Financial Results for the Quarter Ended 31 March 2025

Avanceon Ltd.PSX: AVN

147,445
82,829

May 2, 2025 at 3:38 AM UTC · Issued by Avanceon Ltd.

Regional Operations Centre The Avanceon Building

19 km Main Multan Road

Lahore 54660 Pakistan

02 May 2025 AVN/PSX/F/02052025

The General Manager.

Pakistan Stock Exchange Limited. Stock Exchange Building,

Stock Exchange Road, Karachi.

Subject: Financial results for the 1stQuarter ended 31 March 2025 - Consolidated and Standalone.

Dear Sir,

We would like to inform you that the Board of Directors of our Company in their meeting held at Wednesday, 30 April 2025 at 05:30 P.M. at Regional Operations Centre, The Avanceon Building, 19-Km, Main Multan Road, Lahore / online, recommended the following: -

CASH DIVIDEND NIL
BONUS SHARES NIL
RIGHT SHARES NIL
ANY OTHER ENTITLEMENT/CORPORATE ACTION NIL
ANY OTHER PRICE-SENSITIVE INFORMATION NIL

The unaudited financial results of the company (consolidated and standalone) for the 1stQuarter ended 31 March 2025 are as per attachment.

The Quarterly Report of the Company for the period ended 31 March 2025 will be transmitted through PUCARS separately, within specified time.

Yours truly,

Ahsan Khalil | Company Secretary cc:

Director/HOD,

Surveillance, Supervision and Enforcement Department, Securities and Exchange Commission of Pakistan

NIC Building, 63 Jinnah Avenue, Blue Area, Islamabad.

https://www.avanceon.ae | Enquiries: support@avanceon.ae

AVANCEON GROUP
CONSOLIDATED CONDENSED INTERIM STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2025
Un-Audited	Audited	Un-Audited	Audited
Mar 31, 2025	Dec. 31, 2024	Mar 31, 2025	Dec. 31, 2024
(Rupees in '000)		(Rupees in '000)

EQUITY AND LIABILITIES

SHARE CAPITAL AND RESERVES

Authorised capital 500,000,000 (2023: 500,000,000)

ordinary shares of Rs 10 each

ISSUED, SUBSCRIBED AND PAID UP CAPITAL

417,571,424 (2024: 415,022,831)

ordinary shares of Rs. 10 each

CAPITAL RESERVES

Share premium

Employees' share compensation reserve

Statutory reserve

Exchange revaluation reserve

Gain on diluation of interest

Surplus on revaluation of property & equipment

REVENUE RESERVES

Un-appropriated Profit

Non-controlling Interest

NON CURRENT LIABILITIES

Long Term Loans

Liabilities against assets subject to finance lease Deferred Liabilities

Diminishing Musharaka

ASSETS

Property and equipment

Capital Work in Progress

4,150,228 Intellectual Property

Goodwill

Investment in JV

508,405 Deferred Tax Assets

408,223 Long term deposits 3,227

2,639,098

631,367

328,199

1,328,440
468,708
4,865,614
221,810
383,04G
32,805
86,45G
7,386,884

1,274,588
402,884
4,840,528
221,810
379,669
32,697
82,205
7,234,381

5,000,000 5,000,000 NON CURRENT ASSETS

508,405

408,223

3,227

2,72G,402

631,367

327,621

4,608,245

4,175,714

4,518,519

5,573,5G4

14,357,553

6G1,421

15,048,G74

5,306,198

13,974,945

686,608

14,661,553

G0,707

120,G44

33G,300

G4,001

644,G53

96,241

115,274

333,149

112,382

657,046

CURRENT LIABILITIES

Current portion of Long Term Loans Current portion of Diminishing Musharaka Current portion of lease liabilities Finances under mark up arrangements

and other credit facilities - secured Unclaimed Dividend

Creditors, accrued and other liabilities Contract Liabilities

Taxation-Net

25,314

58,208

48,G81

1,477,822

162,141

7,72G,606

1,8G1,86G

455,671

11,84G,612

436,883

5,568,G14

G,525,011

4,000,254

101,216

548

523,828

173,619

7,131,935

9,319,803

3,445,266

100,233

539

756,748

CURRENT ASSETS

Stock in trade

Trade debts

Contract Assets

Advances, deposits, prepayments

and other receivables

Term deposits with banks

Investments in Stocks

Cash and bank balances

20,156,654 20,928,143

25,106
58,209
48,586
1,503,297
163,298
8,439,613
2,156,718
449,098
12,843,925

27,543,538 28,162,524 27,543,538 28,162,524

Chief Executive Officer Chief Financial Officer Director

AVANCEON GROUP

CONSOLIDATED STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

First Quarter Ended
Mar 31, 2025	Mar 31, 2024
(Rupees in '000)

