Safetech Innovations posts doubling of turnover and net profit in the first quarter of 2024
Safetech Innovations (BVB: SAFE), a Romanian cybersecurity company listed on the Bucharest Stock Exchange with offices in Bucharest, London and Abu Dhabi, posts an individual turnover of 11.7 million lei in the first quarter of 2024, up 95% compared to the same period last year, and a net profit of 2.7 million lei, a 132% appreciation compared to the first three months of 2023. In the first quarter of 2024, at the individual level, cybersecurity services contributed 30% to total turnover, and implementing cybersecurity solutions contributed 70%.
„The financial results recorded in the first three months of this year highlight the effectiveness of our strategies of continuously adapting the business model to the dynamics of the cybersecurity sector. This reflects our deep understanding of cybersecurity in a landscape where the demand for advanced information security services and solutions is constantly growing. In this context, we are prepared to respond efficiently and promptly to the complex cybersecurity needs of entities from various economic sectors. Therefore, we remain committed to improving our operational and financial performance throughout this year, particularly at the consolidated level. The results generated in the first quarter demonstrate that we are on track to record a solid performance this year, in line with the revenue and expense budget approved by our shareholders at the GSM at the end of April this year „, declared Victor Gansac, Chairman of the Board of Directors and CEO of Safetech Innovations.
In the first quarter of the year, Safetech Innovations signed recurring contracts for monitoring and responding to cybersecurity incidents with four new clients, and a significant contract was announced in February, with a value of approximately 3.6 million lei. In addition, the company signed three contracts for projects with European funds with a total value of 4 million lei, which are carried out within multinational consortiums at the European level. In addition, Safetech Innovations won a new project with European funds worth 6.2 million lei, which is expected to be signed by the end of Q2 2024.
Regarding the results at the consolidated level, in the first quarter of 2024, the turnover amounted to 11.9 million lei, a 99% increase compared to the first quarter of 2023, and the net profit recorded the value of 1.4 million lei, a 409% increase compared to the same period of the previous year. Consolidated results include the performance of Safetech Innovations SA and Safetech Innovations Global Services Limited (Safetech UK), a UK entity.
In the first three months of this year, Safetech UK recorded revenues of 0.2 million lei. In 2024, the strategy set by Safetech Innovations management for this entity is to focus on attracting a higher volume of lower-value contracts to increase brand awareness in this market. Also, the focus on obtaining small-scale contracts favors a more agile reaction to opportunities in this market and ensures a continuous flow of revenue, eliminating the extended periods of negotiation and project start, as happens with large-scale contracts.
Safetech Innovations is listed on the Main Market of the Bucharest Stock Exchange under the SAFE symbol as of February 6, 2023.
About Safetech Innovations
Since 2011, Safetech Innovations S.A. has been providing customized cybersecurity services and solutions tailored to the needs of each organization. The company’s portfolio of services and solutions includes consulting for governance, risk management, and compliance (GRC) in security, security testing and vulnerability management, security solutions, professional services, outsourced security services, and proprietary software applications for cybersecurity.
Safetech Innovations has established partnerships with several leading cybersecurity companies, such as CheckPoint, DarkTrace, Microsoft, Splunk, Fidelis, HID, Cynet, and Phriendly Phishing. Currently employing over 50 staff members, the company has dedicated teams to research and develop cybersecurity software products, implement and support security solutions, and Computer Emergency Response Team (CERT) services.
The company serves clients from various sectors, including utilities, healthcare, insurance, industrial manufacturing, retail, and the public sector. Additionally, seven of the top ten banks in Romania have chosen Safetech as their cybersecurity service provider. Safetech Innovations has been involved in over a hundred projects to secure critical infrastructures in the United States, Canada, Brazil, Morocco, the European Union, Singapore, the Philippines, India, China, and New Zealand.
Safetech Innovations (SAFE) is listed on the Main Market of the Bucharest Stock Exchange as of February 6, 2023.
More information about Safetech Innovations is available at www.safetech.ro
