15:38:08 EDT Sun 01 Oct 2023
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NTG Clarity Networks Inc
Symbol NCI
Shares Issued 147,972,355
Close 2023-05-26 C$ 0.03
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NTG Clarity earns $637,745 in Q1 2023

2023-05-29 17:30 ET - News Release

Ms. Kristine Lewis reports

NTG CLARITY REPORTS A RECORD FIRST QUARTER 2023 WITH $635K PROFIT AND A REVENUE OF $6.1M

NTG Clarity Networks Inc. has released its first quarter results for the period ended March 31, 2023 (all figures in Canadian dollars).

NTG's continued hard work and dedication resulted in Q1 2023 being the highest single-quarter revenue at $6.1-million. Revenues for Q1 2023 were up 40 per cent compared with Q1 in 2022, and the company continued to be profitable for the quarter, despite significant currency devaluation challenges in Egypt.

As previously announced, going forward, NTG will continue to focus on promoting and expanding the following:

  • The company's product offerings that provide a higher profit margin -- The company is focused on its NTGapps digital transformation platform that integrates with its network asset management product. Digital transformation is one of the current key objectives of most organizations, and NTGapps provides a tool to enable these organizations to achieve this goal in using a phased approach while integrating with their legacy systems. The company believes that NTGapps is one of the best digital transformation platforms available. It enables customers to consolidate their end-to-end business software and integrate with specialty third party platforms, enhancing operational efficiency and saving clients time that can instead be used to create new revenue streams.
  • The company's outsourcing/offshoring services -- These services provide good cash flow and margin for the business. They help in acquiring new customers on a short sale cycle. This gives the company the opportunity to introduce its products to these customers. NTG has invested in expanding its offshore centre in Egypt, and that has proven to be very successful.

Income statement highlights for the three months ended March 31, 2023, and 2022

Outlook

The gulf region's robust economy, due in large part to strong oil prices, has shown an increasing demand for the company's products and services. Customers continue to recognize the company's quality of work and record, and this has resulted in large increases in the volume of work from the company's major customers and expansion into several new customers, primarily in the financial and government sectors.

Some customers are now making use of the technical, IT (information technology) and professional services the company offers through its Egypt offshore centre. This centre is growing fast, and the company aims to make it one of the leading offshore centres in the region. The company is excited about the increasing demand for this offering model as it expands its business into new verticals that include government and financial sectors.

With the demand for the company's software product, NTGapps digital toolbox, the company anticipates being able to continue to expand into new verticals. As NTGapps includes tools related to telecom operators and small and medium enterprise (SME) end-to-end business operations, the company is already seeing demand in the financial and government sectors, and it sees this as an opportunity to present its product for use in other verticals.

The company now has a dedicated team of sales personnel that is targeting new customers in this currently booming KSA (Kingdom of Saudi Arabia) economy. The company is 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. The company anticipates the sales of NTGapps to increase significantly in 2023.

In an unrelated matter, the company announced that share options will be issued for each member of the company's board of directors; Ashraf Zaghloul and Kristine Lewis will receive 300,000 share options each; and Saleem Siddiqi and Zeeshan Hasnain will receive 150,000 share options each. Each option will be exercisable at a price of five cents per share and will vest immediately.

About NTG Clarity Networks Inc.

NTG Clarity Networks' vision is to be a global leader in providing networking solutions. As a Canadian company established 30 years ago in 1992, NTG Clarity has delivered networking, IT and network-enabled application software solutions to network service providers and large enterprises. More than 500 network professionals provide design, engineering, implementation, software development and security expertise to the industry's leading network service providers and enterprises.

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