SAF Tehnika Consolidated Interim Report for Q1 of financial year 2021/2022
Riga, 2021-11-10 15:51 CET --
In the first quarter of the financial year 2021/2022, the Group’s unaudited consolidated net turnover was EUR 7.8 million, which is an increase of 66% compared to the first quarter of the financial year 2020/2021. The Group ended the first quarter of the financial year 2021/2022 with a profit of EUR 1.52 million (unaudited).
The turnover in North and Latin Americas was 64% or EUR 4.96 million. Compared to the turnover in the same quarter of the previous financial year, the turnover increased by 51%.
The turnover in Europe and CIS countries amounts to 26% or EUR 2.01 million, which is 134% more than in the first quarter of the previous financial year. The turnover of the AMEA (Asia, Middle East, Africa) region increased by 45%, compared to the corresponding quarter of the last financial year, and amounted to 10% or EUR 786 thousand.
In the reporting quarter, the Group’s products were sold in 55 countries.
The Group’s expenditures did not exceed the planned volumes and were generally higher than in the same period a year earlier. The Group continues to invest in the development of new products and product modifications.
The Group ended the first quarter of the financial year 2021/2022 with a profit of EUR 1.52 million (unaudited). The result of the 1st quarter of the previous year was a loss of EUR 378 thousand.The Group’s net cash balance at the end of the period was 6.8 million euros.
In the context of a global pandemic, the Group follows the epidemiological rules in the home country, ensuring compliance with the relevant norms. 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), paying special attention to ventilation and air quality.
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
+371 67 046 833