IDenta Corp Reports Blowout Annual Financial 2020 Results with 540% Increase of Net Profit

Rhea-AI Summary

IDenta Corp. (OTCQB: IDTA) reported a robust performance in its 2020 annual financial statements, revealing a 43% increase in sales revenue, reaching $1,449,899 compared to $1,012,822 in 2019. Gross profit surged by 52.5% to $953,181, while operating profit rose by 345% to $355,573. Notably, net profit soared by 540% to $354,449. CEO Amichai Glattstein emphasized the company's successful strategies and momentum entering 2021, aiming to enhance shareholder value through innovation and product expansion.

Positive

• Sales revenue increased 43% to $1,449,899 in 2020.
• Gross profit rose by 52.5% to $953,181.
• Operating profit surged by 345% to $355,573.
• Net profit skyrocketed by 540% to $354,449.

Negative

• None.

HOLLYWOOD, Fla., March 30, 2021 /PRNewswire/ -- IDenta Corp. (OTCQB: IDTA) is a worldwide leader in the development of Field Detection and Home Diagnostics Testing Kits of Narcotics & Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. Today IDenta Corp reported its 2020 annual financial statements. The company sales revenue increased over 43% and was $1,449,899 for 2020, compared to $1,012,822 for the same period of 2019.

Mr. Amichai Glattstein, Chief Executive Officer, commented: "IDenta ended 2020 on a strong note with four quarters revenue growth of 43% compared to the prior year four quarters. Over the course of the year, we continued to execute on our strategy, delivering new program wins, releasing new, innovative products for our customers, and realizing cost savings from new models. I am very proud of our team's performance. Their dedication and hard work ensured the pandemic did not have a material impact on our financial performance, and most importantly, allowed us to meet the needs of our customers throughout this challenging year."

Mr. Glattstein added, "We are entering 2021 with strong momentum, and are confident that our combination with additional products lines will create an even stronger organization. The new platform of our products will provide a broader springboard for growth and innovation to meet the evolving needs of our industrial and defense customers, drive enhanced stockholder value and create new opportunities for our company."

Highlights of the Annual Report of 2020 compared to Annual Report of 2019:

• Revenue for 2020 was $1,449,899 compared to revenues of $1,012,822 in 2019. This is a 43% increase in sales; 
• Gross profit increased to $953,181 in 2020 compared to gross profit of $624,876 in 2019, reflecting a 52.5% increase;
• Operating profit increased to $355,573 for 2020 compared to operating profit of $102,881 in 2019. This is a 345% increase and represents both the increase in revenue as well as significant reduction of production costs;
• Net profit increased to $354,449 in 2020 compared to $65,519 in 2019. This is more than 540% increase of the company annual net profit;

About IDenta Corp.

IDenta Corp. is a global leader in the development and supply of Field Detection and Home Diagnostics Testing Kits for Drugs & Explosives and Unique Forensic Products in the Homeland Security and Consumer Markets. IDenta develops, manufactures and distributes revolutionary products for both the professional Law and Retail markets which consistently pass the highest qualifications and testing procedures of law enforcement and security agencies around the world.

Safe Harbor Statement 

Certain of the statements contained herein may be, within the meaning of the federal securities laws, "forward-looking statements" that are subject to risks and uncertainties that could cause actual results to differ materially from those described in the forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These forward-looking statements are based on management's expectations as of the date hereof, and the company does not undertake any responsibility to update any of these statements in the future.

Company Contact Information:

Public Relations
Tel: 240.545.6646
E: pr@identa-corp.com

 

 

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SOURCE IDenta Corp.

FAQ

What were IDenta Corp's sales revenue figures for 2020?

IDenta Corp's sales revenue for 2020 was $1,449,899, marking a 43% increase from $1,012,822 in 2019.

How much did IDenta Corp's net profit increase in 2020?

IDenta Corp's net profit increased by 540% in 2020, reaching $354,449 compared to $65,519 in 2019.

What is the operating profit growth for IDenta Corp in 2020?

IDenta Corp's operating profit increased by 345% in 2020, amounting to $355,573.

How did IDenta Corp adapt during the pandemic according to the CEO?

The CEO stated that IDenta Corp managed to maintain financial performance and meet customer needs, with no material impact from the pandemic.

What future strategies did IDenta Corp outline for 2021?

The company plans to leverage its momentum and expand product lines to create stronger growth opportunities and enhance shareholder value.