AVANCEON LIMITED 1 | Financial Statements 2023 |
for the nine months ended September 30, 2023
1
Table of Contents
Corporate Profile | |
Company Information | 02 |
Interim Director's Report | 04 |
Independent Auditor's Review Report | 06 |
Stand Alone Financial Statements | |
Condensed Interim Statement of Financial Position | 08 |
Condensed Interim Statement of Profit or Loss | 10 |
Condensed Interim Statement of Comprehensive Income | 11 |
Condensed Interim Statement of Changes in Equity | 12 |
Condensed Interim Statement of Cash Flows | 13 |
Notes to the Condensed Interim Financial Statements | 15 |
Consolidated Financial Statements | |
Condensed Interim Statement of Financial Position | 20 |
Condensed Interim Statement of Profit or Loss Account | 22 |
Condensed Interim Statement of Comprehensive Income | 23 |
Condensed Interim Statement of Changes in Equity | 24 |
Condensed Interim Statement of Cash Flows | 25 |
Notes to the Condensed Interim Financial Statements | 27 |
2
Financial Statements 2023
for the nine months ended September 30, 2023
Company Information
Directors
Khalid Hameed Wain | Director / Chairman |
Bakhtiar Hameed Wain | Director / Chief Executive Officer |
Tanveer Karamat | Director |
Amir Waheed Wain | Director |
Hanan Darwish | Director |
Omer Iqbal Khan | Director |
M. Shahid Mir | Director |
Junaid Mushtaq Paracha | President |
Ahsan Khalil (ACA-FPFA) | Chief Financial Officer |
Ahsan Khalil (ACA-FPFA) | Company Secretary |
Audit Committee
M. Shahid Mir | Chairman |
Amir Waheed Wain | Member |
Khalid Hameed Wain | Member |
Human Resource & Remuneration Committee
M. Shahid Mir | Chairman |
Hanan Darwish | Member |
Khalid Hameed Wain | Member |
Auditors
BDO Ebrahim & Co.
Chartered Accountants
Legal Advisor
Cheema & Ibrahim
Web Presence
www.avanceon.ae | www.avanceon.com
www.avanceon.qa | www.octopusdtl.com
Bankers
Faysal Bank Limited, Pakistan
Habib Bank Limited, Pakistan & United Arab Emirates National Bank of Fujairah, United Arab Emirates Habib Bank AGA, Zurich, United Arab Emirates National Penn Bank, United States of America Signature Bank, United States of America
Bank of Singapore, United Arab Emirates MCB Bank Limited, Pakistan
United Bank Limited, Pakistan & United Arab Emirates National Bank of Pakistan Limited, Pakistan Standard Chartered Bank Limited, Pakistan
JS Bank Limited, Pakistan Dubai Islamic Bank Pakistan
Qatar International Islamic Bank QIIB, Qatar Islamic Bank QIB, Qatar
Share Registrar
FAMCO Associates (Pvt) Ltd. 8-F, Next to Hotel Faran, Nursery, Block-6, P.E.C.H.S, Shahra-e-Faisal, Karachi. Phone: +92 (21) 3438 0101-5 Fax No: +92 (21) 3438 0106 www.famco.com.pk
Registered Office
The Avanceon Building
19-KM , Main Multan Road, Lahore 54660, Punjab, Pakistan Phone: +92 (42) 111 940 940 Fax No: +92 (42) 375 151 28 Email: support@avanceon.com
3
Global Headquarters Avanceon Gp - Exton, Pa, Usa
300 Eagleview Blvd, Suite 100
Exton, PA 19341
United States of America
Phone: +1 610 458 8700
Regional Headquarters - South Asia
Lahore, Punjab, Pakistan
The Avanceon Building
19-KM , Main Multan Road, Lahore,
54660 Punjab, Pakistan Phone: +92 (42) 111 940 940 Email: support.sea
Karachi, Sindh, Pakistan
MA Tabba Foundation Building,
First Floor, Gizri Road Block 9,
Clifton Karachi, Sindh 75600
Phone: +92 (21) 111 940 940
Email: support.sea@avanceon.ae
Islamabad, Pakistan
Manzoor Plaza (The Hive Building),
First Floor, Plot 14-EFazal-e-Haq Road,
G-6/2, Blue Area, Islamabad 44000
Phone: +92 51 573 3031
Email: support.sea@avanceon.ae
Phone: +92 51 573 3031
Regional Headquarters - Middle East
Avanceon FZE - Dubai, UAE
FZS1 BD04 JAFZA P.O. Box 18590
Dubai, United Arab Emirates
Phone: +971 4 88 60 277
Email: support.mea@avanceon.ae
Abu Dhabi, UAE
In Partnership with Ali & Sons
Ali &Sons Bldg., Zayed 2nd Street
P.O. Box 915
Abu Dhabi, U.A.E.
Phone: +971 4 88 60 277
Email: support.mea@avanceon.ae
Doha, Qatar
Avanceon Automation Control WLL
Office No. 12, M Floor, Al-Jaber Engg.
HO Building, P.O. Box 15976, Fox Hills, Lusail, Doha, Qatar. Phone: +974 4040 9835
Email: support@avanceon.qa
Jeddah, Saudia Arabia
In Partnership with ATCO LLC
ATCO Building Kuwait St. Faisaliyah District
P.O. Box 1298Jeddah, KSA.
