NTG CLARITY NETWORKS INC. (via TheNewswire)
 | |||||||||
 |  |  | |||||||
The continued hard work and commitment of NTG’s team has resulted in Q1 2024 having the highest-ever single quarter revenue at
For the first time since 2015, we had a positive working capital of
Income Statement Highlights for the Three Months Ended
REVENUE | $ | 11,755,520 | $ | 6,127,177 |
COST OF SALES | 7,170,424 | 3,871,100 | ||
GROSS MARGIN | $ | 4,585,095 | $ | 2,256,077 |
Operating Expenses | 2,597,403 | 1,060,261 | ||
Foreign Exchange (Gain) Loss | (312,992) | (24,665) | ||
Other Expenses | 268,922 | 132,410 | ||
Net Income from continuing operations | $ | 2,031,761 | $ | 1,088,073 |
Other – Exchange Gain (Loss) on Translation | 346,105 | (450,328) | ||
Total Comprehensive Income for the Period | 2,377,866 | 637,745 | ||
per share (basic) | $ | 0.06 | $ | 0.004 |
per share (fully diluted) | $ | 0.06 | $ | 0.004 |
Balance Sheet Highlights
Total Assets | $ | 15,049,269 | $ | 12,392,158 |
Total Liabilities | $ | 15,761,171 | $ | 15,629,301 |
Deficit | $ | (18,437,158) | $ | (20,468,919) |
Shareholder’s Equity | $ | (711,902) | $ | (3,237,143) |
Outlook
As the
Since 2021, as well as supporting NTG Egypt’s legacy customers, management has transformed NTG Egypt into a supplier of offshore services for international customers through our Egypt Offshore Centre. This strategy allows us to pay expenses in the devaluing Egyptian Pound, while collecting revenue in stronger currencies such as the Saudi Riyal, which is pegged to the US Dollar.
Since embracing our new offshore model, we have been able to connect more clients with talented candidates faster, accelerating their digital transformation journeys, all the while at a lower cost to them and consistent margins for us. This is a large driver behind our growth profitability in the last three years.
We have a dedicated team of sales personnel that are targeting new customers in this currently booming KSA economy. We are targeting small and medium enterprises (SME) across multiple verticals that now include the medical sectors and the food industry, in addition to the telecom and financial sectors. We anticipate the sales of NTGapps to increase significantly in 2024. For more information, visitwww.ntgapps.com.
As we continue through 2024, we continue to strive to deliver on NTG’s four-part commitment to:
Customersby providing flexible, quality services at a competitive price.
We accelerate and simplify the digital transformation journey for our clients by providing the right solution delivered by passionate professionals both on their sites and offshore.
Peopleby helping our staff grow and develop personally and professionally.
We empower our staff to build and deliver challenging projects while providing opportunities for training and career advancement both internally and outside NTG.
Shareholdersby continuing our growth trajectory and profitability.
With purchase orders on-hand and contracts we expect to close, we project our 2024 revenue to be approximately
$50 Million .With three years of consistent profitability under our belt, we are actively identifying opportunities to make sure as much of this new revenue as possible flows to the bottom line, with a targeted 2024 profit margin of 10%.
Communityby passing our experience down to the next generation.
We provide youth education and employment opportunities tailored to the modern job market through the NTG Academies, School, and on-the-job training.
We look forward to continuing our growth through 2024 and beyond,using our growing funds to create value for our shareholders by investing in growth initiatives and also continuing to pay down our longer-standing debts.
About
NTG Clarity Networks’ vision is to be a global leader in digital transformation solutions. As a Canadian company established in 1992, NTG Clarity has delivered software, networking, and IT solutions to large enterprises including financial institutions and network service providers. More than 700 IT and network professionals provide design, engineering, implementation, software development and security expertise to the industry’s leading enterprises.
Forward Looking Information
Certain statements in this release, other than statements of historical fact, are forward looking information that involves various risks and uncertainties. Such statements relating to, among other things, the prospects for the company to enhance operating results, are necessarily subject to risks and uncertainties, some of which are significant in scope and nature.
These uncertainties may cause actual results to differ from information contained herein. There can be no assurance that such statements will prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. These and all subsequent written and oral forward-looking statements are based on the estimates and opinions of the management on the dates they are made and expressly qualified in their entirety by this notice. The Company assumes no obligation to update forward-looking statements should circumstances or management's estimates or opinions change.
For Further Information:
Ph: 905-305-1325
Fax: 905-752-0469
Email:adam@ntgclarity.com
Neither
Copyright (c) 2024 TheNewswire - All rights reserved.
Copyright (c) 2024 TheNewswire - All rights reserved., source
