about us | newsletter | contact | archive | members area
Bogdan Nitulescu, Tremend
Cryptocurrencies volatility is a big problem»
  News:      POLITICS   |   ECONOMICS   |   ENERGY   |   INVESTMENTS   |   APPOINTMENTS   |   GREEN   |   INFRASTRUCTURE   |   REAL ESTATE   |   AGRIBUSINESS   |   DRIVING   |   CITY LIFE   |   EVENTS   |

Bittnet posts 58 per cent increase in turnover

Bittnet, one of the most dynamic local IT companies, recorded a 58 per cent organic increase of its business in 2017, to 21.7 million RON (4.75 million Euro).

2018-02-19 12:46:03

IT integration brought revenues of 12.1 million RON (46 per cent increased as compared to 2016), IT training generated 8.1 million RON (49 per cent increase) while cloud services registered an increase of almost 400 per cent, resulting in RON 1.6 million revenue in 2017. Bittnet's net profit thus grew by 43 per cent, to 1.65 million RON (361,000 Euro), according to Romania-Insider.

"With the 2017 consolidated turnover exceeding RON 43 million, we are now moving into a new league of medium-size businesses. Nonetheless, we keep our values young and growing and we maintain our start-up and growth mentality as we see a significant potential for our continued, accelerated development" said Mihai Logofatu, CEO of Bittnet.

The company is looking to replicate the Banca Transilvania growth model and will reinvest its profits and distribute free shares to its shareholders. The company reached a market capitalization of EURO 7.5 million at the end of last year, five times higher than in April 2015, when the company listed its shares on the Bucharest Stock Exchange's AeRO market.



COMMENTS
There are 0 comments:

 
ADD A COMMENT
 
Name
Email
Comment
Validation Code
   
 
 

0 Comments  |  1877 Views
Daily Info
Smart city is not a fad, it's a necessity

In June 2018, the ranking of the most "smart" cities in the world was published. In other words, the most advanced cities in terms of human capital, social cohesion, the econo...

Ondrej Safar, CEZ Group: "Romania can become a hub for international smart solutions providers"

"We are already in the digital age, so the upward trend of implementing smart solutions is inevitable in all areas," he tells The Diplomat-Bucharest. "Especially in terms of u...

Telekom Romania, a strong supporter of Smart City development in Romania

Just like many other countries in the world Romania is now facing an unprecedented growth of the urban population, which can be both beneficial and detrimental for the society...

In the industrial era, the fight was for finite material resources. Not anymore

Now organizations fight and develop themselves for and around their talent. In a nutshell, getting ahead in today's business world is all about attracting and inspiring an e...

Richard Sareczky, Mol Limo: "We look at expansion locations across CEE including Romania"

Consumer mobility behaviour is changing, leading to up to one out of ten cars sold in 2030 potentially being a shared vehicle and the subsequent rise of a market for fit-for-p...

 
 
   
advertising

advertising

advertising

More on News
President Iohannis urges Romanians to be more united, stay involved in modernizing Romania

Romania's President Klaus Iohannis urged Romanians in France to be more united and stay involved as much as they are now in helping modernise Romania.

Catrina, MCSI: Romania is ready to roll up its sleeves and work during the presidency of the EU Council

Romania is ready to roll up its sleeves and work during the presidency of the Council of the European Union (EU), said Maria Manuela Catrina, State Secretary at the Ministr...

Two billion youth risk of being left behind in the Fourth Industrial Revolution workforce, says Deloitte

Almost two billion youth worldwide risk of being left behind in the Fourth Industrial Revolution (Industry 4.0) workforce, which is changing at an increasingly rapid pace a...

ArcelorMittal receives binding offer for European assets from Liberty

British-owned Liberty announced a conditional agreement to buy four European steel plants, employing more than 12,500 people.

Revolut gets European banking license

Fintech startup Revolut is now officially a bank. While the startup initially expected to get its European banking license during the first half of 2018, the company has fi...

The Romanian labour market needs a well-thought approach, says FIC

The Foreign Investors Council (FIC) has signaled in the past 2-3 years that its members are anticipating increasing strains on the Romanian labour market because starting w...

EBRD cuts economic growth forecast for Romania

Romania's economy will grow by 4.2 per cent this year and by 3.6 per cent in 2019, according to the most recent forecast released by the European Bank for Reconstruction an...