Simtel Team targets consolidated revenues of 394.3 million lei and a net profit of 35.1 million lei in 2024

Simtel Team targets consolidated revenues of 394.3 million lei and a net profit of 35.1 million lei in 2024

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 targets in 2024 at the consolidated level, operating revenues of 394,3 million lei, EBITDA of 49.2 million lei and a net profit of 35.1 million lei. The 2024 consolidated revenue and expense budget includes the results expected to be generated by Simtel Team SA and the main companies in which Simtel Team SA holds shares: Simtel Solar SRL from the Republic of Moldova (100%), ANT Power Energy SRL (51%), Agora Robotics SRL (51%), Custom Soft Solutions SRL (39%), GES Furnizare SRL (62%), Plesoiu Solar SRL (99%) and Oasis Green Energy 3 SRL (100%).

The revenue and expense budget that we propose for this year is prudent and considers all possible macroeconomic developments, as well as at the industry level. However, in the context of the dynamic developments and ever-changing challenges of the energy sector, we expect 2024 to be a consistent year of growth for Simtel. Thus, in 2024, we aim to significantly exceed the total capacity installed in 2023 of 86 MWp, thanks to the photovoltaic power plants that we will build for customers, but also based on the contribution that our photovoltaic parks will bring. The growth potential in renewable energy remains high, considering the need for companies in all industries in Romania to transition to green energy. At the same time, in Romania, several government initiatives support such investments as the National Recovery and Resilience Plan (PNRR), the projects within the Rural Investment Financing Agency (AFIR), the Modernization Fund, and Electric Up 2. Taking into account these aspects, in 2024, we want to capitalize on all the existing opportunities to continue the development of the group and consolidate the market leader position in this field,” stated Mihai Tudor, CEO and executive member of the Board of Directors of Simtel Team.

In 2024, the turnkey installation solutions for photovoltaic power plants for the company’s clients, as well as the production and energy supply, remain at the core of Simtel’s strategy. However, in parallel, the company aims to continue diversifying its revenue sources by offering innovative energy storage solutions, developing charging station networks for electric cars, implementing metering solutions and Virtual Power Plant (VPP) control, and launching a line of autonomous robots for industrial cleaning.

In terms of electricity production, in 2024, Simtel is counting on the potential of its own photovoltaic parks that the company develops and operates, especially because some are already at the ready-to-build stage and are about to enter the implementation stage. The company currently owns six such parks in various stages of implementation – in Plesoiu, where the first phase of the project was completed in August 2023, Anina, Ianca, Giurgiu, Mangalia, and Salonta. At the time of completion of the works for all the projects, the parks will have a total installed power of approximately 75 MWp DC and generate an annual production of approximately 100 GWh.

At the same time, for the photovoltaic park in Giurgiu, the company announced on March 25, 2024, the obtaining of non-refundable financing within the National Recovery and Resilience Plan (PNRR) of approximately 60.6 million lei (without VAT) for the construction of the photovoltaic power plant within this park. The photovoltaic power plant from Giurgiu will have a planned installed capacity of 52 MWp DC (peak power at the panel level). The company owns the land on which the power plant will be built. The project has already obtained all the necessary authorizations to start the implementation – the technical documentation, the Technical Approval for Connection, and the construction permit. The company estimates the project will be completed in Q4 2024 – Q1 2025.

Regarding the supply of electricity, the company expects that through GES Furnizare SRL (GES), an entity in which it holds a 62% stake, will continue to attract more and more customers. GES has succeeded in a very short period since obtaining the license from ANRE in January 2024 to sign already three contracts for electricity supply for a standard period of 12 months with customers in various fields, such as mass production plastics, retail, and the operation of logistics spaces.

Over the past four years, Simtel Team has designed and commissioned numerous PV power plants for clients in various industries. The photovoltaic parks for which Simtel provides Operation, Maintenance, and Service services have over 284 MWp installed and produce 352,000 MWh annually, the equivalent of the consumption of 106,000 homes in a year, reducing greenhouse gas emissions by 217,000 tons per year, thus helping to protect the environment and having a positive impact on the health and quality of life of communities, especially in densely populated urban areas.

Simtel Team is listed on the AeRO market of the Bucharest Stock Exchange as of July 1, 2021, currently having a market capitalization of approximately 474 million lei.


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 operates in 3 fields of activity – as a solution integrator in telecommunications, renewable energy, and industrial automation. The company has successfully delivered projects to clients in Romania and abroad in each area. As of October 2021, the company is included in the BVB’s BET-AeRO index. 

Latest articles