Romania's Simtel Team targets 87% rise in net profit in 2022

Romanian engineering and technology company Simtel Team [BSE:SMTL] said on Wednesday it targets a net profit of 11.6 million lei ($2.5 million/ 2.3 million euro) in 2022, an increase of 87% over last year.

Simtel expects revenues of 103.7 million lei in 2022, up 76% year-on-year, the company said in a press release.

In addition to the existing business lines, namely Energy Performance Certificates (EPC) for renewable energy, telecommunications and industrial automation, the company plans to consolidate the business lines launched last year, respectively charging stations for electric cars and the distribution of equipment and components used in the
construction of photovoltaic plants.

The company also plans to carry out a share capital increase in the second quarter and the beginning of the third quarter of this year. The raised capital will be used for carrying out all signed or ongoing projects that will bring substantial increases in the company's turnover. In addition to the share capital increase, Simtel Team is in talks with several banks to finance various development projects, but at the same time is evaluating the possibility of issuing bonds on the capital market.

In 2021, the company reaped a net profit of 6.1 million lei, up by an annual 55%, on a turnover of 58.7 million, up by an annual 40%.

Simtel Team was 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

In mid-December, Simtel announced that it has reached an agreement to buy a 51% stake in local provider of forecasting services for photovoltaic power plants and wind turbines ANT Power Energy for 1.5 million lei.

Simtel's shares traded 8.77% higher at 22.95 lei on the Bucharest bourse as at 1120 CET on Wednesday.

(1 euro=4.9492 lei)

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