November 21 (SeeNews) - Romanian technology and engineering company Simtel Team [BVB:SMTL] said that its net profit soared to 2.7 million lei ($559,156/546,370 euro) in the first nine months of 2022, compared to 50,622 lei in the like period last year.
The improved results were driven by the excellent and continued performance of the renewable energy business line, Simtel said in a report filed with the Bucharest Stock Exchange on Friday.
The company's operating income jumped 160% on the year to 66.4 million lei during January-September.
Simtel's renewable energy business line generated 84% of the total turnover in the nine-month period, while telecommunications contributed 15% to the turnover and other businesses lines accounted for 1% of the figure.
When compared to the end of 2021, Simtel's total assets rose 65%, reaching 107.9 million lei.
In September, Simtel announced it was planning to to expand its operations in Moldova and Western Europe.
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 70.
(1 euro=4.9417 lei)