Business
NTG Clarity Networks Announces Year-End 2021 Financial Results With $1.36M Profit and Q4 Revenue of $4.1M
(TheNewswire) Toronto, ON / T heNewswire / April 12, 2022 / N...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Year-End 2021 Financial Results With $1.36M Profit and Q4 Revenue of $4.1M\n \n \n (TheNewswire)\n \n \n \n \n \n \n \n \n \n \n \n Toronto, ON / T\n \n \n heNewswire\n \n \n / April 12, 2022 /\n \n \n NTG Clarity Networks Inc. (TSXV:NCI)\n \n \n reports its fourth quarter and year end results for the\nfiscal year ended December 31, 2021 (all figures in Canadian\nDollars).\n \n \n \n \n 2021 was a very good year for NTG that has seen an\nincrease in revenue and a turnaround towards profitability. Revenues\nfor 2021 were up 50% to $11.895M compared to $7.9M in 2020. Profit was\n$1.36M compared to a loss of $1M in 2020. The gross margin in 2021\nimproved to 55% compared to 28% in 2020 primarily because of license\nfees that have a higher margin.\n \n \n \n \n Our Q4 2021 revenue is the highest q\n \n \n \n \n uarterly revenue since 2016 and we\nhave been profitable for a sixth straight quarter. Revenue for Q4 2021\nwas $4,132,046 and the net income was $416,748; compared to a revenue\nof $1,547,766 and a net profit of $267,776 in Q4 2020. We expect these\nstrong quarterly results to continue in 2022 due to the new contracts\nannounced in December 2021.\n \n \n \n \n We have capitalized on our track record and experience,\nand the goodwill we have built with our customers and partners\nthroughout the years. NTG is now recognized as a provider of top-tier,\nhigh quality services with very competitive pricing, and we have added\nnew clients to our customer base, especially in the financial sector\nwhere we have been focusing expansion this year. This sector is\noutside our traditional telecom vertical and is an important growth\nopportunity for us as they are going through a digital transformation.\nWe are working hard to capitalize on the booming demands for IT and\ntelecom services and on establishing NTG as a major offshoring hub for\ntechnology and IT services.\n \n \n \n \n Going forward, we are focusing on promoting and\nexpanding our product offerings that provide a high profit margin. We\nare focused on our NTGapps digital transformation platform that\nintegrates with our Network Asset Management product. Digital\nTransformation is one of the current key objectives of most\norganizations and NTGapps provides a tool to help organizations\nachieve this goal while integrating with their legacy syst...