Protectoria Venture delivers positive results in its second year of operations, confirming the strategy of Self-Sovereign Identity and the attractiveness of the company’s digital identity infrastructure services in the market.
The Board of Protectoria Venture approved the annual results of the company for the year 2020 today, showing a net result of NOK 5 280 844.
Revenues are NOK 17 777 500 and composed of some consulting revenues and customer setup fees paid to group companies.
Operating costs are NOK 12 070 481, to be compared to NOK 4 463 017 in 2019, which was the first year of operations.
A significant part of the costs is attributable to ongoing business development, sales and Research and Development efforts related to our decentralised digital ID Infrastructure service for senior citizens to be delivered to local government units in the Philippines. Research and Development costs are expensed and not capitalised according to prudent accounting practices.
Main focus in 2020 was advancing the cooperation with Quezon City, following the Memorandum of Understanding signed in February 2020 to deliver a user-friendly and secure digital service to allow Senior Citizens the benefits required by Philippine law act No.9994. To support such a service, a digital identity infrastructure will be developed with Senior Citizen IDs using decentralized architecture based on Self Sovereign Identity technology (SSI).
Net interest bearing debt is NOK 3 818 437 to Chriba AS, the main shareholder of Protectoria Venture. Group receivables amount to NOK 17 862 540 and equity is NOK 13 269 775. Receivables are related to setup fees expected to be paid by Quezon City for group investments in developing the complete end-to-end digital ID infrastructure.
Current shareholders and key employees are strongly committed to the company and contributed to strengthening the capital of the company by investing NOK 12 520 029 in a private placement decided in an extraordinary shareholder meeting on 4. September 2020.
With 123 910 shares at par value of NOK 1,- outstanding at the end of the year, net result after tax per share is NOK 42,6.
Outlook statement
Protectoria Venture’s cloud based digital decentralised identity infrastructure service for issuing and managing digital identities has been met with significant interest in the Philippine market. The company’s ambition is to accelerate development and delivery in order to capture market opportunities and meet customer needs in this market.
Protectoria Venture will continue to invest in R&D to complete the digital identity infrastructure “MY IDentity System” and prepare the delivery as a complete end-to-end cloud based service.
In parallel, the company will pursue further sales opportunities near term, mainly in the Philippines, with other local government units. Proposals include a Senior Citizen ID and Health ID services, such as vaccine certificate and, potentially, online medical consultations and prescription handling.
The company expects to receive significant funding from public entities for R&D investments, as well as further customer setup fees to accelerate commercialisation. The company also expects to sign other firm contracts to deliver digital ID infrastructure services under long term contracts. Expected opportunities are based on increasing market demand which results from the role of digitalisation as a means to tackle the challenges of the pandemic, and address poverty and inequalities.
More information:
Trond Lemberg; CEO; trond.lemberg@protectoria.com
Mobile phone: + 47 414 87 310
Erik Storelv, CFO; erik.storelv@protectoria.com
Mobile phone: +47 46 52 22 00
