BUCHAREST (Romania), May 23 (SeeNews) - Romanian cybersecurity company Safetech Innovations [BVB:SAFE] said on Monday it had recorded a 40% year-on-year increase in profit in the first quarter of 2022, to 397,000 lei ($85,000/80,200 euro).
The company's turnover dropped 23% year-on-year over the first three months of 2022, to a total of 3.4 million lei, the company said in an unaudited report filed to the Bucharest Stock Exchange.
In the first quarter of 2022, cybersecurity services contributed 74% to the company's total turnover, followed by the implementation of cybersecurity solutions, with 29%.
Safetech’s operating revenue saw a 20% year-on-year decrease over the same period, totaling at 5.18 million lei.
"In the analyzed period, our clients have focused on cybersecurity services, especially to increase the level of protection, considering that the number of cyberattacks continues to be on an
upward trend," Safetech Innovations CEO Victor Gansac said.
Safetech announced it had partnered with US-based Fidelis Cybersecurity in April, thus implementing Fidelis’ platform with existing Safetech solutions.
Prior to that, Safetch announced in February it was targeting a net profit of 10.1 million lei in 2022, a 63% increase over the previous year’s results. The company also announced it was planning to branch out in the US.
Earlier the same month, Safetch set up a UK subsidiary, in which it owned 67% of the share capital.
Safetech Innovations was established in 2011. It is a cybersecurity company which provides data protection, cybersecurity measures implementation, a dedicated response centre for cybersecurity incidents, along with other services within the same field.
In 2021, Safetech Innovations booked a net profit of 6.1 million lei, a 99% year-on-year increase and a turnover of 23 million lei in 2021, up 56% on the year.
Safetech’s shares traded down 3.61% at 12.28 lei/share at 1029 CET on Monday, on the Bucharest Stock Exchange.
(1 euro = 4.9477 Romanian lei)