Romanian tech co Simtel Team 9-mo net profit jumps

The improved results were driven by the excellent performance of the renewable energy business line, Simtel said in a report filed with the Bucharest Stock Exchange on Monday.

The company's operating income jumped 214% on the year to 208.8 million lei during the January-September period.

Simtel's renewable energy business line generated 91% of the total turnover in the nine-month period, while telecommunications contributed 7% to the turnover and other businesses lines accounted for 2% of the figure.

When compared to the end of 2022, Simtel's total assets rose 44%, reaching 190.47 million lei.

Founded in 2010, Simtel is a Romanian engineering and technology company, headquartered in Bucharest. The company’s portfolio includes a broad range of clients, such as Telekom Romania, Fan Courier, Penny Market, or Kaufland. At the end-September, the company employed 114.

Simtel Team's shares traded flat at 42.5 lei as of 1525 CET on Thursday on the Bucharest bourse.

(1 euro=4.97025 lei)