SingularLogic: Profits after taxes in 2021 at 1.3 million euros

The strategic choice of Space Hellas to enter the Software Integration industry with the acquisition jointly with Epsilon Net, the company SingularLogic and the acquisition by Space Hellas of the 60% majority and this management, has begun to bear fruit as reflected in the financial statements 2021 of SingularLogic, which highlight the result of the above moves as completely successful, as mentioned in the relevant announcement of the company.

SingularLogic, which closed in 2020 with negative capital of 8.3 million euros, in 2021 presents a fully consolidated balance sheet with positive equity of 9.2 million positive working capital, net debt of 1.1 million euros against 26, 8 million euros in 2020 and profits after taxes of 1.3 million euros.

More specifically, according to the announcement, 2021 was a transitional year for SingularLogic, as after the acquisition followed the split of the self-produced software industry, which was completed on 14/7/2021. The effort to place the company on a growth trajectory, while maintaining its goodwill in an environment of continuous changes in structures and philosophy, after the split led to a turnover of € 17 million, affected the gross profit margin which ranged at 11% and was reflected in gross profit of 2 million euros On the other hand, the reduction of operating expenses led the company to profit before taxes, interest and depreciation (EBITDA) of 0.3 million euros and the recording of financial consolidation, which resulted from the acquisition, resulted in profits after tax (EAT) EUR 1.3 million

In 2022, the continuation of Space Hellas Group’s goal to reposition SingularLogic in critical projects and infrastructure of the public sector, while expanding its footprint to large clients of the private sector, gives it the right to dynamically promote its significant added value and improve both its sales and its profit margins in the long run.