Baltic Export, EU – Baltic States, Good for Business, Investments, Latvia, Technology

Parent company SAF Tehnika close the financial year with EUR 13.86 million in turnover and a profit of EUR 473,185. The company's board has proposed to pay the profit in dividends.

According to the company's management, the successful performance result was achieved thanks to an increase in the share of variable specialized projects with high added value in the overall project portfolio.

"During the reporting year, the development and improvement of the microwave wireless data transmission product line continued. Solutions were found to improve functionality and quality indicators, and to reduce production costs. The Group continued to design and develop the Aranet functionality – the new Internet of Things (IoT) environmental monitoring solution, as well as kept on working on the Aranet Cloud service. Aranet is an industrial-grade wireless environmental monitoring solution that allows taking measurements of various environmental parameters over a wide area, including monitoring of temperature, humidity, and CO2," SAF Tehnika management said.

Exports made up 96.93% of the turnover and amounted to EUR 16.24 million. During the reporting year, the group exported its products to 83 countries worldwide.

During the reporting year, SAF Tehnika Group invested EUR 439,000 into IT infrastructure, production and research equipment, purchase of software and licenses, as well as product certification.

As reported, in the previous financial year that lasted from July 1, 2018, until June 30, 2019, SAF Tehnika posted EUR 14.443 million in audited turnover,  while the group's loss was EUR 414,301.

SAF Tehnika Group comprises Latvia’s SAF Tehnika, as well as US-registered companies SAF North America LLC and SAF Services LLC. SAF Tehnika shares are quoted on the Nasdaq Riga Main List.