Avanceon reports nearly 21% decline in profit, posting Rs2bn for 2024
MG News | April 03, 2025 at 10:49 AM GMT+05:00
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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