September 5 (SeeNews) - Romanian cybersecurity company Safetech Innovations [BVB:SAFE] said on Monday its net profit rose by an annual 104% in the first half of 2022, to 2.6 million lei ($535,210/539,251 euro).
The company's turnover increased by 15% year-on-year in the first half of 2022, to a total of 10.7 million lei, the company said in a press release.
In the first six months of 2022, cybersecurity services contributed 54% to the company's total turnover, followed by the implementation of cybersecurity solutions, with 28%. Sales of goods accounted for the remaining 18% of the total turnover.
Safetech’s operating revenue saw a 16% year-on-year increase over the same period, totaling at 15.3 million lei.
"This year, we have already managed to tilt the balance of our activity towards cybersecurity services, our main line of business, as cyberattacks have increased in frequency, representing one of the
components of the ongoing hybrid warfare between different states, regionally and globally," Safetech Innovations CEO Victor Gansac said.
In the first six months of 2022, Safetech Innovations continued its international expansion process and established the UK entity.
The company estimates it will complete its transfer to the Bucharest Stock Exchange's main market by the beginning of 2023.
In 2021, the company's net profit soared by an annual 99% to 6.1 million lei, while its turnover rose 56% to 23 million lei.
Safetech’s shares traded 0.19% higher at 2.59 lei/share at 1308 CET on Monday, on the Bucharest Stock Exchange.
(1 euro = 4.8215 lei)