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NTG Clarity Networks Announces Year-End 2022 Financial Results with $788K Profit and Q4 Revenue of $5.74M
(TheNewswire) Toronto, ON - TheNewswire - April 27, 2023 - NTG Clarity Networks...
About this update from Ntg Clarity Networks Inc.
[{"type":"text","content":"NTG Clarity Networks Announces Year-End 2022 Financial Results with $788K Profit and Q4 Revenue of $5.74M\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 - April 27, 2023 -\n \n \n NTG Clarity Networks Inc.\n \n \n (TSX.V:NCI)\n \n \n reports\nits fourth quarter and year end results for the fiscal year ended\nDecember 31, 2022 (all figures in Canadian Dollars).\n \n \n \n \n The hard work and dedication resulted in 2022 having\nthe highest revenue in NTG’s recent history, with Q4 2022 being the\nhighest single quarter revenue. Revenues for 2022 were up 48% to\n$17.65M compared to $11.895M in 2021 and we are profitable for the\nyear, despite significant currency devaluation challenges in Egypt.\n \n \n \n \n Revenue for Q4 2022 was $5,742,867 and the net loss was\n$391,759; compared to a revenue of $4,132,046 and a net profit of\n$416,748 in Q4 2021. We expect these strong quarterly revenues to\ncontinue in 2023 due to the new contracts announced in 2022.\n \n \n \n \n The loss in Q4 is attributed to the devaluation of the\nEgyptian pound. By the end of 2022 the EGP’s value dropped from\naround 12.3 EGP to the Canadian dollar in January to about 18.2 EGP in\nDecember 2022, a 48% drop in value. NTG Egypt's unconsolidated revenue\nof approximately 76.9M EGP in 2022 translated to around $4.29M CAD at\nyear end, resulting in a devaluation of over $1.1M CAD. This was\nrecorded as a reduction in revenues for Q4 2022 of approximately\n$410K, and just over $750K in exchange loss on translation and foreign\nexchange loss.\n \n \n \n \n To reduce the FX risk going forward and increase\nmargins, we are focusing on offshoring resources in Egypt, which will\nbe paid in USD.\n \n \n \n \n Going forward, NTG will focus on promoting and\nexpanding the following:\n \n \n \n \n 1.        Our product offerings that provide a\nhigher profit margin. We are focused on our NTGapps digital\ntransformation platform that integrates with our Network Asset\nManagement product. Digital Transformation is one of the current key\nobjectives of most organizations and NTGapps provides a tool to enable\nthese organization to achieve this goal in using a phased approach\nwhile integrating with their legacy s...