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Safetech Innovations records 13.5 million lei turnover and 3.9 million lei net profit in H1 2023
Safetech Innovations (BVB: SAFE), a Romanian cybersecurity company listed on the Bucharest Stock Exchange with offices in Bucharest, London, and Abu Dhabi, reports, at the individual level, a turnover of 13.5 million lei, a 26% increase compared to the same period last year, and a net profit of 3.9 million lei, a 49% appreciation compared to the first six months of 2022. At the consolidated level, including the UK entity’s results, the company recorded a turnover of 13.5 million lei and a net profit of 1.5 million lei. The net profit decreased due to the investments made to start the activity on foreign markets.
“During the first six months of the year, we saw high demand for our cybersecurity services and solutions. In Romania, many companies still need awareness regarding the dangers of the digital environment. That’s why our teams run information and education campaigns within these organizations, and the recently concluded partnership with the National Cybersecurity Directorate will play a key role in supporting these efforts. Regarding our UK business, the premises are encouraging, currently having £15.1 million worth of projects in the pipeline, with an average value of around £140,000 per project,” stated Victor Gansac, Chairman of the Board and CEO of Safetech Innovations.
In terms of turnover at the individual level, in the first half of 2023, cybersecurity services contributed 35% to the total turnover, and the implementation of cybersecurity solutions contributed 65%. In the first six months of 2023, the company added seven new clients to its portfolio in Romania.
Within the UK entity, where Safetech Innovations holds a 67% stake, the first half of the year was characterized by intense activity promoting and selling the company’s services locally and signing partnerships. The local company has signed partnerships with 25 potential resellers, two UK and UAE distributors, and around 15 vendors. As of September, this entity will begin providing proof of concept (POC) for Security Operations Center (SOC) services and the mobile security solution in the UK and the Middle East.
In mid-August this year, Morgan Stanley Capital International (MSCI) announced that SAFE shares will be included in the MSCI Frontier Markets Small Cap index and the MSCI Romania Small Cap index as of August 31, 2023. Including the company’s shares in these indices represents an important milestone for Safetech Innovations and reflects its growing international prominence. The MSCI Frontier Markets Small Cap index is a benchmark for frontier market small-sized stocks, while the MSCI Romania Small Cap index is a benchmark for small-sized Romanian stocks.
Safetech Innovations is listed on the Main Market of the Bucharest Stock Exchange as of February 6, 2023, and trades under the SAFE symbol. Currently, the company has a market capitalization of approximately 202 million lei.