Simtel Team (BVB: SMTL), a leading Romanian engineering and technology company specializing in renewable energy, has announced the signing of a significant contract worth RON 66.5 million (EUR 13.4 mln) excluding VAT with a company in the metallurgical industry. 

Under this agreement, Simtel Team will be responsible for the design, engineering, procurement, construction, and commissioning of a photovoltaic power plant located in Calarasi County, in southern Romania.

The project is slated for completion within five months from the signing date, Ziarul Financiar reported. 

Simtel Team reported a net profit of RON 4.96 mln in the first quarter of 2024, marking a 199% increase compared to the same period in 2023, despite a 31% decrease in revenues to RON 45 mln. 

The company boasts a market capitalization of RON 412 mln and is primarily owned by Romanian investors Iulian Nedea (23.44%), Sergiu Bazarciuc (23.22%), and Radu Vilău (23.2%). 

Simtel Team’s shares have surged by 21.7% since the beginning of the year.

andrei@romania-insider.com

(Photo source: Deyangeorgiev/Dreamstime.com)