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, posts a consolidated turnover of 65.6 million lei in the first three months of 2023, a 579% increase compared to the same period last year, and a net profit of 2.9 million lei, up by 896%.
The consolidated financial results include the performances of Simtel Team, Simtel Solar, the entity in the Republic of Moldova in which Simtel holds the entire participa-tion, as well as ANT Power Energy and Agora Robotics, companies in which Simtel Team has a 51% stake.
"The significant financial and operational results recorded at the level of the first quarter of 2023 are based on the substantial increase in the number of projects implemented during 2022, which led the closure of a significant number of these projects in the first quarter of this year. Also, we built approximately 18 MWp during this period and attracted nine new clients. Requests for re-newable energy solutions provided by Simtel continue to be high this year, with projects currently being carried out outside Romania in countries such as the Czech Republic and Austria. Currently, Simtel covers all the needs of a client in terms of renewable energy and energy efficiency, from building photovol-taic power plants, ensuring maintenance and forecasting, to remote monitoring, optimization, and control of energy consumption," stated Iulian Nedea, co-founder, Chairman of the Board of Directors and CEO of Simtel Team.
At the individual level, the turnover reached 62.6 million lei in the first three months of 2023, an increase of 608% compared to the same period last year, and a net profit of 2.4 million lei, up by 1,444% compared to 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 individual turnover, compared to 7.9 million lei generated in the first quarter of last year.
Telecommunications contributed 7% to the total individual turnover and generated revenues of ap-proximately 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 schedule for closing completed projects com-pared to previous reporting periods. The share of the other business lines represented 4% of the total individual turnover.
In 2023, Simtel aims for a consolidated turnover of 296.1 million lei, EBITDA of 31.5 million lei, and a net profit of 25.6 million lei.
Also, the company estimates that this year it will put into operation photovoltaic power plants with an installed power of approximately 80 MWp, compared to 45 MWp installed in 2022. In addition, the management plans to increase the number of projects in the Republic of Moldova through the local company Simtel Solar.
Simtel Team is listed on the AeRO market of the Bucharest Stock Exchange as of July 1, 2021. Currently, the company has a market capitalization of approximately 251 million lei.