2022 was a challenging year with a widespread global economy slowdown (3.2% growth compared to 6% in 2021) and the highest inflation (8.8%) in the last several decades. Ghana's currency devaluation reached more than 140%, and in Egypt, 57% which added more economic pressure in both countries.

As for Cyberteq, we managed to reach 42% growth in our revenue despite the massive currency devaluation in Ghana and Egypt which resulted in lower revenue in USD.  We are going to close the year with a 10% EBIT margin. 

We increased our workforce by 30% during the year. In Africa, 31% of our employees are female and we are working to increase the Group gender ratio to the same percentage in 2023.

In 2022 Cyberteq delivered projects in 22 countries across Europe, Africa, and the Middle East. Our clients were from various business sectors (BFSI, Manufacturing, Healthcare, pharmaceutical, Education, and Telecom). We increased our client portfolio with 28 new clients (100 % YoY).   

Recurrent revenue from mUnit 2.0 contributed 48% of our cybersecurity revenue providing stability to our business and we are targeting to increase it to 60% in 2023. We will continue to develop mUnit and add new features as per the roadmap, to be an All-in-One subscription.

As proof of our success and our commitment to providing the best service to our clients, we are proud to receive for the second time in a row the Cybersecurity Consulting Company of the Year Award at GITTA 2022 and the Cybersecurity Consulting Brand of the Year Award at the National Communications Awards 2022 in Ghana. 

2023 will also be a challenging year in terms of economic growth slowdown (2.7% expected growth), but at Cyberteq we are determined to grow and expand our business in KSA and other territories. 

Special thanks to Cyberteq’s employees who keep playing a major role in achieving our goals and building trust with our clients.
Happy new year!