(560,564)

(2,203)

16,088

(500,497)

(37,874)

2,251

Revenues

Cost of revenue

Gross Profit / (Loss)

Administrative and selling expenses Other expenses

Other income

Profit / (Loss) from operations

Finance costs

Profit / (Loss) before tax

Taxation

Profit / (Loss) for the period after tax

Attributable to:

Equity holders of the Holding Company

Non-Controlling Interest

266,818		(19,186)
4,813		29,757
271,631		10,571

Restated

(0.05)

2,520,851		1,973,544
(1,542,8G5)		(1,277,243)
G77,G56		696,301

(546,680)		(536,120)
431,276		160,182
(146,6G0)		(120,751)
284,586		39,431
(12,G56)		(28,859)
271,631		10,571

Combined earnings per share

Basic 0.64

Diluted 0.62 (0.04)

Chief Executive Officer Chief Financial Officer Director

AVANCEON GROUP

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

CAPITAL RESERVES

REVENUE

RESERVES

Share capital

Share premium reserve

Gain on diluation of interest

Employee share compensation

reserve

Statutory Reserve

Exchange revaluation reserve

Surplus on Revaluation of Property, Plant

and Equipment

Un-appropriated (loss) / profit

Non-Controlling Interest

TOTAL

(Rupees in '000)

13,08G,717

	-	13,357	214,890 82,829 (754,587)
	(13,357)
	-
	(754,587)
	(377,293)
	(1,145,237)	13,357	(456,867)
328,1GG	5,306,1G8	686,608	14,661,553

9,956

377,293

57,490

387,250

57,490

4,150,228

508,405

Balance as on January 01, 2024 3,762,G78 450,G15 631,367 177,G4G 3,227 2,671,84G 330,636 4,440,188 620,608

Profit for the period

Other comprehensive income

(32,751)

(2,437)

2,008,811

2,437

2,011,248

52,643

2,061,454

(32,751)

2,028,702

Issuance of shares against ESOS

Adjustment of NCI

Employee share option reserve

20% dividend for the period ended December 31, 2023

10% bonus share issue for the period ended December 31, 2023

Balance as on December 31, 2024

Profit for the period

Other comprehensive income

90,304

(579)

266,818

579

267,396

4,813

271,631

90,304

361,935

25,486

Issuance of shares against ESOS

Balance as on March 31, 2025 4,175,714 508,405 631,367 408,223 3,227 2,72G,402 327,621 5,573,5G4 6G1,421 15,048,G74

Chief Executive Officer Chief Financial Officer Director

AVANCEON GROUP

CONSOLIDATED CONDENSED INTERIM STATEMENT OF CASHFLOWS (UN-AUDITED)

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

First Quarter Ended
Mar 31, 2025	Mar 31, 2024
(Rupees in '000)

CASH FLOW FROM OPERATING ACTIVITIES

Profit/ (loss) before tax

Adjustments for:

Depreciation on property and equipment

Exchange gain

Amortization

Provision for gratuity

Finance costs

Employees' share option expense

Provision for ECL - trade debts

Loss on bank deposits

Profit before working capital changes

(Increase) / decrease in current assets

- Stock in trade

- Trade debts

- Contract Assets

- Advances, deposits, prepayments and other receivables

(decrease) / Increase in current liabilities

- Creditors, accrued and other liabilities

- Contract Liabilities

Cash (used in) / generated from operations

284,586 39,431

46,453
(15,60G)
14,518
57,423
146,6G0
2,G37
124
252,536

43,372

36,215

120,751

(90)

200,300

(263,264)		(215,664)
1,578,630		2,626,394
(205,207)		89,201
(554,G88)		(605,627)
(5G8,326)		(1,355,615)
(264,84G)		851,151
(308,004)		1,389,839
22G,118		1,629,570
		132,405)
		(57,561)
		(12,559)
		,427,045

