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Augentic posts impressive 2020 financial record amid pandemic, forecasts more earnings

Augentic posts impressive 2020 financial record amid pandemic, forecasts more earnings

Augentic says it recorded a strong market performance in 2020 despite the shocks on the global economy orchestrated by the coronavirus pandemic.

It was observed during a Management Board meeting held on March 31 that the company witnessed a positive Net Result of 13% for the year and also presented impressive annual statements including an order backlog of €250 million (about $293 million), per a company statement.

Audited financial figures of Augentic GmbH as well as a roadmap for the company were also discussed and endorsed during the meeting, the statement added. The company also said it had generated prospective sales deals across all continents and business domains for the next two years to the tune of more than €1 billion (roughly 1.17 billion).

Chief Executive Officer Labinot Carreti said he was happy that 2020 was a resilience test year for their company and they were able to scale through it. “Augentic quickly adjusted to the new pandemic conditions and exceeded expectations, generating a solid profit and acquiring the Electronic Passport Project in Cameroon, one of the biggest projects awarded in our industry in the year 2020,” said Carreti.

He was corroborated by his Chief Financial Officer who affirmed that they had “…drawn a positive conclusion to business development” and “we plan to continue to grow as we become recognized innovators in our industry.”

Revenue projections for this year remain high as the company is aid to be witnessing steady growth across all of its business components, the statement mentioned.

Augentic won the Cameroon biometric passport contract in September 2020 in a move that was described by Cameroonian authorities as intended to revolutionize the passport experience in the central African country.

In late January, the company announced progress in the initial stages of the project, saying it had successfully concluded industry level tests for the solution that will be used for the production of the biometric passports.

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