Avanceon reports nearly 21% decline in profit, posting Rs2bn for 2024

MG News | April 03, 2025 at 10:49 AM GMT+05:00

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April 03, 2025 (MLN): Avanceon Limited (PSX: AVN) has announced its financial results for the year ended December 31, 2024, reporting a profit of Rs2.07 billion, reflecting a 20.75% decline from Rs2.61bn in 2023.

The company’s Earnings per share (EPS) decreased from Rs5.99 to Rs5.13.

The company's revenue stood at Rs16.16bn, marking a 9.07% decrease from Rs17.77bn recorded in the previous year.

Despite a 2.59% reduction in the cost of revenue to Rs11.89bn, the company's gross profit declined by 23.32% to Rs4.26bn.

A significant 56.71% drop in administrative and selling expenses to Rs2.49bn helped mitigate the impact, but other expenses surged 68.30% to Rs251.47 million.

Other income saw a steep fall of 94.28%, coming in at Rs250.58m compared to Rs4.38bn in 2023.

Avanceon’s profit from operations shrank by 56.15% to Rs1.76bn, while finance costs rose 9.61% to Rs447.89m.

The company recorded a share of profit from its joint venture amounting to Rs179.51m, reflecting a 62.65% increase from last year.

The company's pre-tax profit stood at Rs1.49bn, down 59.84% year-over-year.

However, taxation adjustments resulted in a tax credit of Rs575.09m, compared to a tax expense of Rs1.11bn in 2023.

Consolidated Statement of Profit or Loss for the year ended December 31, 2024 (Rupees in '000)	2024	2023	%Change
Revenue from contracts with customers	16,156,098	17,767,312	-9.07%
Cost of revenue	(11,895,852)	(12,211,577)	-2.59%
Gross Profit / (Loss)	4,260,246	5,555,735	-23.32%
Administrative and selling expenses	(2,497,007)	(5,767,822)	-56.71%
Other expenses	(251,472)	(149,415)	68.30%
Other income	250,578	4,380,205	-94.28%
Profit from operations	1,762,346	4,018,703	-56.15%
Finance costs	(447,890)	(408,630)	9.61%
Share of profit from Joint Venture	179,514	110,367	62.65%
Profit before tax	1,493,970	3,720,440	-59.84%
Taxation	575,086	(1,109,701)	-151.82%
Profit for the year	2,069,056	2,610,739	-20.75%
Basic Earnings per share	5.13	5.99

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