The material on this site is for financial institutions, professional investors and their professional advisers. It is for information only. Please read our Terms & Conditions, Privacy Policy and Cookies before using this site. Please see our Subscription Terms and Conditions.

All material subject to strictly enforced copyright laws. © 2022 Euromoney, a part of the Euromoney Institutional Investor PLC.

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.

You have reached premium content. Please log in to continue reading.

Read beyond the headlines with Euromoney

For over 50 years, our readers have looked to Euromoney to stay informed about the issues that matter in the international banking and financial markets. Find out more about our different levels of access below.


Unlimited access to and

Expert comment, long reads and in-depth analysis interviews with senior finance professionals

Access the results of our market-leading annual surveys across core financial services

Access the results of our annual awards, including the world-renowned Awards for Excellence

Your print copy of Euromoney magazine delivered monthly

£73.75 per month

Billed Annually


Unlimited access to and, including our top stories, long reads, expert analysis, and the results of our annual surveys and awards

Sign up to any of our newsletters, curated by our editors


Already a user?

We use cookies to provide a personalized site experience.
By continuing to use & browse the site you agree to our Privacy Policy.
I agree