Cybersecurity services contributed 47% to the total turnover and implementation of cybersecurity solutions contributed 53%.
In the first nine months of 2023, Safetech Innovations gained 12 new clients on the Romanian market.
Net profit reached RON5.9 million, up 13% from the same period of 2022, while revenues went up by 3% to RON29.3 million. Liabilities dropped by 24% to RON19.4 million.
Other operating revenues increased by 23% in 9M 2023, up to 9.2 million lei, representing subsidies for investments transferred into revenues and corresponding to the depreciation recorded for own solutions (non-reimbursable European funds project, completed in 2019) in the amount of RON 363 thousand, as well as revenue from the production of fixed assets in the amount of 8.83 million lei.
„In terms of expenses, in 9M 2023, the highest contribution is represented by employee benefits expenses, which increased by 19% compared to 9M 2022, reaching 8.1 million lei. As of September 30, 2023, the Company had 61 employees, compared to 49 employees as of September 30, 2022. The second major cost was made by expenses with goods, which increased by 7% compared to the same period last year and reached 4.8 million lei. This increase is driven by the larger size of the business and represents the cost of implemented solutions,” reads the company’s report.
Other operating expenses increased by 8% in the first nine months of this year, up to 3.2 million lei. This category includes goods, third-party services, royalty expenses, management premises, rents, and postal and telecommunications taxes. The increase is driven by the increase in services performed by third parties.
„Depreciation and amortization decreased by 26% in 9M 2023, up to 1.8 million lei and represent fixed assets, such as laptops, furniture, monitors, as well as a process automation solution acquired in 2021 as part of the EU research and development project necessary to carry out the activity to increase the competitiveness of the company. These elements generate expenses with monthly amortization, by amortizing them using the straight-line method”.
Transferred this year from AeRO on the Main Market, the company’s shares have lost 5.7% this year amid RON38 million deals and RON175.6 million capitalization.
(English version by Catalina Apostoiu)