Romanian Safetech Innovations Q1 Net Profit Increases 40% YoY

BUCHAREST (Romania), May 23 (SeeNews) – Romanian cybersecurity company Safetech Innovations [BVB:SAFE] said on Monday it recorded a 40% year-on-year profit increase in the first quarter of 2022, to 397,000 lei ($85,000/80,200 euros).

The company’s turnover fell 23% year-on-year in the first three months of 2022, to a total of 3.4 million lei, the company said in an unaudited report filed with the Stock Exchange. from Bucharest.

In Q1 2022, cybersecurity services contributed 74% of total company revenue, followed by cybersecurity solutions implementation at 29%.

Safetech’s operating revenue fell by 20% year-on-year during the same period, totaling 5.18 million lei.

“In the analyzed period, our customers have focused on cybersecurity services, especially to increase the level of protection, considering that the number of cyberattacks continues to be on a
upward trend,” said Safetech Innovations CEO Victor Gansac.

Safetech announced its partnership with US-based Fidelis Cybersecurity in April, implementing Fidelis’ platform alongside existing Safetech solutions.

Prior to that, Safetch announced in February that it was targeting a net profit of 10.1 million lei in 2022, a 63% increase on the previous year’s results. The company also announced that it plans to diversify into the United States.

At the beginning of the same month, Safetch created a subsidiary in the United Kingdom, in which it held 67% of the capital.

Safetech Innovations was established in 2011. It is a cybersecurity company that provides data protection, implementation of cybersecurity measures, dedicated response center for cybersecurity incidents, as well as other services in the same field.

In 2021, Safetech Innovations recorded a net profit of 6.1 million lei, a 99% increase year-on-year and a turnover of 23 million lei in 2021, up 56% over the year.

Shares of Safetech traded down 3.61% to 12.28 lei/share at 1029 CET on Monday, on the Bucharest Stock Exchange.

(1 euro = 4.9477 Romanian lei)

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