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Simtel to double its turnover and net profit in 2023

27 February 2024
General Interest

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 295.6 million lei in 2023, an increase of 112 % compared to 2022 and a net profit of 27.4 million lei, an appreciation of 115% compared to the previous year, according to a company statement. EBITDA at the consolidated level in 2023 was 36.8 million lei, an increase of 117% compared to 2022 and 17% higher than the revenue and expenditure budget assumed by the company for 2023.

The 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 Energy and Agora Robotics, companies in which Simtel Team holds a 51% stake.

“2023 was another dynamic year for the entire Simtel team, brilliantly surpassing the achievements of 2022, both financially and operationally. During the past year we built photovoltaic power plants with an installed power of approximately 86 MWp. The client portfolio has expanded with 87 new clients, currently consisting of companies from various sectors, such as retail, tourism, agriculture, factories and logistics premises. 2024 promises to be a year at least as intense, considering that starting this year we also became an energy supplier by obtaining the related license. With this new business line, we strengthen our position as market leader by providing our customers with a complete package of integrated products and services. We thank our colleagues, partners, customers and shareholders for the trust given to our company and for standing by us in building a green future for Romania,” said Mihai Tudor, CEO and executive member of the Board of Directors of Simtel Team.

On an individual level, Simtel’s turnover amounted to 290.6 million lei in 2023, an increase of 112% compared to 2022, and the net profit was 27.7 million lei, an increase of 139% compared to the previous year.

In 2023, the company’s renewable energy division contributed 89% to the turnover at the individual level, generating revenues of approximately 258.6 million lei, compared to 105.5 million lei generated in 2022. Telecommunications contributed 10 % to the turnover, and generated revenues of around 29.1 million lei in 2023, compared to 28.8 million lei in 2022. The share of the other business lines represented 1% of the total turnover, on an individual level , generating revenues of 2.9 million lei in 2023 compared to 2.7 million lei generated the previous year.

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