Tecnotree Posts Strong Growth in 2020 Despite Pandemic & Global Slowdown
2.3.2021 15:56:00 EET | Business Wire | Press release
Tecnotree, the global provider of IT solutions for the telecom industry, has recently announced its Q4 and full-year 2020 financial results.
In a year that will globally go down in history as the year of pandemic and resultant economic slowdown, Tecnotree posts a different story. With a substantial 76% increase in net income and 48% EBIT growth, Tecnotree displayed strong resilience even during the most difficult times. The company struck the right chord for all the key metrics in 2020; and with 4 new clients and an Order-Book of more than €32 million, Tecnotree appears set to continue the growth momentum in 2021.
2020 year performance at a glance:
- Net sales grew by 12% to €52.8M (€47M)
- Net income registered 76% growth to €13.6M (€7.7M)
- Earnings Before Interest and Tax (EBIT) grew by 30% to €18.6M (€14.4M)
- Cash & Cash Equivalent showed a 138% growth at the end of the period
- Share price soared by 312% in the year
- Market Capitalization grew by 360% to 193Me (42Me)
- EPS grew to 5c from 3c
As per Helsingin Sanomat, a leading media publication in Finland, Tecnotree is one of the two stocks that gave more than 100% returns to the shareholders after Black Monday in March 2020, while the reputed financial publication Kauppalehti from Finland listed Tecnotree CEO as one of the top 3 CEOs among the companies listed on Helsinki Stock Exchange. This is a strong testament to the healthy financial performance that company has been delivering.
Tecnotree CEO Padma Ravichander states that “The years of investment in developing the futuristic products and agile delivery capabilities are paying off for Tecnotree. We finished 2020 with momentum and robust performance. In times when the industry is struggling to stay afloat, Tecnotree scaled new highs on every front.”
She further adds, “Despite the pandemic and lockdown, Tecnotree pushed all boundaries and completed all its software deliveries remotely as per the schedule. This feat had been possible only because of our agile and customer-centric approach.”
The company continued to increase its global footprint with four new clients, namely Altice Dominicana & Red Digital in Latin America, STC in the Middle East, and TRAI Mobile in APAC. The company continued to deepen the partnerships with the existing customers too, including MTN & America Movil.
Going forward in 2021, the company is focused on investments in key areas like Artificial Intelligence and Machine Learning (AI & ML) enabled products, Robotic Process Automation (RPA), 5G monetization, and building a new Partnership Ecosystem Platform that will enable Communication Service Providers to increase their top-line.
To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.
View source version on businesswire.com: https://www.businesswire.com/news/home/20210302005676/en/
Contact information
Padma Ravichander, CEO
tel. +97 156 414 1420
www.tecnotree.com
About Business Wire
For more than 50 years, Business Wire has been the global leader in press release distribution and regulatory disclosure.
Subscribe to releases from Business Wire
Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.
Latest releases from Business Wire
NetApp Enhances Support for AI Workloads at Massive Scale23.6.2026 17:00:00 EEST | Press release
NetApp® (NASDAQ: NTAP), the Intelligent Data Infrastructure company, today announced the release of StorageGRID 12.1, designed to help customers scale AI and other modern workloads with a federated global namespace. The new capabilities improve how data is accessed, processed, and managed across distributed environments to support AI data pipelines, data lakes, and modern object-based applications. Organizations are contending with rapid growth in unstructured data to serve AI workloads while also managing that data across increasingly distributed hybrid environments. In its Object Storage Solutions Landscape, Q1 2026 report, Forrester notes that the rise of generative AI has pushed object storage further into an AI‑optimized data platform beyond its historical uses supporting enterprise data strategies with scalable, durable storage for unstructured data, media, and backups. The updates to NetApp StorageGRID enable organizations to leverage their object data for these emerging uses wi
Otonal Launches Localization Service to Adapt English Podcasts and Audio Ads for the Japanese Market23.6.2026 17:00:00 EEST | Press release
Otonal Inc., a Tokyo-based digital audio advertising and podcast technology company, has officially launched a specialized audio localization service designed to help global brands and media companies adapt their English-language podcasts and audio advertisements for the Japanese market. Audio Ad Localization https://otonal.co.jp/en/audioad-localization/ Podcast Localization https://otonal.co.jp/en/podcast-localization/ While many translation vendors focus on text-based, one-size-fits-all translation, Otonal’s service addresses the distinct challenges of audio-first localization. The service goes beyond standard translation by rebuilding scripts for spoken Japanese, ensuring precise 15- and 30-second ad timings, adapting the content to local cultural context, and casting native Japanese voice talent suited to the content and delivery environment to maintain brand authority and tone. Japan ranks among the world's leading economies and is one of Asia’s largest advertising markets, making
GigaDevice and Qt Group Announce Global Partnership to Advance the Embedded GUI Ecosystem23.6.2026 17:00:00 EEST | Press release
GigaDevice, a leading semiconductor company specializing in Flash memory, 32-bit microcontrollers (MCUs), sensors, and analog products, has officially entered a strategic partnership with Qt Group, a global leader in software design, development, and quality assurance solutions. Leveraging the GD32H7 high-performance MCU series, the two companies will collaborate to optimize and enhance embedded GUI solutions, enabling developers to create more intuitive, visually rich, and responsive user experiences. This collaboration further expands GigaDevice’s ecosystem strategy in advanced human-machine interface (HMI) and establishes a solid foundation for future innovation across smart industry solutions, energy storage systems, smart home devices, and consumer electronics. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20260623351273/en/ GigaDevice and Qt Group Announce Global Partnership to Advance the Embedded GUI Ecosystem As IoT,
Andersen Global Adds Andersen in Indonesia23.6.2026 16:30:00 EEST | Press release
Andersen Global strengthens its footprint in Southeast Asia as VDB Loi in Indonesia rebrands to Andersen in Indonesia, becoming the newest member firm to join the organization. Andersen in Indonesia provides tax and legal advisory services to multinational companies and foreign investors operating in the Indonesian market. The firm combines decades of market experience with a practical approach focused on delivering clear, tailored guidance across complex regulatory and cross-border matters. “Adopting the Andersen brand reflects our commitment to providing clients with high-quality, practical tax and legal advice supported by broader international collaboration,” said Tommy Hendharto Oetomo, managing partner of Andersen in Indonesia. “Clients operating in Indonesia require increasingly coordinated cross-border support. Becoming a member firm strengthens our ability to deliver that service with consistency and clarity.” “Indonesia remains an important market for organizations investing
Merck Collaborates with Versant Ventures to Launch Saturnus Bio to Advance Treatments for Rare Genetic Cardiomyopathies23.6.2026 16:30:00 EEST | Press release
Merck, a leading global science and technology company, today announced a strategic research-stage collaboration with Saturnus Bio, a Versant Ventures-founded biotech, aimed at establishing a foundational portfolio in the promising field of rare genetic cardiomyopathies. This partnership aligns with the company’s commitment to address significant unmet medical needs in rare populations through targeted treatments. “Through our partnership with Saturnus Bio, we aim to fast track the development of innovative therapies for genetic cardiomyopathies through precision cardiology, targeting the rare population impacted by these conditions,” said David Weinreich, MD, Head of Research and Development and Chief Medical Officer, Healthcare business of Merck. “By leveraging Saturnus' expertise and cutting-edge approach, we can build upon our armed antibodies capabilities and explore novel directions to rapidly bring new, targeted treatments to patients.” “The launch of Saturnus through a foundati
In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.
Visit our pressroom