Of these revenues, consolidated turnover for the first six months of 2024 amounted to RON93.6 million, down 24% compared to the same period of 2023.
Consolidated operating expenses reached RON89.3 million in H1/2024, down 22% compared to RON114.8 million in H1/2023.
Consolidated gross profit stood at RON7.1 million, down 5% compared to H1/2023, while consolidated net profit reached RON6 million, down 9% compared to H1/2023.
As of 2024, the Company has transitioned to much larger-scale projects, with a different implementation dynamic, which will result in revenue generation in the second half of the financial year, as projects are completed and invoiced to clients.
In terms of operating revenues, GES Furnizare SRL, an entity in which the Company holds a 62% stake, generated operating revenues of RON14.5 million in H1/2024, a remarkable increase considering 2024 is the company’s first year of operation.
In H1/2024, Simtel Solar SRL, an entity from the Republic of Moldova wholly owned by the Company, generated revenues of RON6.5 million during the first half of 2024, following the completion of several projects started in 2023.
Regarding the operating revenues generated by other entities within the group in H1/2024, Simtel Team S.A. generated operating revenues of RON79 million, ANT Power Energy SRL – RON4.7 million, Agora Robotics SRL – RON1.6 million, and Custom Software Solutions – RON125
thousand.
Total assets at the consolidated level exceeded RON200 million, while total liabilities increased by 1% in the first six months of 2024.
Cash and cash equivalents amounted to RON11.2 million in H1/2024, a solid level for the Company.
“Key events in H1 2024 and after the reporting period:
• Signing of a significant contract, within a partnership in which the Company holds 50% of the benefits and losses, valued at over 19 million euros (excluding VAT) with a power producer for the design, engineering, procurement, construction, commissioning, technical operation, and maintenance of a photovoltaic power plant located in Satu Mare, with an estimated capacity of approximately 27 MWp.
• Signing of a significant contract worth over 66 million lei (excluding VAT) with a company in the metallurgical industry, for the design, engineering, procurement, construction, and commissioning of a photovoltaic power plant located in Calarasi County.
• Signing of a PPA (Power Purchase Agreement) contract with GES Furnizare SRL (GES) after the completion of the photovoltaic power plant in Salonta. The contract was concluded for a period of 5 years and 5 months, during which the Company will supply GES with an annual quantity of 6,500 MWh of electricity, which will then be provided by GES to its final customers.
• Launch of Sweep in its commercial version, the first autonomous industrial robot developed and produced in Romania, by Agora Robotics, an entity in which the Company holds a 51% stake.
• The debut of SMTL shares trading on the Main Market of the Bucharest Stock Exchange on August 12, 2024.”
Simtel Team has a market value of RON410 million and is 23.44%-owned by Iulian Nedea, 23.22% by Sergiu Bazarciuc and 23.2% by Radu Vilau. SMTL shares have traded up 21.2% so far in 2024, amid deals worth RON81 million, as per stock market data.