Simtel Team, a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange and a national leader in the field of renewable energy, reports, at a consolidated level, a turnover of 65.6 million lei in the first three months of 2023, marking an increase by 579% compared to the same period last year, and a net profit of 2.9 million lei, an appreciation by 896%.
At the same time, next month the company will launch its own 1 MW solar park, 100% owned and operated by Simtel, in Cleșoiu, Slatina, Iulian Nedea, co-founder, Chairman of the Board of Directors and CEO of Simtel Team, told Energynomics.
Consolidated financial results include the performances of Simtel Team, Simtel Solar, the entity from the Republic of Moldova in which Simtel holds the entire stake, as well as ANT Power Energy and Agora Robotics, companies in which Simtel Team holds a 51% stake.
“The significant financial and operational results recorded in the first quarter of 2023 are based on the substantial increase in the number of projects implemented during 2022, an aspect that led to the closure of an important number of these projects in the first quarter of this year. Also, during this period we built approximately 18 MWp and attracted nine new customers. Requests for renewable energy solutions provided by Simtel continue to be at a high level this year as well, currently running projects also outside Romania, in countries such as the Czech Republic and Austria. In addition, we are involved in a series of tenders with several companies abroad. The company’s positive performance is the result of investments made over the past three years, which have put us in a position to manage a customer’s entire energy ecosystem. Currently, Simtel covers all the needs of a customer in terms of renewable energy and energy efficiency, from building photovoltaic power plants, ensuring maintenance and forecasting, to monitoring, optimization and remote control of energy consumption,” said Iulian Nedea.
On an individual level, the turnover amounted to 62.6 million lei in the first three months of 2023, an increase by 608% compared to the same period last year, and a net profit of 2.4 million lei, an increase up by 1,444% from the first quarter of 2022.
The performance in the first quarter of 2023 was determined by the excellent and continuous contribution of the renewable energy business line, which contributed approximately 55.7 million lei to the turnover at the individual level, compared to 7.9 million lei generated in the first quarter of last year. Telecommunications contributed 7% to the total turnover at the individual level, and generated revenues of approximately 4.4 million lei in the first quarter of 2023, compared to 88 thousand lei in the same period last year. The increase is due to a different closing schedule of completed projects compared to previous reporting periods. The weight of the other business lines represented 4% of the total turnover, at an individual level.
In 2023, Simtel targets, at a consolidated level, a turnover of 296.1 million lei, an EBITDA of 31.5 million lei and a net profit of 25.6 million lei. The income and expenditure budget was approved by Simtel shareholders at the annual Ordinary General Meeting of Shareholders, which took place on April 25, 2023. The company also estimates that this year it will put into operation photovoltaic power plants with an installed capacity of approximately 80 MWp, compared to 45 MWp installed in 2022. In addition, management is considering increasing the number of projects in the Republic of Moldova as well, through the local company, Simtel Solar.
