Romania's Safetech Innovations net profit down 5% in 2023

The company's turnover fell by 11% to 31.1 million lei in 2023, Safetech said in an interim financial report filed with the Bucharest Stock Exchange on Tuesday.

During the reporting period, Safetech registered an operating profit of 11.1 million lei, a decrease of 5% year-on-year.

In 2023, cybersecurity services contributed 31% to the company's total turnover, while the implementation of cybersecurity solutions generated 69%. The company gained 14 new customers in the Romanian market last year.

In terms of expenses, in 2023, the biggest contribution was represented by employee benefits expenses, which increased by 16% compared to 2022, reaching 11.5 million lei, the company also said.

The company's total assets grew 9% to 57.7 million lei at the end of 2023, while total liabilities decreased by 11% to 22.8 million lei.

Safetech Innovations had 62 employees at the end of 2023, twelve more than a year earlier.

Safetech's shares traded 1.59% lower at 2.47 lei as of 1609 CET on Wednesday, bourse data showed.

(1 euro=4.968 lei)