SK ID Solutions’ sales revenue grew by 23%
AS SK ID Solutions’ 2018 annual sales turnover grew by 23% compared to the same accounting period last year, thus reaching 7,9 million euros. Their sales revenue also grew by 23%. This growth mainly stems from the certification services the company offers in the Baltic States as well as the success of Smart-ID in the three countries.
Smart-ID contributed to the growth considerably by gaining 2,6 times more users in the span of a year. By the end of the year, Smart-ID had nearly two million users, which in turn also meant a significant increase in completed transactions, which was three times more than in 2017.
“2018 was a positive year for us both in terms of the increase in sales revenue as well as expanding. If we started off the first half of the year by offering the Mobile-ID service in Lithuania once again in cooperation with Tele2, Bite, and Telia, then in the second half of the year, Luminor and Siauliu Bank joined our group of partners who can issue Smart-ID. This made it even easier to become a Smart-ID user in Lithuania and, of course, supported an increase in both the number of Smart-ID users and e-services that support Smart-ID. Another very important and long-awaited achievement for us was when Smart-ID became QSCD or in other words, it is now a service that provides users with the highest level of electronic signatures,” said Kalev Pihl, the CEO of SK ID Solutions.
Altogether, in 2018, SK ID Solutions’ revenue was 7,9 million euros and net profit 1 million euros. In 2017, SK’s sales revenue was 6,4 million euros and net profit 710 000 euros.
Compared to 2017, SK ID Solutions’ labour costs grew by 9% during the previous financial year, reaching nearly 1,9 million euros.