Phone: +966-12-6912204 x 127
Email: support.mea@avanceon.ae
Dammam, Saudia Arabia
In Partnership with ATCO LLC
ATCO Building King Khalid Street
P.O. Box 718 Dammam, KSA.
Phone: +966-12-6912204 x 127
Email: support.mea@avanceon.ae
4
Financial Statements 2023
for the nine months ended September 30, 2023
Interim Director's Report
Directors of Avanceon Limited (the Company) are pleased to present the Directors' Report for the nine months September 30, 2023.
For the nine months ended | |||
(Rupees in '000) | September 30, | September 30, | |
2023 | 2022 | ||
Operating results (Consolidated) | |||
Revenues | 8,148,635 | 4,613,635 | |
Profit before tax | 1,522,559 | 915,475 | |
Provision for taxation | (61,576) | (84,956) | |
Profit after taxation | 1,460,983 | 830,519 | |
Operating results (standalone) | |||
Revenues | 1,209,932 | 1,300,756 | |
Profit before tax | 1,118,606 | 1,717,329 | |
Provision for taxation | (27,572) | (55,693) | |
Profit after taxation | 1,091,034 | 1,661,636 | |
Earnings per share (consolidated) for the nine months September 30, 2023
The basic earnings per share after tax is Rs. 3.93 (2022: Rs. 2.09 - restated)
Earnings per share (standalone) for the nine months September 30, 2023
The basic earnings per share after tax is Rs. 3.12 (2022: Rs. 4.75 - restated)
The group topline revenue recorded the highest ever number of revenue for nine (09) months ended September 30, 2023, total of Rs. 8.1billion (Rs. 4.6billion 2022), attributed mainly to the growth in Middle East. However, the standalone revenues remained almost at par with the corresponding year. The group performance in terms of financial numbers represent a strong straight-line trajectory to achieve the corporate plan for the 2023 and hence to the road to $100m plan.
Avanceon Group typically experience lower revenues and profits in the first quarter, followed by increasing momentum in the second quarter, with the majority of order revenue recognized in the third and fourth quarters. This trend aligns with a consistent business cycle observed over several years.
Currently with US dollar stabilizing a bit and ease in import restrictions the financial year 2023 closure would be at a strong positive node. The group order generation both in Pakistan and Middle East (UAE, Qatar and KSA) is also over and above our corporate plan target 2023 which assures a hefty opening back log for 2024.
5
Interim Director's Report
Communication
Communication with the shareholders is given a high priority. Financial reports are shared with shareholders within time specified in the current Companies Ordinance. The Company also has a website, www.avanceon.ae, which contains up to date information on Company's activities and financial reports.
For and on behalf of the
BOARD OF DIRECTORS
October 27, 2023 | Bakhtiar Hameed Wain |
Lahore, Pakistan. | |
Chief Executive Officer | |
Tanveer Karamat
Director
6
Financial Statements 2023
for the nine months ended September 30, 2023
7
Avanceon Limited
Condensed Standalone Interim Financial Statements
for the nine months ended September 30, 2023
8
Financial Statements 2023
for the nine months ended September 30, 2023
Condensed Interim Statement of Financial Position
as at September 30, 2023
Un-audited | Audited | |||
(Rupees in '000) | September 30, | December 31, | ||
2023 | 2022 | |||
EQUITY AND LIABILITIES | ||||
SHARE CAPITAL AND RESERVES | ||||
Authorised capital | ||||
500,000,000 (2022: 500,000,000) | ||||
ordinary shares of Rs 10 each | 5,000,000 | 5,000,000 | ||
ISSUED, SUBSCRIBED AND PAID UP CAPITAL | ||||
376,297,850 (2022: 324,700,631) | ||||
ordinary shares of Rs 10 each | 3,762,979 | 3,247,006 | ||
CAPITAL RESERVES | ||||
Share Premium | 327,348 | 314,512 | ||
Employees' share compensation reserve | 187,081 | 155,662 | ||
Surplus on revaluation of property, plant & equipment | 331,422 | 332,208 | ||
845,852 | 802,382 | |||
REVENUE RESERVES | ||||
Un-appropriated profit | 3,512,512 | 2,911,516 | ||
8,121,342 | 6,960,904 | |||
NON CURRENT LIABILITIES | ||||
Liabilities against assets subject to finance lease | 131,701 | 112,707 | ||
CURRENT LIABILITIES | ||||
Current portion of liabilities against assets | ||||
subject to finance lease | 57,239 | 40,764 | ||
Finances under mark up arrangements | ||||
and other credit facilities - secured | 627,158 | 609,997 | ||
Contract Liabilities | 370,943 | 217,397 | ||
Unclaimed / Unpaid Dividend | 152,848 | 176,283 | ||
Creditors, accrued and other liabilities | 1,748,758 | 1,433,659 | ||
TOTAL EQUITY AND LIABILITIES | 2,956,945 | 2,478,099 | ||
CONTINGENCIES AND COMMITMENTS | 7 | |||
11,209,988 | 9,551,710 | |||
Chief Executive Officer | Chief Financial Officer |
Bakhtiar Hameed Wain | Ahsan Khalil |
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Avanceon Ltd. published this content on 02 November 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 02 November 2023 10:01:49 UTC.
