Software icons and outstretched palms
(Source: Adobe Stock. Generated by AI)
  • NTG Clarity Networks (TSXV:NCI) has signed a three-year, C$22 million contract renewal and expansion with an existing financial services customer in the Middle East
  • The company expects to generate C$55 million in revenue with a 14 per cent net income margin in 2024
  • NTG Clarity Networks provides software, networking and IT solutions to large enterprises
  • NTG Clarity stock has added 880 per cent year-over-year

NTG Clarity Networks (TSXV:NCI) has signed a three-year, C$22 million contract renewal and expansion with an existing financial services customer in the Middle East.

The contract covers offshore software development services at an estimated 37 per cent gross margin and represents a 25 per cent increase in contracted resource headcount. New resources will be deployed in early January based out of NTG Clarity’s Egypt Offshore Centre.

The company’s unbilled purchase orders and contracts stand at over C$100 million as of November 30, 2024, putting it in a strong position to deliver on its guidance of C$55 million in revenue with a 14 per cent net income margin in 2024.

NTG Clarity has grown revenue from C$7.91 million in 2020 to C$27.73 million in 2023, while generating net income over the past three fiscal years. including C$1.37 million in 2021, C$1.25 million in 2022 and C$1.71 million in 2023.

Leadership insights

“This contract renewal and expansion underscores the trust our customers place in our ability to deliver cost-effective solutions as their technology needs continue to evolve,” Adam Zaghloul, NTG Clarity Networks’ vice president of strategy and planning, said in a statement. “It reflects a broader trend among our clients towards committing to larger-scale, longer-term contracts. Strong renewals like this, combined with ongoing new business wins, are driving our sustained growth.”

About NTG Clarity Networks

NTG Clarity Networks, established in 1992, provides software, networking and IT solutions to large enterprises, including design, engineering, implementation, software development and security expertise. Its more than 700 employees are active in offices in Canada, Egypt, Saudi Arabia, Turkey and Oman.

NTG Clarity stock (TSXV:NCI) last traded at C$1.47 per share. The stock has added 880 per cent year-over-year.

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(Top image, generated by AI: Adobe Stock)


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