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Zenitel reports profitability growth while keeping revenue fairly stable

Financial highlights

  • Revenue amounted to EUR 36.8 million compared to last year’s EUR 38.1 million.
  • EBITDA amounted to EUR 5.0 million compared to EUR 3.3 million last year.
  • Operating profit (EBIT) amounted to EUR 3.9 million compared to EUR 2.0 million last year.
  • Profit for the period of EUR 3.6 million against EUR 1.5 million in 2019.

EBITDA was EUR 5.0 million for the first six months of 2020, an increase of EUR 1.7 million or 53% compared to the first half of 2019, thanks to an increased organizational performance and cost effectiveness in combination with lower costs for traveling and trade shows directly related to COVID-19 restrictions. In the beginning of the year, management reacted very quickly to reduce costs immediately while protecting existing employment. This is resulting in a much lower than structural OPEX level due to the exceptional COVID-19 circumstances.
 
Operating Profit (or EBIT) increased by 93% to EUR 3.9 million for the first six months of 2020 compared to last year financials. The increase is a result of a relatively stable revenue, increased margins, cost decreases related to COVID-19 and the continuous improved operational efficiency.
 
Profit for the period for the first six months of 2020 increased to EUR 3.6 million, compared to EUR 1.5 million last year.
 
Despite the high uncertainty due to COVID-19, Zenitel continues to invest in product innovation and new talent to strengthen its market position in the Maritime, Energy and Security markets.

Download the full report

The complete interim financial report, including the condensed consolidated interim financial statements, can be downloaded here.

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