April 24 (SeeNews) - Romanian IT integrator Arctic Stream [BSE:AST] said on Wednesday its net profit rose by 35% year on year in 2023, reaching 9.2 million lei ($2 million/1.8 million euro).
The company's turnover jumped by an annual 53% last year to 125.4 million lei, whereas operating profit increased by 38% to 10.6 million lei, Arctic Stream said in an annual financial report filed with the Bucharest Stock Exchange.
The figures exceeded expectations as a result of new hires that brought human capital to more than 30 employees and contractors, which allowed Arctic Stream to take on complex projects and improve its operational efficiency, it said.
Total assets amounted to 52.1 million lei at end-2023, up 7% on the year, while total debt decreased by 4% to 32.4 million lei.
Based on existing contracts and opportunities present on the market, the company estimates its net profit will grow by 25% to 11.5 million lei in 2024.
Earlier this month, Arctic Stream said it signed a memorandum of understanding (MoU) for the acquisition of a 23% stake in local cybersecurity company Data Core Systems.
Bucharest-based Arctic Stream was established in 2017 and its focus as an IT integrator is on Cisco technologies. The company implements IT infrastructure and security projects at the national level, both through its own team and through local partnerships. Our current portfolio includes high-performance products and services in the field of communication technologies and equipment, data center automation, software-defined solutions, and cybersecurity, according to the company's website.
Shares of Arctic Stream traded 0.32% higher at 31.3 lei as of 1333 CET on Wednesday on the Bucharest bourse.
(1 euro=4.9761 lei)