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.
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.
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 a number of leading companies in the field of cybersecurity, such as CheckPoint, DarkTrace, Microsoft, Splunk, Fidelis, HID, Cynet, and Phriendly Phishing. Currently employing over 50 staff members, the company has dedicated teams for research and development of cybersecurity software products, implementation and support of 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 carried out 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.