The company also reported a net profit of 16.3 million lei, a 371% appreciation compared to the first nine months of 2022. The con-solidated 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 has a 51% stake.
"The financial performance recorded in the first nine months of the year highlights our commitment to the company's operational development. Our teams manage an impressive portfolio of renewa-ble energy projects, and their contribution crosses 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 carrying out, we are optimistic about achieving the objectives set at the beginning of the year, both in terms of financial and operational re-sults," stated Mihai Tudor, CEO and executive member of the Board of Directors of Simtel Team.
At the individual level, Simtel's turnover amounted to 208.9 million lei in the first nine months of the year, a 214% increase compared to the same period last year, and the net profit was 15.4 million lei, a 467% increase compared to 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 of 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 rep-resented 2% of the turnover at 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 Simtel's development, this month, the company completed a strategic investment of over 6 million lei in a new logistics space in Baicoi, Prahova County, which becomes a supply hub for all the group's activities.
This investment was necessary to improve the company's efficiency. Through this new facility, the company will reduce transport times and delivery distances by at least 15% compared to the current situation and optimize the equipment storage time.
Simtel Team is listed on the AeRO market of the Bucharest Stock Exchange as of July 2021. Cur-rently, the company has a market capitalization of approximately 319 million lei.