May 10 (SeeNews) - Romanian cybersecurity company Safetech Innovations [BVB:SAFE] said on Wednesday that its net profit soared 197% on the year in the first quarter of 2023, reaching 1.2 million lei ($267,821/243,892 euro).
The company's turnover jumped 129% year-on-year in the first three months of 2023, to a total of 6 million lei, Safetech said in an unaudited financial report filed with the Bucharest Stock Exchange.
Total revenues reached 9 million lei in January-March, increasing by an annual 70%, while expenses totalled 7.7 million lei, up by 59% on the year. Cybersecurity services accounted for 46% of Safetech’s total turnover, while the implementation of cybersecurity solutions contributed 54%.
Total assets reached 50.1 million lei at the end of March, inching down by an annual 5%, while total liabilities amounted to 21.4 million lei, falling by 16% on the year.
On February 6, Safetech’s shares debuted on the main market of the Bucharest Stock Exchange, following a transfer from the AeRO market.
On April 20, the company announced the establishment of a US subsidiary, Safetech Innovations US, in which it holds a 67% stake. The company also opened offices in the UK and the United Arab Emirates (UAE) last year.
For 2023, Safetech expects a net profit of 12.6 million lei on a revenue of 51.8 million lei. In 2022, Safetech booked a net profit of 10.2 million lei, up by 70% on the year.
Safetech shares traded 3.95% higher at 3.16 lei as at 1132 CET on Wednesday on the Bucharest bourse.
(1 euro=4.9202 lei)