NTG Clarity Announces Record-Setting Year-End 2023 Financial Results With Revenue of $27.7M and Profit of $2.3M

About this update from Ntg Clarity Networks Inc.

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 / NTG Clarity Networks Inc. (TSX.V:NCI; OTC: NYWKD) reports its fourth quarter and year end results for the fiscal year ended December 31, 2023 (all figures in Canadian Dollars). The following is NTG Clarity CEO Ashraf Zaghloul’s letter to shareholders for year-end 2023. 2023 has been a historic year for NTG Clarity. With every quarter breaking all-time revenue records, we’re experiencing growth never before seen in our more than 30 years in business. Revenues for 2023 were up 57% to $27.7M compared to $17.65M in 2022 with a profit of $2.3M in 2023, up 190% from $788K in 2022 , making three consecutive profitable years. With a global trend of enterprises undergoing rapid digital transformation, both our offerings of outsourced software development resources and proprietary software products have seen rapidly growing demand that shows no signs of slowing down. Since embracing our new offshore model in 2021, we’ve been able to connect more clients with talented candidates faster, accelerating their digital transformation journeys. All while at a lower cost to clients and a higher margin for us. This is the primary driver behind our profitability in the last three years. To accommodate the increase in demand, we expanded our Egypt Offshore Center by opening a new office in Cairo, Egypt in 2023. This office in the Al-Aghouza district along the Nile River, our third in Cairo, has since become our flagship offshore resource campus, with space for more than one hundred new staff and room to expand further when needed in the future. In 2023, we solidified our commitment to education, training, and personal development by opening the NTG School which is part of the NTG Academy, in cooperation with the Egyptian Ministry of Education. This partnership aims to equip Egyptian secondary technology school students with a dual curriculum, integrating NTG’s specialized technology training alongside the ministry’s curriculum. NTG proudly dedicates a team of educational engineers ensuring comprehensive training for the next generation in the exciting field of digital transformation. Although most of our growth was due to increased demand for our outsourcing ...

View stock analysis, news, and events for Ntg Clarity Networks Inc.