Karachi May 5 2025: Avanceon Group has secured new projects worth USD 9.7 million in the first quarter, added to the total project backlog of USD 75 million at start of year.
“With our start of the year 2025 with a backlog of USD 75m and Qtr-1 order gen locking in at USD 9.7m for the group with provides a solid foundation to achieve our year-end revenue targets in alignment with our ‘Road to 100’ plan” states company in its Director Report.
“This strong pipeline positions the company for continued growth in the upcoming periods” the report added.
The company’s revenues at group level locked at PKR 2.5 billion, marking a 28% increase over the same three month period of the previous year, Gross margins also increased significantly, recorded at 39%. In reviewing the financial performance of the group for Q1-2025, overall revenues improved significantly expectations, primarily due to the timing of revenue recognition on certain projects within our Middle Eastern entities.
However, we are confident in realigning these projects to support target revenues in the upcoming reporting periods. Group gross margins remained stable in comparison to Q1-2024, while fixed costs experienced a moderate increase, largely driven by annual appraisal adjustments and inflationary pressures.
Moreover, the group recorded an exchange loss of PKR 15 million in Q1-2025, in contrast to an exchange loss of PKR 28 million in Q1-2024. This shift is due to the relative instability of the PKR against the USD during the reporting period.
