Netas posts 16% revenue growth for 2017
Netas announced financial results for its fiscal 2017, increasing its consolidated sales revenue by 16% y-o-y to TRY 1.1 billon. The company posted almost three times increase in its net profit to TRY 53.5 million. Netas recorded a high revenue growth from its international segment, up 271 percent year over year. Align with its vision of becoming a global technology brand, the company has given commitment to new investment agreements for the following year.
March 9, 2018, Istanbul – Turkey’s leading system integrator Netas announced its financial results for its fiscal 2017. Accordingly, the company increased its net profit of TRY 18.7 million in 2016 to TRY 53.5 million in 2017, with almost three times increase. The company’s sales revenue and EBITDA both grew by 16% year-on-year, reaching TRY 1.1 billion and TRY 106 million respectively. Having an enormously prosperous year in the international segment, Netas increased its international segment’s revenue by 271% y-o-y to TRY 252.8 million. Meanwhile, in the mentioned year, the company’s public segment revenue climbed by 35 percent to TRY 351.3 million.
Assessing financial results of 2017, Netas CEO C. Mujdat Altay said, “As we left behind our 50th year, I am glad to announce that we increased our net profit by almost three times to TRY 53.5 million. In the meantime, our growth performance at 16% far exceeded the average growth rate seen in the Turkish ICT industry in 2017. Operating in line with our country’s strategic goals provided an increased momentum in our success and we witnessed together developments with significant importance, moving us forward in our path to become Turkey’s global technology brand by 2023, 100th anniversary of our Republic.”
“Since our foundation, we have focused on delivering high value-added products using domestically developed technologies. Today, we rank third among Turkish telecom companies that filed the most patent applications, thanks to innovative and creative solutions we crafted in our R&D department with almost 800 engineers. With our new shareholder ZTE, one of the world’s patent leaders in 5G technology field, we will continue to conduct joint R&D studies on next generation technologies, focusing specifically on increasing local contribution in 5G development process,” Netas CEO concluded.
Celebrated its 50th anniversary in 2017, Netas had announced three investment decisions with ZTE back in November last year. Accordingly, the ‘Netas Academy’ will be established in order to provide technical product training to ZTE customers in the EMEA region, in addition to a repair & return center, offering services in the same geographical extent. Moreover, Netas and ZTE will conduct joint R&D study, at a new Center of Excellence on GSM-R, a mobile broadband communication standard particularly for railways.