Romania's Ascendia net profit slumps 67% in 2023

Ascendia's operating income edged down by an annual 1.6% to 12.1 million lei last year, whereas its net turnover declined by 1.2% to 8.96 million lei, the company said in a financial report filed with the Bucharest Stock Exchange on Tuesday.

Total assets stood at 23.1 million lei at the end of 2023, up by 10% on the year, while total liabilities increased by 24% to 8.7 million lei.

In 2024, Ascendia aims to increase its direct and indirect sales and its number of customers by improving the visibility and awareness of the company's brand and products.

Last year, Ascendia announced that it partnered with global technology company Samsung Electronics to digitalise educational institutions in Romania. Through this partnership, Ascendia's e-learning authoring tool, LIVRESQ, would be integrated into Samsung Flip interactive boards.

Ascendia was established in 2007. The company develops e-learning solutions for various sectors, such as education, corporate training, healthcare, and entertainment.

Shares of Ascendia traded 0.51% lower at 3.88 lei as of 1650 CET on Thursday on the Bucharest bourse.

(1 euro=4.9764 lei)