Avanceon Limited Announces First Quarter Financial Results for 2024

Lahore, Avanceon Limited disclosed its financial outcomes for the first quarter ended March 31, 2024. The company reported no new entitlements or corporate actions, including cash dividends, bonus shares, or rights shares in a board meeting held on April 30, 2024, in Lahore and online.

For the consolidated financials, Avanceon Group noted a decrease in profitability. The revenue from contracts with customers was recorded at 1,973,544 thousand rupees, up from 1,198,290 thousand rupees in the same period last year. Despite higher revenues, the profit after taxation significantly dropped to 10,571 thousand rupees from 369,015 thousand rupees a year earlier. This decline was primarily due to a significant reduction in other income, which fell from 683,263 thousand rupees to just 2,251 thousand rupees.

In standalone terms, Avanceon Limited saw an increase in its first-quarter revenue, reaching 532,516 thousand rupees compared to 323,791 thousand rupees in the previous year. The profit after taxation was reported at 70,398 thousand rupees, a decline from 823,057 thousand rupees reported in the first quarter of 2023. This drop was despite the lower other income, which decreased from 837,086 thousand rupees to 731 thousand rupees.