SAF Tehnika Consolidated Interim Report for Q3 and 9 months of financial year 2020/2021
In the third quarter of the financial year 2020/2021, the Group's unaudited consolidated net turnover was 5.9 million euros, which is 30% more than in the third quarter of the FY 2019/2020. The Group ended the third quarter of the financial year 2020/2021 EUR 967 thousand (unaudited). The unaudited consolidated result for the 9-month period of the financial year 2020/2021 is profit of EUR 2.11 million.
Riga, 2021-05-12 16:39 CEST --
The turnover in North and Latin Americas was 65% or EUR 3.84 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 30% as a result of successful sales project transactions in the previous quarters.
The turnover in Europe and CIS countries amounts to 30% or EUR 1.75 million, which is 55% more than in the third quarter of the previous financial year. The turnover of the AMEA (Asia, Middle East, Africa) region decreased by 31% compared to the corresponding quarter of the last financial year, and makes up 5% or EUR 302 thousand.
In the reporting quarter, the Group’s products were sold in 55 countries.
The Group’s unaudited consolidated turnover for the 9-month period of the financial year 2020/2021 was EUR 17.31 million, which is 31% more than the amount of revenue in the previous financial year.
The Group’s costs did not exceed the planned levels, and The Group continues to invest in the development of new products and product modifications.
The unaudited consolidated result for the 9-month period of the financial year 2020/2021 is profit of EUR 2.11 million. The Group’s profit for the 9 months of the previous financial year 2019/2020 was EUR 610 thousand.
The Group’s net cash balance at the end of the period was 6.5 million euros.
During the pandemic, the manufacturing facility of SAF Tehnika continued to operate in its normal/rearranged mode, the company manufactured and shipped its products worldwide. At the manufacturing facility, the work is organized in such a way as to minimize physical proximity (by working remotely or rearranging workplaces), as well as all employees are provided with face masks and shields, disinfectants, frequent cleaning and ventilation of premises.
The Group’s operations are also affected by the global shortage of various electronic components. By regularly reviewing delivery volumes and deadlines, the company continues to accumulate material reserves in order to be able to fulfil most of the orders within normal lead times. This applies to all SAF product families – microwave links, Spectrum Compact and Aranet.
The Group continues to explore market demand and problematic issues in order to be able to provide necessary product modifications, as well as continues investments in product development. The goal of the Company is to stabilize sales levels to ensure a positive net result in the long term.
About SAF Tehnika:
„SAF Tehnika” JSC is an ISO certified wireless data transmission equipment manufacturer. The company's products are produced in Latvia, Europe and sold in over 130 countries worldwide. „SAF Tehnika” has been listed on Nasdaq Riga since 2004. SAF Tehnika wholly owns subsidiaries “SAF North America” LLC and “SAF Services” LLC. Both of the mentioned companies are operating from Denver, CO, USA serving North American market.
CFO, Member of the Board
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