• Hitit (HTTBT), one of the world's leading airline technology companies, closed the first quarter of 2022 with a revenue of $3.8 million and an EBITDA margin of 55 percent.
• The company increased its total number of partners to 57 thanks to a clear understanding of both the digital transformation journey of its existing and the needs of new partners during the pandemic, and by offering the right solutions accordingly.
• Hitit exhibited the best performance of the last five years in terms of new partner acquisition.
Hitit (HTTBT), one of the largest aviation technology companies in the world, continues to maintain its steady growth. Hitit’s contract signatures with new airlines from different parts of the world led to the first quarter of 2022 having the highest performance of the last five years in terms of new partner acquisition.
Nevra Onursal Karaagac, CMO at Hitit, said that the total number of partners reached 57 as of the first quarter of 2022. Hitit has published its 2022 first quarter annual report which noted that new agreements were signed with four new partners during this period. Karaağaç said, "In addition, we also signed a new agreement with one of our existing partners to provide them with additional solutions. In terms of first quarter sales performance, we exhibited the highest performance of the last five years. In addition to these new contracts, we completed the system migrations and went live with two new airlines in the first quarter of 2022, which was a result of the contracts signed during the previous periods”
87% of the revenue was based on foreign currency
Sezer Ozmutlu, CFO at Hitit, pointed out that the first quarter returns and EBITDA margin of 2022 exceeded the levels of the first quarter of 2019 for the same. She said: “As of the end of the first quarter of 2022, sales revenue increased to $3.8 million which is +21% compared to the same period of the previous year. Thus, we reached the revenue levels of 2019, the pre-Covid period. The increase in business volumes of existing partners as well as new acquisitions contributed to this success. Parallel to this, the EBITDA margin was 55% at the end of the first quarter of 2022, 16% higher than the pre-Covid period in the first quarter of 2019. As a result of our international growth strategy, our revenues were 87% in foreign currency and only 13% in TL. After the public offering concluded on March 3, 2022, the total cash and cash equivalents of the company was $25.8 million. Cash amount excluding bank loans for the same period amounted to $23.5 million.”
The number of passengers flying with Hitit technology increased by 41%
Noting that the number of passengers flying with Hitit technology in the first quarter increased by 41 percent compared to the same period of the previous year, Karaagac said, "This result outcome was thanks to both the increasing volumes of existing partners and our new partners." Karaağaç added that 1.2 million dollars of R&D investment was made in the first quarter of this year.
Rackets Up project reaches 85,000 more students
Karaağaç said that under the umbrella of Rackets Up, the social responsibility project that Hitit has been running for four years, 100 more teachers have received their coaching certificates providing table tennis training to 85,000 new students from 105 schools in Şanlıurfa. Table tennis equipment was also donated to these schools in cooperation with the Turkish Table Tennis Federation.