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Newmarket predicts 500% yoy growth in Venezuela

Publication: Business News Americas - English News

Provider: Business News Americas


Newmarket predicts 500% yoy growth in Venezuela

US systems integration company Newmarket Technology (OTCBB: NMKT) predicts 500% organic year-over-year growth in its Venezuelan unit RKM IT Solutions during 2005, said the company in a statement. Newmarket attributes its Latin American revenue growth to the continued high price of oil, which contributed to its winning a US$2.4mn contract with the Venezuelan government to support state oil production through SAP (NYSE: SAP) manpower and consulting services.

Venezuelan unit RKM's year-to-date revenues have already reached US$10mn, and Newmarket interprets the SAP contract as a sign of things to come.

"Latin America's, and particularly Venezuela's, cash reserves are rapidly increasing with oil prices at historic highs," said Newmarket Latin America president Henryk Dabrowski. "From our recent corporate activity in contract proposals, it is clear that we will be benefiting from a very healthy business investment environment in South America. Technology investment in productivity enhancement and profitability is historically high on the list of capital expenditures when national cash balances are robust and increasing," said Dabrowski.

The company plans to increase its Latin American presence beyond its current offices in Chile, Argentina, Venezuela, Colombia and Brazil.


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