537,122 239,731

Finance costs paid

Gratuity paid

Taxes paid

Net cash (used in) / generated from operating activities

(152,277) (

(51,272)

(6,4G1)

1G,078 1

First Quarter Ended
Mar. 31, 2025	Mar. 31, 2024
(Rupees in '000)

Net cash (used in) / generated from operating activities 1G,078 1,427,045

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment

Additions in intangible assets - capital work in progress

Additions in Intellectual property

Long term investments made

Decrease / (Increase) in short term investments

Loss on bank deposit

Net change in long term advances and deposits

Net cash (used in) / generated from investing activities

(100,306)
(65,824)
(3G,603)
3,37G
(GG2)
(124)
(4,254)
(207,724)

(3,243)

(50,607)

(87,553)

(3,515)

(11,032)

(155,860)

CASH FLOWS FROM FINANCING ACTIVITIES

Dividend paid

Long term loan (repaid)/ received

Finances under mark up arrangements and other credit facilities

Repayment of diminishing mosharka

Repayment of lease liabilities

Net cash (used in) / generated from financing activities

(1,157)

(5,326)

(25,475)

(18,381)

6,066

(44,274)

(241)

34,318

271,651

(27,351)

278,377

Net (decrease) / increase in cash and cash equivalents	(232,G20)	1,549,562
Cash and cash equivalents at the beginning of year	756,748	1,131,258
Cash and cash equivalents at the end of period	523,828	2,680,820

Chief Executive Officer Chief Financial Officer Director

AVANCEON LIMITED
STATEMENT OF FINANCIAL POSITION
AS AT MARCH 31, 2025
	Mar 31, 2025	Dec 31, 2024		Mar 31, 2025	Dec 31, 2024
	(Rupees in '000)			(Rupees in '000)
EQUITY AND LIABILITIES
SHARE CAPITAL AND RESERVES			ASSETS
Authorised capital			NON CURRENT ASSETS
500,000,000 (2024: 500,000,000)
ordinary shares of Rs 10 each	5,000,000	5,000,000	Property and equipment	648,387	668,446
			Work in progress	174,480	89,640
ISSUED, SUBSCRIBED AND PAID UP CAPITAL			Intangible Assets
417,571,424 (2024: 415,022,831)			Long term investments	1,351,7G5	1,351,795
ordinary shares of Rs 10 each	4,175,714	4,150,228	Deposit for Long term investments	4,242,668	4,212,078
			Long term loans and deposits	G,127	5,505
CAPITAL RESERVES				6,426,456	6,327,464
Share Premium	508,G10	508,910
Employees' share compensation reserve	370,740	370,740
Surplus on revaluation of property, plant & equipment	327,620	328,199
	1,207,271	1,207,849
REVENUE RESERVES
Un-appropriated profit	2,568,557	2,523,297
	7,G51,541	7,881,374
NON CURRENT LIABILITIES
Long term diminishing musharaka	82,527	99,573
CURRENT LIABILITIES			CURRENT ASSETS

Current portion of long term diminishing musharaka

Finances under mark up arrangements

and other credit facilities - secured

Contract Liabilities

Unclaimed / Unpaid Dividend

Creditors, accrued and other liabilities

Provision for taxation

Stock in trade

Trade debts

Advances, deposits, prepayments

and other receivables

Contract Assets

Short term Investments

Cash and bank balances

124,086

2,628,601

1,366,785

408,22G

5G,042

100,907

2,606,195

1,302,084

580,728

19,351

53,748

532,486

119,369

149,239

2,016,392

84,548

2,955,781

53,748

666,580

226,030

14G,018

1,7G5,G37

87,817

2,G7G,130

4,586,743 4,609,265

11,013,1GG 10,936,729 11,013,1GG 10,936,729

Chief Executive Officer Chief Financial Officer Director

AVANCEON LIMITED

CONDENSED INTERIM STATEMENT OF PROFIT OR LOSS (UN-AUDITED)

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

First Quarter Ended
Mar 31, 2025	Mar 31, 2024
(Rupees in '000)

423,0GG		532,516
(284,576)		(290,307)
138,523		242,208

Revenues

Cost of revenue

Gross profit / (Loss)

(G0,378) (90,027)
(2,167) (30,140)
44,576 731
(47,G6G) (119,437)
G0,554 122,772
(34,842) (34,466)
55,713 88,306
(11,032) (17,908)
44,681 70,398

