Business
NTG Clarity Announces Record-Setting Year-End 2023 Financial Results With Revenue of $27.7M and Profit of $2.3M
(TheNewswire) Toronto, ON / T he N ewswire - Accesswire / April 29, 2024 / ...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Announces Record-Setting Year-End 2023 Financial Results With Revenue of $27.7M and Profit of $2.3M\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON / T\n \n \n he\n \n \n N\n \n \n ewswire\n \n \n - Accesswire / April 29, 2024 / NTG Clarity\nNetworks Inc. (TSX.V:NCI; OTC: NYWKD)\n \n \n reports\nits fourth quarter and year end results for the fiscal year ended\nDecember 31, 2023 (all figures in Canadian Dollars). The following is\nNTG Clarity CEO Ashraf Zaghloul’s letter to shareholders for\nyear-end 2023.\n \n \n \n \n 2023 has been a historic year for NTG Clarity. With\nevery quarter breaking all-time revenue records, we’re experiencing\ngrowth never before seen in our more than 30 years in business.\n \n \n \n \n Revenues for 2023 were up 57% to $27.7M compared to\n$17.65M in 2022\n \n \n with a profit of $2.3M in 2023,\nup 190% from $788K in 2022\n \n \n , making three\nconsecutive profitable years. With a global trend of enterprises\nundergoing rapid digital transformation, both our offerings of\noutsourced software development resources and proprietary software\nproducts have seen rapidly growing demand that shows no signs of\nslowing down.\n \n \n \n \n Since embracing our new offshore model in 2021, we’ve\nbeen able to connect more clients with talented candidates faster,\naccelerating their digital transformation journeys. All while at a\nlower cost to clients and a higher margin for us. This is the primary\ndriver behind our profitability in the last three years.\n \n \n \n \n To accommodate the increase in demand, we expanded our\nEgypt Offshore Center by opening a new office in Cairo, Egypt in 2023.\nThis office in the Al-Aghouza district along the Nile River, our third\nin Cairo, has since become our flagship offshore resource campus, with\nspace for more than one hundred new staff and room to expand further\nwhen needed in the future.\n \n \n \n \n In 2023, we solidified our commitment to education,\ntraining, and personal development by opening the NTG School which is\npart of the NTG Academy, in cooperation with the Egyptian Ministry of\nEducation. This partnership aims to equip Egyptian secondary\ntechnology school students with a dual curriculum, integrating NTG’s\nspecialized technology trai...