Pakistan’s Symmetry Group says it has inked deal with US tech company

Symmetry Group, a digital technology company based in Pakistan, has entered into an agreement with Hummingbird International LLC USA to provide transformation services, and expects to generate revenue of at least $250,000 in the ongoing fiscal year.

The company announced the development in its notice to the Pakistan Stock Exchange (PSX) on Monday.

“The company has entered into an agreement with Hummingbird International LLC USA to provide transformation services. This contract is expected to generate a minimum revenue of Rs70 million ($250,000) in FY2023-24,” read the notice.

“Symmetry Group Limited is committed to continuous improvements and delivering value to its shareholders,” it added.

Formed in 2010, Hummingbird International LLC is involved in recycling e-waste such as laptops, computers, LCDs, monitors, hard drives, and computer peripherals.

Symmetry Group Limited (SYM) was listed in August, and its initial public offering was oversubscribed 1.58x.

It was offered to shareholders at a price of Rs4.3 per share. Since then, its share price has reduced but on Monday the company gained to hover around Rs3.8 after this announcement was made.

Symmetry’s unaudited accounts showed it posted a net revenue of Rs220.3 million in the six months of FY23 (July-December) and reported a profit-after-tax of Rs75.6 million during the half-year period. In comparison, its full-year net revenue during FY22 stood at Rs341.6 million while profit clocked in at Rs71.3 million. Its net revenue, in dollar terms, has grown at a five-year CAGR of 7%, but profit has shown a 34% growth.

Symmetry is a digital technology and experiences company that specialises in digital products and services. The prime focus of the company is on transformation and digitalisation of marketing, sales and other consumer-centric functions of organisations by providing services such as digital consultancy, digital strategy, development of IPs for the customers, web, mobile & desktop applications, website , portals and user interface, IoT devices etc.