13.11.2024
Odine’s EBITDA Increases by 137% in the First 9 Months
Odine, a global technology partner specializing in sustainable network transformation, announces impressive growth fueled by innovative R&D initiatives. With a solid reputation in delivering software solutions and engineering services for clients worldwide, Odine achieved a remarkable 48% increase in net sales revenue in the third quarter compared to the same period last year, reaching 504,7 million TL. Demonstrating its strong financial structure once again, Odine’s gross profit reached 190,2 million TL, marking a 173% increase, while EBITDA rose by 137% to 120,9 million TL. The company’s gross profit margin was 37,7%.
Strong Financial Resilience and Positive Cash Flow
Odine continued to strengthen its financial indicators in the third quarter, boosting its liquidity ratios. Odine raised its current ratio from 1,60 to 3,48 and its cash ratio from 0,50 to 2,72, while maintaining positive cash flow with low debt levels. Moreover, Odine has expanded its team with experts as part of its sustainable growth strategy, focusing on R&D investments. With this new team structure aimed at accelerating technological advancements, the company seeks to enhance product and service quality further, thereby boosting its competitive edge in both local and global markets.
Highlighting the impact of focusing on high value-added services in the financial results achieved in the first nine months of the year, Odine CFO Ali Yöney stated, ” With our R&D-focused approach, strong management team, and newly acquired talent, we remain steadfast in our initiatives. Aligned with our goal of developing innovative solutions, we will continue to advance our projects and investment plans with unwavering commitment. “
Further Info: Odine Investor Relations investorrelations@odine.com / info@odine.com
