Romania's AROBS Group net profit down 3.9% in 2023

The company's consolidated turnover climbed by an annual 43% to 427.3 million lei last year, it said in a financial report filed with the Bucharest Stock Exchange on Tuesday.

The increase in turnover came as a result of group's strategy to acquire synergising companies, which could contribute additional skills in new technologies and new areas of software development services, AROBS explained.

AROBS' software services business line accounted for 81% of its total turnover last year, whereas the software products and the integrated systems segments contributed 16% and 3%, respectively.

The group's normalised earnings before interest, taxes, depreciation, and amortisation increased by 21% to 92.6 million lei in 2023.

The normalised figures account for the impact of the stock-option plan offered to the company's employees, as per the statement.

Total assets amounted to 480.4 million lei at the end of 2023, up by an annual 21%, while total liabilities increased by 24% to 206.7 million lei.

Going forward, AROBS aims to continue its rapid expansion through acquisitions of companies with potential and business synergies. Earlier this year, AROBS Transilvania Software fully acquired German IT solutions group Infobest for an undisclosed price.

As of the end of 2023, the group includes the parent company and 27 subsidiaries. AROBS Transilvania Software is an IT company established in 1998 and headquartered in Cluj-Napoca. The company is focused on developing custom software for a range of industries.

AROBS Transilvania Software shares traded 3.38% higher at 0.918 lei as at 1621 CET on Thursday on the Bucharest bourse.

(1 euro=4.9764 lei)