Romania’s Simtel Team swings to net profit in Q1

Romanian technology company Simtel Team [BVB:SMTL] said on Friday it booked a net profit of 290,000 lei ($62,000/ 58,600 euro) over the first quarter of 2022, compared to a 770,000 lei loss over the same period of last year.

Simtel's turnover rose by an annual 57% to 9.7 million lei in the first quarter of 2022, the company said in a press release.

"As of this year, in addition to the forecast of energy production in photovoltaic parks, we also make a production forecast for wind farms with a very high degree of accuracy. Despite the tense geopolitical situation, we look to the future with confidence," Simtel Team co-founder and CEO Iulian Nedea said.

Over the last three years, Simtel has installed over 30 MWp of photovoltaic power plants for a range of clients, totalling over 70,000 photovoltaic panels. This results in over 37,000 MWh annually and slash carbon dioxide emissions by approximately 50,000 tonnes.

The company expects to consolidate its cash position and expand its business following a share increase capital operation started in May.

Simtel announced in March that it is targeting a net profit of 11.6 million lei in 2022, along with revenues of 103.7 million lei.

Founded in 2010, Simtel is a Romanian company active in the fields of telecommunications, renewable energy, and industrial automation. The company’s portfolio includes a broad range of clients, such as Telekom Romania, Fan Courier, Penny Market, or Kaufland. At the end of 2021, the company employed 63.

Simtel recorded a net profit of 6.14 million lei in 2021, up 55% on the year and a turnover of 58.59 million lei, 39% higher year-on-year.

Simtel shares traded down 1.72% percent to 22.8 lei at 1302 CET on Friday, on the Bucharest Stock Exchange.

(1 euro = 4.9477 Romanian lei)

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