Avanceon
{{short description|Publicly listed technology company in Pakistan}}
{{Use British English|date=July 2023}}
{{Use dmy dates|date=July 2023}}
{{Infobox company
| name = Avanceon Limited
| former_name = Innovative Automation and Engineering Ltd (IAEL)
| logo = Avanceon logo.png
| logo_size =
| type = Public
| traded_as = {{karse|AVN}}
KSE 100 component
| ISIN = {{ISIN|sl=n|pl=y|PK0107501014}}
| foundation = {{start date and age|2003}}
| founder = Bakhtiar Hameed Wain
| industry = Information technology
| area_served = Pakistan, Qatar, United Arab Emirates
| key_people = Bakhtiar Hameed Wain (CEO)
Khalid Hameed Wain (Chairman)
| products =
| revenue = {{decrease}} {{PKRConvert|16.156|b}}
| revenue_year = 2024
| operating_income = {{decrease}} {{PKRConvert|1.762|b}}
| income_year = 2024
| net_income = {{decrease}} {{PKRConvert|2.008|b}}
| net_income_year = 2024
| assets = {{Increase}} {{PKRConvert|28.162|b}}
| assets_year = 2024
| equity = {{Increase}} {{PKRConvert|13.974|b}}
| equity_year = 2024
| num_employees = 246 (2022){{cite web |title=Annual Report 2022 |url=https://www.avanceon.ae/wp-content/uploads/2023/05/AVN-Annual-Report-2022-20.05.2023.pdf |publisher=Avanceon Ltd. |access-date=16 July 2023 |language=en |date=April 2023}}
| location = The Avanceon Building, Main Multan Road, Lahore
| subsid = Avanceon FZE Dubai
Avanceon Automation & Control W.L.L Qatar
Octopus Digital
| homepage = {{URL|avanceon.ae}}
| footnotes = Financials {{as of|2024|12|31|lc=y}} {{cite web|title=Avanceon Limited Annual Report 2024|url=https://dps.psx.com.pk/download/document/251498.pdf |access-date=27 April 2025}}
}}
Avanceon Limited is a Pakistani technology company headquartered in Lahore.
Avanceon subsidiaries include Avanceon FZE Dubai,{{cite news |title=Avanceon signs $3.6m contract with Dubai Metro |url=https://www.dawn.com/news/1644020 |access-date=24 July 2023 |work=DAWN.COM |date=2 September 2021 |language=en}} Avanceon Automation & Control W.L.L Qatar,{{cite news |title=Avanceon's subsidiary awarded major municipality contract in Qatar |url=https://profit.pakistantoday.com.pk/2023/07/05/avanceons-subsidiary-awarded-major-municipality-contract-in-qatar/ |access-date=24 July 2023 |work=Profit by Pakistan Today |date=5 July 2023 |language=en}} Octopus Digital,{{cite news |title=Avanceon subsidiary Octopus Digital to go public |url=https://profit.pakistantoday.com.pk/2020/10/11/avanceon-subsidiary-octopus-digital-to-go-public/ |access-date=24 July 2023 |work=Profit by Pakistan Today |date=11 October 2020 |language=en}} and Avanceon Saudi for Energy Co. WLL.
History
Founded in 1989 in Pakistan by Bakhtiar Wain as Innovative Automation and Engineering Ltd (IAEL), the company's majority stakes was acquired by Engro Corporation which merged it with Advanced Automation Associates (AAA) to eventually rebrand it as Avanceon.{{cite news |last1=Hassan |first1=Taimoor |title=While PSX has a horrible year, one company more than doubled its share price |url=https://profit.pakistantoday.com.pk/2018/12/31/while-psx-has-a-horrible-year-one-company-more-than-doubled-its-share-price/ |access-date=24 July 2023 |work=Profit by Pakistan Today |date=31 December 2018 |language=en}} Avanceon was converted to a public company in 2008.{{cite news |title=Avanceon Limited |url=https://www.brecorder.com/news/40247260 |access-date=24 July 2023 |work=Business Recorder |date=12 June 2023 |language=en}} Engro Corp. divested its shareholding in Avanceon in 2012.
In 2014, Avanceon was listed on the Karachi Stock Exchange, following an initial public offering at a strike price of PKR 14.
Subsidiaries
References
{{reflist}}
External links
- {{Official website|https://www.avanceon.ae}}
{{KSE 100}}
{{Engro}}
{{Portalbar|Business and economics|Pakistan|Company}}
Category:2014 initial public offerings
Category:Companies based in Lahore
Category:Companies listed on the Pakistan Stock Exchange
Category:Pakistani companies established in 2003
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