Techno Time Construction (Pvt.) Limited (“TTC” or “the Company”) is a privately held construction firm incorporated on February 27, 2017. The Company is registered with the Pakistan Engineering Council (PEC) and holds an unrestricted ‘CA’ class license, authorizing it to undertake projects of any scale. TTC operates from its registered office in Lahore, and its corporate headquarters are located in the Blue Area, Jinnah Avenue, Islamabad. Additionally, the Company maintains multiple site offices across Pakistan to support its nationwide project execution and operational oversight.

On May 31, 2017, the Company acquired the ongoing business of "Techno Time Construction" (an Association of Persons) as a going concern, including all associated assets. In consideration for the net assets transferred, shares were issued to the former partners. The residual value beyond the share issuance was structured as an interest-free loan from the directors, repayable at the Company's discretion.

The Company’s core expertise encompasses the construction of bridge structures, roads, interchanges, and flyovers. In addition to these core activities, TTC undertakes diverse construction projects, provides construction-related consultancy services, and executes electrical and mechanical engineering works. The Company also supplies a wide range of construction materials and goods to government entities, affiliated organizations, and various industrial sectors.

The current shareholding of Techno Time Construction (Pvt.) Limited (TTC) is held by three brothers. Mr. Atta Ullah Khan, the eldest, owns 40% of the shares, with Mr. Zaka Ullah Khan and Mr. Samee Ullah Khan each holding 30%. All three directors are actively involved in the Company’s strategic and operational management.

TTC has remained under the ownership and management of its founding family since incorporation, with no anticipated changes in the near term. While no formal succession plan is currently documented, a clear division of responsibilities and mutual understanding among family members has ensured operational stability. To safeguard long-term continuity and governance, the implementation of a formal succession framework would further strengthen the Company’s management resilience.

The sponsors collectively bring decades of deep industry experience to the Company. Mr. Atta Ullah Khan and Mr. Zaka Ullah Khan each possess approximately 30 years of construction sector expertise, while Mr. Samee Ullah Khan contributes around 17 years of professional experience. Their hands-on, day-to-day involvement in operations ensures strategic oversight grounded in practical knowledge, reinforcing TTC’s execution capabilities and industry positioning.

TTC's sponsors possess a sound financial standing, demonstrated through their consistent reliance on equity and internal cash generation to fund operations. Their commitment is further evidenced by the provision of multiple privately held properties across the country as collateral for non-funded facilities, which is integral to securing project guarantees in the construction sector. As TTC represents the sponsors’ sole business venture, their focus and dedication to the Company’s sustained growth and operational strength remain unequivocal.

The overall control of the Company rests with the family members, as all three shareholders serve as board members and hold executive positions. The board currently does not include any independent or non-executive directors.

Atta Ullah Khan, a Civil Engineer, established the business in 1995. His brother, Zaka Ullah Khan, has been involved since inception, while Samee Ullah Khan, who holds an MBA from PakAims, joined in 2006. The brothers have clearly delineated operational domains and regional responsibilities, with each exercising autonomous decision-making authority within their designated areas.

The Board is actively involved in project planning, execution, and oversight, with regular operational monitoring. However, it currently operates without formal committees such as audit, risk, or nomination. Compared to established corporate governance standards, the framework remains underdeveloped and would benefit from structural enhancement to align with best practices.

Imran Mehmood & Co., Chartered Accountants, act as the Company’s external auditor and have provided an unqualified audit opinion on the financial statements for the year ended June 2025.

The Company maintains a functional organizational structure divided into five core departments: Operations, Project Management, Finance, Business Development, and HR & Administration.

Mr. Atta Ullah Khan served as CEO from the Company's inception in 1995 until he was succeeded by his youngest brother, Mr. Samee Ullah Khan, following his increased involvement in external activities.

The Company has implemented structured controls to ensure timely contract completion and efficient materials management. Board members actively oversee project teams to drive successful execution. Monthly site progress reports, accompanied by project-specific profit and loss statements, are prepared, reviewed, and discussed with senior management to monitor performance and adherence to targets.

The Company utilizes EduBusinessSolutions_AI_Enterprise, developed by EduSoft System Solutions, for its financial reporting and accounting operations.

TTC maintains ISO 14001 (Environmental Management) and ISO 45001 (Occupational Health and Safety) certifications, underscoring its commitment to sustainable and safe operations. These standards are integral to the Company’s project execution, which follows an environmentally balanced approach. Management conducts ongoing monitoring across project sites to uphold compliance and performance standards. While internal controls are established, the effectiveness of management oversight could be strengthened through regular review by a dedicated internal audit function, ensuring continual improvement and alignment with industry best practice

The Public Sector Development Program (PSDP) for the first half of FY2025-26 (July-December 2025, or 1HFY26) saw utilization rise to approximately 21% of the Rs1,000 billion federal allocation, with ministries and divisions sanctioning Rs314.5 billion and actual spending reaching Rs210 billion by end-December—a notable acceleration from the sluggish 9.2% (Rs92 billion) through November amid fiscal constraints and IMF commitments. Infrastructure, particularly transport and communication, led with the highest sectoral focus, driving much of the half-year progress and reflecting a 42% YoY increase in overall development spending compared to 1HFY25. The subdued non-PSDP development outlays continue due to tight fiscal policy, presenting ongoing challenges but opportunities for construction firms in prioritized transport infrastructure projects.

