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The developer of solutions in the field of IT security Positive Technologies increased profit by 32 times (October 31, 2022)

Positive Technologies, a Russian developer of cybersecurity solutions, has published its consolidated financial results for the third quarter and the first nine months of the year.

“Following the results of 9 months of 2022, the net profit of Positive Technologies increased 32 times compared to the same period last year and amounted to 2.1 billion rubles,” the company said in a statement.

Revenue of Positive Technologies in the third quarter doubled compared to the same period last year and amounted to 3.5 billion rubles, the report indicates. The volume of sales for the first nine months grew by 115%, reaching RUB 7 billion; profit in July-September amounted to 1.7 billion rubles, an increase of seven times compared to the same period last year.

“In the third quarter, the gross margin and EBITDA margin reached their historical highs of 91% and 55%, respectively,” the report emphasizes.

The main driver of revenue growth in the company called the sale of licenses for software of its own design. “The growth in revenue from the sale of licenses for the nine months of 2022 amounted to 133%, and revenue from the sale of services in the field of information security and the sale of software and hardware systems increased by 42%,” the press release emphasizes.

Since March of this year, Russia has been ban on government procurement of foreign software for use on critical infrastructure without the consent of the authorities. Until January 1, 2025, organizations must completely switch to Russian software.

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