June 24, 2021 (MLN): The Pakistan Credit Rating Agency Limited (PACRA) has assigned Avanceon Limited an initial entity rating in its latest report released on June 11, 2021.
Avanceon Limited has received an A-in long term, A2 in short term, and a ‘Stable’ outlook from PACRA.
The company provides industrial automation, process control, and systems integration solutions, to trade in products of automation and control equipment and provide related technical services.
Here are a few salient excerpts from the PACRA report,
- During FY21, Avanceon generated revenue of PKR 6.4bln at the end of Dec-20 (CY19: PKR 4.9bln) on a consolidated basis. In geographical distribution, a major portion of the revenue is generated in KSA followed by Pakistan.
- Avanceon has less dependence on borrowings which provides comfort to financial risk.
- The company has maintained consistent operating profit margins which reflects the efficient translation of top-line into higher net profitability. The rating draws comfort as the major clientele is concentrated in oil and gas sectors; the rest are also multinational corporates.
Copyright Mettis Link News
Posted on: 2021-06-24T13:06:00+05:00
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