May 23 (SeeNews) - Romanian technology and engineering company Simtel Team [BVB:SMTL] said that its net profit jumped fifteen-fold to 2.36 million lei ($514,000/476,380 euro) in the first three months of the year driven by the renewable energy business line.
The company's turnover rose sevenfold year-on-year to 62.5 million lei in the first quarter, Simtel Team said in a financial report filed with the Bucharest Stock Exchange on Monday.
Simtel's renewable energy business line generated 89% of the total turnover in the three-month period, 9% more than in the same period last year. Telecommunications contributed 7% to the turnover and other businesses lines accounted for 4% of the figure.
Simtel's assets rose 12% from the end of 2022, reaching 148.2 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.
(1 euro=4.96992 lei)