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Revenues were up 67% in the quarter (
Our trend of rapid revenue growth has continued in 2023 with Q3 2023 having the highest single-quarter revenue ever of
Professional service and outsourcing/offshoring revenue continues to be a strategic source of revenue for us. Given its generally recurring nature, and along with the continued expansion of our Egypt Offshore Centre, outsourcing contributed 95% (88% YTD) of our quarterly revenue.
Working capital continues to improve with
Income statement highlights for the three and nine months ended
3 Months Ended | 9 Months Ended | |||||||
REVENUE | $ | 7,003,553 | $ | 4,185,208 | $ | 19,503,993 | $ | 11,909,446 |
COST OF SALES | 3,920,316 | 2,381,755 | 11,738,575 | 6,786,307 | ||||
GROSS PROFIT | $ | 3,083,237 | $ | 1,803,453 | $ | 7,765,418 | $ | 5,123,138 |
Expenses | 2,034,026 | 1,243,298 | 4,953,919 | 3,955,714 | ||||
Foreign exchange loss (gain) | 437,913 | 183,170 | 237,182 | 147,317 | ||||
Income from Continuing Operations | 611,298 | 376,985 | 2,574,317 | 1,020,107 | ||||
Other - Exchange (loss) gain on translation | (101,418) | 57,504 | (728,430) | 160,084 | ||||
Total Comprehensive Income for the Period | $ | 509,880 | $ | 434,489 | $ | 1,845,887 | $ | 1,180,192 |
Per Share | $ | 0.00 | $ | 0.00 | $ | 0.01 | $ | 0.01 |
Balance Sheet Highlights for the nine months ended
Current Assets | $ | 6,616,475 | $ | 4,710,722 | |
Current Liabilities | $ | 9,621,047 | $ | 8,268,605 | |
Deficit | $ | (19,604,313) | $ | (22,178,630) | |
Shareholder’s Equity | $ | (4,842,741) | $ | (6,777,128) |
Outlook
NTG has had incredible growth this year with each quarter breaking revenue records, and with Q3 having the highest single-quarter revenue ever. Consolidated revenue for Q3 2023 was
Egypt’s unconsolidated revenue is increasing; however, the continuing devaluation of the Egyptian pound has resulted in reduced revenue on translation. Since 2021, as well as supporting Egypt’s legacy customers, management has been focusing on transforming NTG Egypt into a supplier of offshore services for international customers through our Egypt Offshore Centre. This transformation will reduce our exposure to the volatile Egyptian Pound, while making our services available to international markets. Our new
KSA continues to be the major contributor to our revenue growth with
As of the
Transactions
At the AGM held on held on
About
NTG Clarity Networks’ vision is to be a global leader in providing networking solutions. As a Canadian company established in 1992, NTG Clarity has delivered networking, IT and network enabled application software solutions to network service providers and large enterprises. More than 600 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.
The
For Further Information:
Ph: 905-305-1325
Fax: 905-752-0469
Email:adam@ntgclarity.com
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