Administrative and selling expenses Other charges

Other income

Profit / (Loss) from operations

Finance costs

Profit / (Loss) before tax

Taxation

Profit / (Loss) for the period after tax

Earnings/(Loss) per share - basic Earnings/(Loss) per share - diluted Restated

0.11

0.10

0.17 0.16

Chief Executive Officer Chief Financial Officer Director

AVANCEON LIMITED
CONDENSED INTERIM STATEMENT OF CHANGES IN EQUITY (UN-AUDITED)
FOR THE FIRST QUARTER ENDED MARCH 31, 2025
CAPITAL RESERVES
Share Capital	Share Premium	Employees' Share Compensation Reserve	Surplus on Revaluation of Property G Equipment

REVENUE
Un-appropriated profit / (loss)		TOTAL
		(Rupees in '000)
3,113,645		7,827,362
539,096		539,096
2,437
541,533		539,096

Balance as on January 01, 2024

Profit for the period

Other comprehensive income

3,762,G78 451,420 168,683 330,636

(2,437)

Issuance of shares against ESOS

20% dividend for the period ended December 31, 2023

Employee share option reserve

10% bonus share issue for the period ended December 31, 2023

9,956 57,490 (57,375)

259,433

377,294

387,250 57,490 202,057

10,071

(754,587) (754,587)

259,433

(377,294)

(1,131,881) (485,084)

4,150,228	508,G10	370,740	328,1GG	2,523,2G7	7,881,374
					44,681
					44,681
25,486					25,486

Balance as on December 31, 2024

Profit for the period

Transfer from revaluation surplus on account of incremental dep.

(579)

44,681

579

45,260

Issuance of shares against ESOS

20% dividend for the period ended December 31, 2023

Employee share option reserve

10% bonus share issue for the period ended December 31, 2023

25,486 25,486

Balance as on March 31, 2025 4,175,714 508,G10 370,740 327,620 2,568,557 7,G51,541

Chief Executive Officer Chief Financial Officer Director

AVANCEON LIMITED

CONDENSED INTERIM STATEMENT OF CASHFLOWS (UN-AUDITED)

FOR THE FIRST QUARTER ENDED MARCH 31, 2025

First Quarter Ended
Mar 31, 2025		Mar 31, 2024
(Rupees in '000)

CASH FLOWS FROM OPERATING ACTIVITIES

Profit/(loss) before tax

Adjustments for:

Depreciation on property and equipment

Unrealised exchange (gain) / loss

Finance cost

Loss on bank deposits

25,755 32,379

(44,20G) 28,615

34,842 34,466

13G (12)

16,526 95,448

72,23G 183,754

55,713 88,306

Profit before working capital changes

(Increase) / decrease in current assets

- Stock in trade

- Trade debts

- Contract Assets

- Advances, deposits, prepayments and other receivables

Increase / (decrease) in current liabilities

- Creditors, accrued and other liabilities

- Contract Liailities

(23,178) (24,255)
(8,788) (64,837)
172,4GG 204,742
(64,700) (24,450)
(1G3,651) (68,095)
106,661 (84,862)
(11,158) (61,758)
61,081 121,996

(36,15G)

(7,763)

(43,G22)

(46,120)

(56,113)

(102,233)

Cash generated from operations

Finance cost paid Income Taxes paid

Net cash generated from operating activities

CASH FLOWS FROM INVESTING ACTIVITIES

Purchase of property and equipment

Additions in intangible assets - Capital work in progress

Paid against short-term investment

Loss on bank deposits

Net change in long term advances and deposits

Net cash generated from / (used in) investing activities

(5,6G6)

(84,840)

(13G)

(3,621)

(G4,2G6)

(1,228)

(2)

(150)

(1,367)

Effect on cash flow due to working capital changes:

CASH FLOWS FROM FINANCING ACTIVITIES

Finances under mark-up arrangements and other credit facility obtained

Dividend paid

Repayment of diminishing musharka

134,0G4

(220)

(17,045)

3,216

(10)

(14,034)

Net cash used in financing activities

Net increase/(decrease) in cash and cash equivalents

116,828		(10,828)
3G,6G1		7,567

Cash and cash equivalents at the beginning of period

Cash and cash equivalents at the end of period

1G,351		84,586
5G,042		92,154

Chief Executive Officer Chief Financial Officer Director