Lahore November 4 2022: Avanceon Limited likely to enter 2023 with USD 71 million backlog which is highest ever in Avanceon history according to information shared by the company.
As per operating financial results of the company for the nine months ended September 30, 2022, revenues remained upper side in terms of PKR due to rapid devaluation of PKR against USD.
Definitely, PKR devaluation contributed a lot in other income head, but revenue side remained on lower side because SBP had not granted LC approvals in last two quarters on our foreign vendors which impacted our Pakistan business badly during the reported period but our foreign subsidiaries specifically Qatar business segment performed exceptionally good which compensated our revenue targets at group level very well.
“Now SBP starts granting approval of LC establishment which can help us to achieve our corporate target in remaining period of current financial year. We are on the way to achieve our “Road to 100” business plan. As for as this financial year revenues and PAT performance/target are concerned, we may short of USD 6M in revenue recognition, but PAT target will be achieved very easily with the help of Other Income (Exchange Gain as major contributor)” says Company Chairman Khalid Hameed Wain
“We may enter FY 2023 with USD 71M backlog (ever highest in Avanceon history) which is providing enough comfort to management for next year financial plan achievement. Your company is confident to achieve the PAT target of FY 2022” he added.
