Lahore November 12 2024: Avanceon has secured multimillion-dollar contracts in both Qatar and Pakistan Regions within the Infrastructure Public Works domain.
Share price of the company gained PKR 3.81 or 7.15 percent in today’s trading at Pakistan Stock Exchange after the announcement.
These significant wins strengthen the Avanceon’s leadership in delivering advanced infrastructure solutions across the Middle East and South Asia. The contracts have been awarded to Avanceon’s Subsidiaries, Avanceon FZE in UAE and Avanceon Automation & Control WLL in Qatar.
The new projects are part of national initiatives aimed at enhancing critical infrastructure, including transportation, utilities, and urban development. Avanceon will leverage its extensive experience in automation, control systems, and smart technologies to deliver high-performance solutions that align with the sustainability and digital transformation goals of these countries.
Pakistan based project for Supply of flow meters to monitor and gather real-time data of water consumption in populated areas is worth USD 3 million while Qatar centric Cloud-based Enterprise-Level Tanker Access Management Solution contract is of worth USD 7 million.
Avanceon will provide all services in accordance with the local regulatory and QHSE authorities’ requirements. For the execution of this project, Avanceon will be partnering with world class OEMs. All necessary studies will be conducted prior to the launch of the projects with plans to address any safety, quality, and environmental issues.
The acquisition of these projects will have a positive impact on Avanceon’s Road to 100 Plan which is to reach $100 m in revenue by the end of FY 2025. Avanceon has a healthy pipeline in place for the year and expects to capitalize on its experience and expertise within the infrastructure sector.
