Victory Square Technologies sees 2020 net income more than double to C$19.7M from 2019 in full-year results

Victory Square Technologies Inc (CSE:VST) (OTCMKTS:VSQTF) (FRA:6F6) posted fourth-quarter and full-year results on Friday, revealing net income growth and a swing into positive earnings in both instances. 

For the three months ended December 31, the company saw net income of C$8.4 million, an increase of 64% from C$5.1 million in the same quarter a year ago. Earnings were C$0.11 per share, up year-over-year from a loss of C$0.07. 

In 2020 as a whole, Victory Square’s net income was C$19.7 million, easily more than double the C$8.9 million it recorded in 2019. Earnings were C$0.30 per share, up from a loss of $C0.10. 

READ: Victory Square Technologies inks binding LOI to invest in renewable energy company Stardust Solar

The Vancouver-based company ended the year with cash and equivalents of more than C$4.5 million.

“I am very pleased with our year-end results; we are well-funded, have a solid portfolio, a strong team and a robust pipeline of catalysts to continue this aggressive growth trajectory,” CEO Shafin Tejani said in a statement. “We are confident that this momentum will continue in 2021 and beyond. We’d like to thank our loyal shareholders and look forward to the next phase of this exciting journey.”

Victory Square Technologies is a technology-focused incubation firm that looks to invest in and develop game-changing entrepreneurs, building toward what it calls the “fourth industrial revolution.”

The company provides its investees with access to its education programs, a global network of mentors, distribution partners, creative workspaces, resources and operational support to help them scale internationally.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors