Safetech Innovations continues its upward trend, reporting revenues of RON 43.3 million in the first nine months of 2024, and an approximately 60% increase in net profit

Safetech Innovations (BVB: SAFE), a Romanian cybersecurity company listed on the Bucharest Stock Exchange with offices in Bucharest, London, and Abu Dhabi, posts individual revenues of RON 43.3 million for the first nine months of 2024, a 48% increase compared to the same period last year, a turnover of RON 30 million, up by 49%, and a net profit of RON 9.3 million, marking a 58% growth compared to the first nine months of 2023.

“The results from the first nine months of 2024 confirm the solid direction we are on and makes us confident that the measures adopted this year for our operational activity, both locally and internationally, are directly contributing to our growth. The revenue increase and client portfolio expansion reflect the efforts of our team and our ability to deliver effective solutions in a constantly evolving industry. We will continue to focus on capitalizing on the existing opportunities and expanding our expertise by attracting clients and strategic projects across various industrial sectors. In this regard, we remain committed to the approach we have maintained since the inception of Safetech Innovations, constantly motivated to diversify the range of solutions we offer and ensure that our technologies address the increasingly complex needs of cybersecurity,” stated Victor Gansac, Chairman of the Board and CEO of Safetech Innovations.

In the first nine months of 2024, at the individual level, cybersecurity services contributed 32% to the total turnover, while cybersecurity solutions implementation contributed 68%. In Q3 2024, the company added nine new clients in the Romanian market to its portfolio.

On a consolidated basis, which includes the performance of the UK entity, Safetech UK, the company registered revenues of RON 44 million, a 40% increase compared to the first nine months of 2023, and a turnover of RON 30.7 million, up by 53% compared to the same period last year. Net profit reached RON 7 million, a 382% increase compared to the first nine months of 2023.

In September 2024, Safetech Innovations initiated the procedures for a share capital increase through the distribution of bonus shares. This increase uses share premiums from previous capital increases, as well as retained earnings from 2020–2023. By the end of October 2024, the capital increase was registered with the Trade Registry. Consequently, shareholders holding SAFE shares as of December 4, 2024, will receive bonus shares on December 5, 2024, at a ratio of 1.39 shares for each share held.

Safetech Innovations is listed on the Main Market of the Bucharest Stock Exchange as of February 6, 2023, and is traded under the symbol SAFE.

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About Safetech Innovations

Since 2011, Safetech Innovations S.A. has been providing customized cybersecurity services and solutions tailored to the needs of each organization. The company’s portfolio of services and solutions includes consulting for governance, risk management, and compliance (GRC) in security, security testing and vulnerability management, security solutions, professional services, outsourced security services, and proprietary software applications for cybersecurity.

Safetech Innovations has established partnerships with several leading cybersecurity companies, such as CheckPoint, DarkTrace, Microsoft, Splunk, Fidelis, HID, Cynet, and Phriendly Phishing. Currently employing over 60 staff members, the company has dedicated teams to research and develop cybersecurity software products, implement and support security solutions, and Computer Emergency Response Team (CERT) services.

The company serves clients from various sectors, including utilities, healthcare, insurance, industrial manufacturing, retail, and the public sector. Additionally, seven of the top ten banks in Romania have chosen Safetech as their cybersecurity service provider. Safetech Innovations has been involved in over a hundred projects to secure critical infrastructures in the United States, Canada, Brazil, Morocco, the European Union, Singapore, the Philippines, India, China, and New Zealand.

Safetech Innovations (SAFE) is listed on the Main Market of the Bucharest Stock Exchange as of February 6, 2023.

More information about Safetech Innovations is available at www.safetech.ro