The group estimates its gross profit will reach RON12.5 million.
“The growth estimated for this year considers two major projects that will be completed in 2015. Our newest projects are the construction of a cogeneration group to supply heat to the city of Oradea and the upgrade of a major heating transport pipeline in Iasi,” Valeriu Iftime, head of the board of directors and the majority shareholder, said in a press release Thursday.
The project in Oradea is the biggest rehabilitation investment in the local energy system in the past 20 years. Elsaco won the EUR53 million EU-funded contract in association with Italy’s STC.
In Iasi, Elsaco is working in association with Conest SA and TMUCB.
Elsaco Group has nearly 500 employees and is owned by Valeriu Iftime (40%), Ovidiu Jitaru, Doru Popa and Petru Parfenov (each with 20%).