VK Tech's revenue grows 42.1% in 2024 to 13.6 bln rubles

MOSCOW. March 4 (Interfax) - VK Tech, a corporate software developer and the technology vertical of the VK holding, saw its revenue to International Financial Reporting Standards (IFRS) rise 42.1% year-on-year in 2024 to 13.6 billion rubles, the company said.

Revenue from large clients increased 28.3%, while revenue from small and medium-sized clients grew 58%, the company said. The key drivers of growth were the VK Cloud platform and VK WorkSpace productivity services.

Adjusted EBITDA for 2024 increased 2.4-fold to 4 billion rubles. The EBITDA margin rose 29.2%, compared to 17.4% in 2023.

Net profit for 2024 stood at 1.3 billion rubles, up 66% YoY.

Revenue from the cloud platform segment amounted to 5.8 billion rubles in 2024, up 82.3%, the productivity services segment reached 3.6 billion rubles, up 41.2%, the data services segment totaled 2.2 billion rubles, up 30.3%, and the business applications segment generated 2 billion rubles (information on this segment's dynamics were not provided).

VK Tech's operating expenses grew 23.5% to 9.2 billion rubles last year, primarily due to increased spending on the IT team.

Its client base expanded 90.5%.

VK Tech is a Russian corporate software developer providing solutions for daily business tasks. The VK Tech portfolio includes a cloud platform, data services, productivity services and business applications. The company offers its products in both On-Premise licensing and On-Cloud subscription formats.

VK Tech is considering an IPO, with a decision on placement to be made based on market conditions.