AVN nine months profits tick up by 89.22% YoY in September 2022

October 28, 2022 (MLN): Avanceon Limited (AVN) has announced its financial results for 9MCY22 ended on September 30, 2022, wherein the earnings of the company increased by 89.22% YoY, to Rs1.66 billion, translating into an EPS of Rs5.59 when compared with the same period last year in which net profits were recorded at Rs878 million (EPS: Rs2.96).

The increase in profit after tax is attributed to operating profit surging by 81.12% YoY to Rs 1.81bn as compared to Rs999mn in the same period last year (SPLY).

As per the financial statement issued by the company to PSX, the company’s sales went up by 7.57% YoY to Rs1.30bn as compared to Rs1.21bn last year.

On the expense side, the company saw almost a 127% YoY rise in administrative and selling expenses, and 102.09% YoY in other expenses, while the other income of the company inched up by 132.12% YoY in 9MCY22.

Furthermore, profit before taxation is moved up by 78.75% YoY to Rs1.72bn against Rs961mn in SPLY.

In addition, the company paid Rs55.69mn in terms of taxes and incurred a finance cost of Rs93.28mn.

At the time of writing, the scrip of the company is being traded at Rs75.20, which fell by Rs1.14 or 1.49% DoD.

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