ENT Reports Solid Results for FY 2023

ENT Reports Solid Results for FY 2023
Dražen Tomić / Tomich Productions

During the financial year 2023, Ericsson Nikola Tesla saw growth in sales and profits. The company fulfilled its plans and proved its stability as one of the most trusted firms in Croatia.

Sales revenue recorded an increase of 2.2% year-over-year to €304.2 million, owing to higher sales revenue on the domestic market and service to the Ericsson market segment, while revenue on other export markets decreased year-over-year. Gross profit increased by 30.4% as a result of the sales mix, successful risk mitigation, and focus on operational and cost efficiency. Operating profit increased by 45.2% to €24.8 million, while net profit increased by 40.3% to €22.2 million. In line with expectations, a positive cash flow from operating activities was achieved amounting to €16.7 million. ENT concluded the end of Q4 with a solid balance sheet, with an equity ratio of 37.6%. Cash and cash equivalents, including short-term financial assets, rose by 3.9% in comparison to the end of the previous year and amounted to €76.9 million (39.9% of the total assets).

“In 2023, Ericsson Nikola Tesla Group operated stably and achieved high-quality business results, which showed our ability to efficiently react to market and macroeconomic challenges and respond to customer needs. Through our strategy, we focused on strengthening our leading position in mobile networks, growing in the Digital Society segment, and maintaining and continuously improving our position in the Services and Research and Development segments. The share of export in total revenue remained at a high level of 57.2%, which confirms our leading position in the ranking of Croatian software exporters. Another successful year can be attributed to quality cooperation with customers, investment in technological leadership, and the contribution of our employees,” said Gordana Kovačević, president of Ericsson Nikola Tesla.

“To achieve our strategic goals, we invest in new business segments and customers, development of information and communication solutions based on the latest technologies, further development of our products and services, competencies of our employees, potential acquisitions, equipment for development and testing of new technologies and the digital transformation of the Group. We also remain focused on the timely identification and elimination of risks, operational efficiency, and tight cost management. The company's long-term sustainable and successful operations in the coming period will be founded on strong leadership, the excellence of our experts, innovative products, solutions, and services as well as values that are intertwined with all segments of our work,” concluded Kovačević.