Safetech Innovations posts a 20.1 million lei turnover at individual level and a net profit of 5.9 million lei in the first nine months of 2023

Safetech Innovations (BVB: SAFE), a Romanian cybersecurity company listed on the Bucharest Stock Exchange with offices in Bucharest, London, and Abu Dhabi, posts, at an individual level, a 20.1 million lei turnover, down 4% compared to the same period last year, and a net profit of 5.9 million lei, a 13% appreciation compared to the first nine months of 2022.

“In a world where cyber threats are constantly evolving, our main focus remains providing the highest standards of cybersecurity services and solutions to protect our clients’ interests. The financial results recorded in the first nine months of 2023 reflect a strategic alignment of our company to market demands, as well as the constant need for innovation in the face of an ever-changing threat landscape. The increase in net profit demonstrates the operational efficiency and relevance of our services and solutions to current and potential clients. This evolution, together with the expansion of the client’s portfolio and partners in the first nine months of this year, is a clear sign that we are on the right track in terms of the continued development of Safetech Innovations, ready to capitalize on the opportunities in the local and global market to generate added value for our shareholders,” stated Victor Gansac, Chairman of the Board of Directors and CEO of Safetech Innovations.

In terms of turnover at the individual level, in the first nine months of 2023, cybersecurity services contributed 47% to the total turnover, and the implementation of cybersecurity solutions contributed 53%. During the analyzed period, the company added 12 new clients in Romania to its portfolio.

Within the UK entity, where Safetech Innovations holds a 67% stake, in the first nine months of the year, the activity was focused on promoting and selling the company’s services locally and building partnerships. At the same time, at the end of September, the UK company was accepted into the British Government Cyber Runway Accelerator, run by the Cybersecurity Innovation Center, Plexal. This program will lead to the development of relationships with various government and private players, the development of the Security Operations Center (SOC) and the company’s products, and increase visibility in front of investor groups in this ecosystem. The program generates credibility for participants and supports the development of the client and partner base.

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Safetech Innovations is listed on the Main Market of the Bucharest Stock Exchange as of February 6, 2023, and is traded under the SAFE symbol. Currently, the company has a market capitalization of approximately 175 million lei.