Innobyte, one of Romania’s companies specializing in eCommerce services and solutions, fully owned by Life is Hard, announces an impressive 24.89% increase in revenue for the first three months of 2024 compared to the same period last year, reaching 33 million RON. The company also reported a significant 245% increase in net profit in Q1 2024, according to Business-Review.eu.
Innobyte Solutions closed the first quarter of 2024 with a 24.89% business growth compared to the same period in 2023, adding over 655,000 RON to its revenue. Profitability increased from 34,000 RON in Q1 2023 to 118,000 RON in Q1 2024.
The company expanded its team with four new professionals and sponsored several major eCommerce sector events in the first three months of the year. Innobyte also organized a series of private events to connect companies and experts in Romania’s eCommerce industry, exceeding expectations. These initiatives are part of the medium and long-term strategy to enhance resilience and profitability launched in 2022.
“The positive results achieved in Q1 are even more remarkable given the increase in operational costs, particularly salaries, due to attracting new specialists and the impact of fiscal changes during this period. Both the Innobyte team and the LIFE IS HARD management are proud of these achievements, and we will continue to invest in new partnerships and consolidate existing ones in the coming period,” said Cătălin Șomfălean, CEO of Innobyte.
In the first quarter of 2024, Innobyte Solutions initiated new projects and continued developing existing ones. The company launched two online stores in partnership with clients from the pharmaceutical and tobacco sectors already in its portfolio. It also started a consultancy project with promising prospects and continued to develop current projects, especially on the Magento platform, achieving results that exceeded initial estimates.
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