Techno Time Construction (TTC) operates as a mid-tier construction firm in Pakistan, with a business model centered on subcontracting and joint venture (JV) partnerships. The Company frequently collaborates with other entities to meet pre-qualification requirements for project bidding, while retaining full operational control over project execution. Profits and losses are distributed among partners according to pre-agreed percentages upon project completion. TTC possesses extensive experience across diverse construction segments, including infrastructure, real estate development, and, more recently, municipal solid waste management. Its project portfolio is predominantly composed of Government of Pakistan (GOP)-funded contracts, supplemented by society and community development initiatives, underscoring its established role in the public-sector construction landscape.

For the period ending June 2025, the Company’s revenue stood at PKR 4.99 billion (as of June 2024: PKR 5.08 billion). TTC’s current project pipeline is valued at approximately PKR 29.06 billion, with completion timelines extending over several years. In addition to its core construction activities, TTC has recently secured multiple solid waste management projects with waste management companies in Punjab, involving collection, transportation, and disposal services across various tehsils. As of December 2025, these newly awarded projects represent a strategic expansion into municipal services, with work expected to commence imminently.

The Company reported a gross profit margin of 24.6% for the period ending June 2025, down from 26.3% in June 2024, reflecting the impact of sector-wide inflationary pressures. Despite this contraction, margins remain resilient, supported by the Company’s disciplined and selective bidding strategy, which prioritizes projects with favorable returns. Management further mitigates cost pressures through the inclusion of escalation clauses in contracts extending beyond one year. This prudent approach is also reflected in net profitability; net income for the period ending June 2025 stood at PKR 381 million, a slight decrease from PKR 395 million in June 2024, yet still demonstrating stable earnings retention in a challenging operating environment.

TTC's asset base has demonstrated significant growth, increasing from approximately PKR 3.40 billion in June 2022 to PKR 5.50 billion in June 2025, reflecting substantial capital investment and operational expansion. The Company has further diversified into real estate and municipal services, including recent solid waste management contracts across Punjab. While management remains confident in sustaining this growth trajectory, the inherent volatility in public-sector project awards presents a risk to revenue stability. The Company’s upcoming and active project pipeline includes several large-scale initiatives such as the Chasma housing project and multiple waste management ventures. The successful and timely execution of these projects will be essential to maintaining revenue growth, protecting profit margins, and ensuring long-term financial and operational stability.

TTC primarily finances its working capital needs through internally generated cash flows, utilizing short-term borrowings only when necessary. The Company maintains minimal reliance on funded credit lines but carries substantial exposure to non-funded facilities, such as performance and advance payment guarantees, which are essential for securing projects. With a growing project pipeline valued at around PKR 29.06 billion, this non-funded exposure is expected to rise, which could constrain financial flexibility. Effective management of internal cash generation alongside prudent use of credit lines will therefore remain crucial to sustaining growth and operational stability. In terms of working capital efficiency, TTC’s inventory days decreased to 102 days in June 2025 from 117 days in June 2024, while trade receivable days rose to 65 days in June 2025 from 25 days in June 2024, reflecting slow recovery, which impacts the cash flows. Consequently, gross working capital days expanded to 168 days in June 2025, compared to 141 days in June 2024. Net working capital days also increased to 134 days in June 2025 from 132 days in June 2024. Meanwhile, trade payable days increased to 34 days in June 2025 from 9 days in June 2024, indicating a slow supplier payment cycle.

In the period ending June 2025, TTC's free cash flow from operations (FCFO) stood at PKR 41 million, a notable decrease from PKR 506 million in June 2024. This decline in cash generation was largely driven by a PKR 279 million adjustment related to the share of profit from a joint venture, which negatively impacted EBITDA. Finance costs remained stable at PKR 71 million in both periods, despite a slight decrease in total borrowings to PKR 280 million in June 2025 from PKR 284 million in June 2024. Consequently, the EBITDA-to-finance cost coverage ratio declined to 4.4x in June 2025, down from 7.1x in June 2024, primarily due to the reduction in operating earnings rather than increased borrowing costs.

TTC's equity base has demonstrated consistent growth, increasing from PKR 2.439 billion in June 2023 to PKR 2.834 billion in June 2024 and further to PKR 3.495 billion in June 2025. This steady rise underscores the Company’s strengthened financial foundation and continued accumulation of retained earnings. Total borrowings stood at PKR 280 million in June 2025, compared to PKR 284 million in June 2024 and PKR 2 million in June 2023. Consequently, the debt-to-capitalization ratio declined to 7.4% in June 2025, down from 9.1% in June 2024 and 0.1% in June 2023, reflecting a prudent and low-leverage financial structure.