Business
NTG Clarity Announces the Highest Second Quarter Revenue of $6.36M
(TheNewswire) Toronto, ON - TheNewswire - August 2, 2023 - NTG Clarity Netw...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Announces the Highest Second Quarter Revenue of $6.36M\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 \n \n \n \n \n Toronto, ON -\n \n \n TheNewswire\n \n \n -\n \n \n August 2, 2023 -\n \n \n NTG Clarity\nNetworks Inc.\n \n \n (TSX.V:NCI)\n \n \n ,\n \n \n announces its\nsecond quarter results for the period ended June 30, 2023 (all figures\nin Canadian Dollars).\n \n \n \n \n NTG’s continued hard work and dedication resulted in\nQ2 2023 being the highest single quarter revenue at $6.37M. Revenues\nfor Q2 2023 were up 87% compared to Q2 in 2022. and we continued to be\nprofitable for the quarter, despite significant currency devaluation\nchallenges in Egypt.\n \n \n \n \n Our gross margin for this quarter was 38% and the\nincome from operations was $2,426,102. We expect these strong\nquarterly results to continue in 2023 due to the new contracts\npreviously announced and the renewal of existing contracts.\n \n \n \n \n \n \n \n \n \n Professional service revenue continues to be an\nimportant strategic source of revenue for us, given its generally\nrecurring nature (84%). The contribution of product-related revenue\nwas 16% in Q2 2023. We continue to focus on promoting and expanding\nour product offerings and our outsourcing/offshoring services.\n \n \n \n \n Working capital continues to improve with June 30, 2023\nbeing a deficit of $3,181,771 compared to a deficit of $3,557,883 at\nDecember 31, 2022.\n \n \n \n \n \n \n Income\nstatement highlights for the three and six months ended June 30, 2023\nand 2022\n \n \n \n \n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n \n \n \n Balance Sheet Highlights for the six months ended June 30, 2023 and\nDecember 31, 2022\n \n \n \n \n \n \n \n \n \n \n \n Click Image To View Full Size\n \n \n \n \n \n Outlook\n \n \n \n \n KSA’s robust economy, due in large part to strong oil\nprices, continues to show increasing demand for our products and\nservices. Customers recognize our quality of work and track record,\nresulting in large increases in the volume of work from our major\ncustomers and expansion into several new customers.\n \n \n \n \n We now have more customers making use of the technical,\nIT and professional services we offer through our Egypt Offshore\nCentre. This c...