Scholarship. Simtel Team announced business of 213 million lei in the first nine months of 2023,…

Simtel Team (stock symbol SMTL), 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, reported, on a consolidated level, a turnover of 212.8 million lei in the first nine months of 2023, a 212% increase compared to the same period last year, and a net profit of 16.3 million lei, an appreciation of 371%.

The consolidated financial results include the performances recorded by 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 financial performance recorded in the first nine months of the year highlights our commitment to the operational development of the company. Our teams manage an impressive portfolio of projects in the field of renewable energy, and their contribution goes beyond borders, by improving the energy efficiency of local and international companies. Considering the sustained pace of work in this last quarter of the year and the investment projects we are running, we are optimistic about achieving the objectives set at the beginning of the year, both in terms of financial and operational results”, says Mihai Tudor , CEO and executive member of the Board of Directors of Simtel Team.

On an individual level, Simtel’s turnover amounted to 208.9 million lei in the first nine months of the year, an increase of 214% compared to the same period last year, and the net profit was 15.4 million lei , a 467% increase over the first nine months of 2022.

In the first nine months of 2023, the company’s renewable energy division contributed 91% to the turnover at the individual level, generating revenues of approximately 189.8 million lei, compared to 55.8 million lei generated in the first nine months from 2022.

Telecommunications contributed 7% to the turnover, and generated revenues of 14.6 million lei in the first nine months of the year, compared to 10 million lei in the same period last year.

The share of the other business lines represented 2% of the turnover, on an individual level, generating revenues of 4.2 million lei in the analyzed period compared to 0.7 million lei generated in the first nine months of 2022.

Regarding the development of Simtel, this month the company completed a strategic investment of over 6 million lei in a new logistics space, in Băicoi, Prahova county, which becomes a supply hub for all the group’s activities.

This investment was necessary in order to make the company’s activity more efficient. Through this new facility, the company will reduce transport times and delivery distances by at least 15% compared to the current situation and will also optimize equipment storage time.

“In a constantly changing world, maintaining a balance between aspirations and financial reality is an essential aspect for us. Within Simtel, we carefully manage our resources, both financial and operational, so as to develop a healthy business from all points of view. The financial performance of recent years proves this and is a clear indicator of our consistent growth potential. At the same time, through the strategic investments we are making, such as Agora Robotics and CSS, in which innovation is an essential component, we look to the future with confidence and determination”, says Iulian Nedea, co-founder and President of the Board of Directors of Simtel Team.

Simtel Team is listed on the AeRO market of the Bucharest Stock Exchange from July 2021. Currently, the company has a market capitalization of approximately 319 million lei and is owned in equal proportions of just over 23% by Iulian Nedea, Sergiu Bazarciuc and Radu Villa. SMTL shares have registered a 63% increase since the beginning of this year, based on transactions of 23.8 million lei, BVB data show.