March 5 (SeeNews) - Romania's IT group Connections Consult [BSE:CC] said it booked a preliminary consolidated net profit of 11.24 million lei ($2.45 million/2.26 million euro) last year, representing a 162% surge over 2022.
The company's operating income tripled in annual terms, reaching 177 million lei in 2023, according to the company's preliminary consolidated financial report filed with the Bucharest Stock Exchange, BVB, on Monday.
Connections Consult's numbers outperformed all estimates on the back of successfully completing two complex projects last year, worth around 8 million euro and 10 million euro, respectively.
Operating expenses swelled by 205% on the year to 163.3 million lei in 2023, leading to an operational result of 13.8 million lei, a 166% increase over 2022.
The company aims for a main market listing on the BVB in 2024, after being listed on the bourse's AeRO secondary market in 2021.
"We are building Connections over the next 3-5 years with the goal of consolidating a robust player in the technology services market, leveraging the integration of the tools that the field offers us, using AI and Machine Learning, and elevating ourselves beyond a custom software developer to a sophisticated digital solutions provider," Bogdan Liviu Florea and Radu Marcu, co-CEOs of Connections Consult, said in a joint statement.
Connections Consult was founded in 2005 in Romania and started its international expansion in 2016, setting up offices in Bulgaria and Serbia. In 2022, the company established a wholly-owned subsidiary in the U.S.
Connections Consult's shares traded 18.57% higher at 8.3 lei as at 1506 CET on Tuesday on the Bucharest bourse.
(1 euro=4.9719 lei)