Simtel doubled its turnover and net profit in 2023

Simtel doubled its turnover and net profit in 2023

Simtel Team (BVB: SMTL), a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange and a national leader in renewable energy, posts, at a consolidated level, a turnover of 295,6 million lei in 2023, a 112% increase compared to 2022 and a net profit of 27.4 million lei, a 115% appreciation compared to the previous year. EBITDA at the consolidated level in 2023 was 36.8 million lei, a 117% increase compared to 2022 and 17% higher than the 2023 revenue and expense budget assumed by the company.

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 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. 2024 promises to be at least as intense as the last one, considering that as of this year, we also became an energy supplier by obtaining the related license in this field. With this new business line, we consolidate our position as a market leader by providing our clients with a complete package of integrated products and services. We thank our colleagues, partners, clients, and shareholders for their trust and for being next to us in building a green future for Romania“, stated Mihai Tudor, CEO and executive member of the Board of Directors of Simtel Team.

At the individual level, Simtel’s turnover amounted to 290.6 million lei in 2023, a 112% increase compared to 2022, and the net profit was 27.7 million lei, a 139% appreciation 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 at the individual level, generating revenues of 2.9 million lei in 2023 compared to 2.7 million lei generated the previous year.

In addition to attracting new clients, during the past year, Simtel continued the collaboration with existing clients, with some of them starting new projects, as in the case of CTP Romania, a developer of industrial and logistics spaces, for which the company is working on the construction and installation of photovoltaic installations on the roofs of 11 of its buildings. Also, in 2023, the company completed the installation of the largest photovoltaic power plant on the roof of a single building in Romania, namely the Dedeman Turda logistics center, for Grunman Energy. The photovoltaic power plant is installed on the roof of Dedeman’s logistics center in Turda. It has an installed power of approximately 4.1 MWp through around 10,000 photovoltaic panels, which cover an area of 40,000 square meters.

2023 was a remarkable year for Simtel, marking not only a doubling of turnover and net profit but also the consolidation of our position as a leader in renewable energy. Our success reflects an unwavering commitment to excellence, adaptability to market changes, and the unconditional dedication of our team. These extraordinary results represent, in addition to simple financial figures, concrete steps towards a sustainable future. We exceeded our expectations and goals, setting a new standard of excellence for Simtel and the renewable energy industry. In 2024, we are more determined than ever to continue this upward trajectory, explore new opportunities, and bring added value to our clients, partners, and, above all, local communities“, stated Iulian Nedea, co-founder and Chairman of the Board of Directors of Simtel Team.

Also, in 2023, Simtel completed the first phase of the photovoltaic park in Pleșoiu, Olt County, when it officially launched a new business line, i.e., renewable electricity production. In addition, at the end of last year, the company completed the investment in a logistics space in Baicoi, Prahova County, which became a supply hub for all the group’s activities. Simtel will reduce transport times and delivery distances by at least 15% through the new storage facility and optimize equipment storage life.

ANT Energy, the company in which Simtel invested at the end of 2021, had dynamic activity during the past year, with the forecast projects of energy production in photovoltaic parks still on an upward trend. In addition, at the beginning of 2023, Simtel and ANT Energy made a strategic investment in the start-up Custom Soft Solutions (CSS) by acquiring a minority stake, 29% by Simtel and 20% by ANT Energy. Thanks to this investment, Simtel has consolidated its position in the industry, having the necessary resources to manage the entire energy ecosystem of a client – the construction and installation of photovoltaic power plants, to which specific related services are added.

Agora Robotics, a start-up in which Simtel owns 51% as of 2022, launched for the first time at Automatica Munich, the most important robot and automation event in Europe, the first autonomous mobile robot for cleaning floors developed by a Romanian company. The goal is for this robot to enter series production in 2024.

Simtel Team has been listed on the AeRO market of the Bucharest Stock Exchange as of July 2021. Currently, the company has a market capitalization of approximately 500 million lei. In 2023, Simtel received the Best Managed Companies from Romania certification within the Deloitte Romania and Banca Transilvania program, the Bucharest Stock Exchange, and the European Bank for Reconstruction and Development.

Simtel’s 2023 preliminary financial results are unaudited at the individual and consolidated levels.


About Simtel Team

Simtel Team is a Romanian company founded in 2010 by three Romanian entrepreneurs – Iulian Nedea, Sergiu Bazarciuc, and Radu Vilau. The company is listed on the AeRO market of the Bucharest Stock Exchange under the ticker symbol SMTL. It oper-ates in 3 fields of activity – as a solution integrator in telecommunications, renewable energy, and industrial automation. The com-pany has successfully delivered projects in each of these areas to clients both in Romania and abroad. As of October 2021, the company is included in the BVB’s BET-AeRO index. 

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