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Sep 15, 2023 17:00 EEST
September 15 (SeeNews) - Romanian IT infrastructure and security integrator Arctic Stream [BSE:AST] said that its net profit soared 185% year-on-year in the first six months of 2023, reaching 5.83 million lei ($1.25 million/1.17 million euro).
The company's turnover jumped 125% on the year to 62.7 million lei in the period under review, Arctic Stream said in a financial statement filed with the Bucharest Stock Exchange on Thursday.
Operating profit more than doubled year-on-year, reaching 6.8 million lei during the six months through June. Total expenses rose 125% to 58.2 million lei while total assets grew 45% year-on-year, reaching 47.46 million lei at the end of June.
The improved financial results come on the back of some complex projects signed at the end of 2022 and completed in the first half of 2023, which involved both the delivery of products and professional services for their integration, said the company's CEO, Dragos Diaconu.
During the first half of 2023, Arctic Stream closed five significant contracts, four in the total amount of 480.9 million lei and one worth $1.55 million (1.45 million euro).
Arctic Stream was established in 2017 and is an IT integrator with a focus on Cisco technologies. The company has a physical presence in Bucharest and implements IT infrastructure and security projects at the national level, both through its own team and through local partnerships. Currently, it employs 28 people.
Shares of Arctic Stream traded flat at 27.7 lei as of 1519 CET on Friday on the Bucharest bourse.
(1 euro=4.97011 lei)
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