Romania's Safetech Innovations 9-mo net profit soars 134% y/y

The company's turnover increased by 59% on the year during January-September, to a total of 20.8 million lei, Safetech said in a financial report filed with the Bucharest Stock Exchange.

During the nine-month period, Safetech registered operating revenues of 29.3 million lei, an increase of 49% year-on-year.

In the first nine months of 2022, cybersecurity services contributed 48% to the company's total turnover, followed by the implementation of cybersecurity solutions, with 30%. Sales of goods accounted for the remaining 22% of the total turnover generated during January-September.

The company is currently listed on the AeRO market of the Bucharest Stock Exchange and aims to move to the main market by the end of February 2023, according to a statement from its CEO, Victor Gansac.

"Our target is to ring the bell at the BSE to mark our transfer to the Main Market before the publication of the preliminary financial results for 2022, i.e., by the end of February 2023" said Victor Gansac.

In 2021, the company's net profit soared by an annual 99% to 6.1 million lei, while its turnover rose 56% to 23 million lei.

Its shares traded 0.73% lower at 2.71 lei as of 0917 CET on Monday, bourse data showed.

(1 euro=4.9418 lei)