Strong financial performance for Safetech Innovations in 2024: total revenues of approximately 60 million lei and net profit of 13.5 million lei at the individual level

Safetech Innovations (BVB: SAFE), a Romanian cybersecurity company listed on the Bucharest Stock Exchange, with offices in Bucharest, London, and Abu Dhabi, reports individual revenues of 59.8 million lei in 2024, marking a 28% increase compared to the previous year. The company also recorded a turnover of 42.3 million lei, up by 36%, and a net profit of 13.5 million lei, reflecting a 39% growth compared to 2023.

“2024 was a year of adaptation and efficiency for Safetech Innovations. In a complex economic and geopolitical context, we remained focused on optimizing processes, responsibly managing costs, particularly at our UK entity, and strengthening our position in Romania’s cybersecurity market. Every strategic decision was carefully analyzed, operational efficiency measures were implemented, and we prioritized investments with a direct impact on the financial performance. This sustained effort has enabled us to close 2024 with solid financial results, demonstrating both the maturity of our business model and our team’s ability to swiftly and effectively respond to increasingly sophisticated market demands,” stated Victor Gansac, Chairman of the Board and CEO of Safetech Innovations.

In 2024, at the individual level, cybersecurity services accounted for 39% of the total turnover, while the implementation of cybersecurity solutions contributed 61%. Additionally, the company onboarded 35 new clients from the Romanian market throughout the past year.

In the context of legislative changes, it is important to highlight that in 2024, Safetech Innovations did not benefit from any tax incentives, including exemptions for employees engaged in research and development activities. Furthermore, in previous years, the company’s personnel had not benefited from IT sector tax exemptions, meaning that the changes introduced by the so-called “train ordinance” have no impact on Safetech Innovations from this perspective.

At the consolidated level, which includes the performance of the UK entity, Safetech UK, revenues amounted to 60.4 million lei in 2024, while net profit surged by 189%, reaching 11.1 million lei, compared to 3.8 million lei in the previous year. The significant improvement in consolidated net profit resulted from internal restructuring measures and reductions in administrative and personnel expenses implemented throughout 2024.

Regarding the growth potential of the cybersecurity industry, Safetech Innovations remains well-positioned for long-term expansion, given the current dynamics of the cybersecurity market in Romania and globally. The exponential rise in cyberattacks has created an urgent need for advanced protection solutions, a demand that the company is prepared to meet through its accumulated expertise and diverse portfolio of services and products.

Moreover, the implementation of the NIS2 directive and its incorporation into national legislation through Emergency Ordinance No. 155/2024, which establishes a framework for the cybersecurity of networks and IT systems within the national civil cyberspace, is compelling local companies to proactively invest in cybersecurity. In this evolving landscape, Safetech Innovations is positioning itself as a strategic partner for companies undergoing this transition.

“In 2025, we are looking forward to new growth opportunities, despite political uncertainties both locally and internationally. We plan to increase both turnover and net profit at the individual and consolidated levels, driven by the operational launch of our entity from the Kingdom of Saudi Arabia, where we anticipate signing our first contracts by the end of the first half of this year, and by enhancing the efficiency of our UK operations. Additionally, we remain actively involved in EU-funded projects, collaborating within national and international consortia, which allows us to innovate and expand our portfolio of solutions and services,” added Victor Gansac.

As of 2024, Safetech Innovations has been involved in five research projects financed by European or national funds, with a total value of approximately 14 million lei. The company’s management will continue to actively monitor such funding opportunities at both the national and European levels throughout 2025 to submit new project applications.

Regarding its activity on the capital markets, following the General Meeting of Shareholders (GMS) scheduled for April, the company’s management plans to convene another GMS in June 2025, during which it intends to propose the distribution of a dividend of at least 0.02 lei per share from the 2024 profit. Further details will be determined based on the decisions made during the meeting, following recommendations from the Company’s Board of Directors.

Safetech Innovations has been listed on the Main Market of the Bucharest Stock Exchange since February 6, 2023, and trades 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