KING ICT’s twentieth year of operations will be memorable for the continued growth of its business and portfolio. Positive economic trends and business digitalisation contributed to the upward trend with which KING ICT ends its jubilee year and enters 2019.
At the end of its second decade in business, KING ICT has 480 employees. The established partnerships with world-renowned IT companies and confirmation of the existing partnerships give the company access to modern technologies to provide customers with quality service. The expansion of business to international markets such as United Arab Emirates, Great Britain, Azerbaijan, Kuwait and Qatar, particularly in the field of cyber security, confirms the high quality of KING ICT’s experts.
This success is corroborated by numbers: the forecast revenue growth in 2018 was 20% higher than in the previous year. Our business was expanded in branches such as security, energy, civil engineering and transport. Following our vision of industry solution integrators based on the turnkey principle, a share of revenues was also generated from projects in the fields of energy efficiency, construction of oil plants, industrial automation and regulation, which are not traditional ICT revenue streams.
The year that is about to end also marks the completion of projects in those fields. Among the most significant project is certainly the Project of upgrading crude oil tank space with the accompanying security and supervision equipment for the Omišalj Terminal for the JANAF pipeline, that has been entirely completed by the end of 2018. KING ICT experts, as part of a consortium of bidders, also participated in the project. A SAP IS-U industrial solution was implemented for HEP Elektra for the informatisation of accounts, payment calculations and invoice payment collection, used to issue HRK 8 billion of invoices thus far. The year has been marked also by substantial changes in the Croatian banking sector, with the merger of Splitska banka to OTP Bank, now operating as a single bank (OTP Banka), where KING ICT assisted in the integration.
The rapid development of digitalisation also indicated the importance of software as the fuel of the modern economy. Therefore, additional efforts were invested in further development of the Software solution sector, which in 2019 will relocate into the new premises at the KING ICT headquarters.
The coming year will bring further business model changes in many industries, thus also in the ICT industry. Traditional ICT infrastructure, platforms and software are increasingly being purchased according to the subscriber model (XaaS - Anything as a Service), which will lead to a decline in traditional types of revenue, and growth of new revenue streams.
In line with market changes and in order to respond to challenges, we will focus on three goals: development of our own innovative ICT products for specific industrial solutions and professional services, retaining existing and attracting new talent in Croatia and the region, and business internationalisation.