketing Support (AMS) segment is engaged in the provision of services, such as technical support and service level agreements (SLAs) and related spares. Its Core Business segment includes Application Based Solutions (ABS), Systems, and Products. ABS sales include the supply of patented systems, power products, software, Variable Speed Drives (VSDs), and Variable Frequency Drives (VFDs). Systems sales are embedded solutions for multiple original equipment manufacturers (OEMs) equipment. Products include the sale of motors, analyzers, and other specialized products of OEMs. Its Specialized Business segment includes Energy Management Systems (EMS) and High End Solutions (HES). Its other segments include Manufacturing and Assembling, Engineering services business and Middle East.
AVANCEON LIMITED 