May 19 (SeeNews) - Romanian IT infrastructure and security integrator Arctic Stream [BSE:AST] said that its net profit soared 146% year-on-year to 2.21 million lei ($479,750/444,370 euro) in the first three months of 2023.
The company's turnover jumped 174% on the year to 29.4 million lei during the first quarter, Arctic Stream said in a financial filing with the Bucharest Stock Exchange on Wednesday.
The improved financial results come on the back of an increased team which improved client retention and a significantly improved operational performance, the company detailed.
Expenses rose 172% on the year to 26.6 million lei during the January-March period. The company's assets climbed 30% year-on-year and reached 52.8 million lei at the end of March.
During the first quarter, Arctic Stream closed three significant contracts, two in lei worth a total 23.9 million and one in euro worth 1.55 million.
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 some 21 people.
Its shares traded 1.19% lower at 25 lei as of 1032 CET on Friday on the Bucharest bourse.