Avanceon secures $4.2m contracts in UAE, KSA

July 18, 2023 (MLN): Avanceon Limited (AVN)’s wholly owned subsidiaries in United Arab Emirates (Avanceon FZE) and Zamil joint venture company (Avanceon Arabia InfoTech. WLL) have secured contracts worth $4.2 million from major EPC contractors and oil & gas companies in multiple regions, the company’s latest filing on the PSX showed.

“These contracts give a pathway for a positive impact on the group’s business and value for its shareholders.” it reads.

These projects are significant in nature as they will establish Avanceon’s footprint in their respective regions and launch the first project for the newly formed joint venture company Avanceon Arabia Information Technology WLL in KSA.

The details of the projects are mentioned below. Customer names have been withheld due to NDAs.

AVN will provide all services in accordance with the local regulatory and QHSE authorities’ requirements.

For the execution of this project, AVN will be partnering with World Class OEMs.

All necessary studies will be carried out before the start of the project with failsafe plans to address any safety, quality, and environmental issues.

To reach $100m in revenue by FY 2025, AVN set its corporate goal, "Road to 100." With its annual PO generation goal on schedule for 2023, AVN remains on track with 5% of the final 2023 count comes from the orders mentioned above.

AVN is dedicated to providing value to its stakeholders and pursuing continual progress. The group is committed to building on these achievements and using it to strengthen its position in the market and cater to changing client needs.

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