Romelectro to double its profit and revenues this year
Romelectro, one of the most important EPC contractors in Romania for complex projects in the energy field, wants to double its profit and revenues for 2017, based on current portfolio, said Cristian Secosan, general manager of the company. 2017-04-07 15:36:09
Last year, Romelectro reached a profit of one million Euro and revenues of more than 50 million Euro, according to unaudited financial data.
"2016 was a good year for Romelectro, we accelerated expansion on foreign markets, so revenues in 2017 will be significantly higher than last year," said Secosan. "On foreign markets, we are present in Kosovo and Egypt, where we established branches, and also in Saudi Arabia, where we set up a subsidiary to which we are major shareholder. We try to stabilize our activity in certain regions of the world where we have projects under implementation and then expand the business."
The newest complex project assumed by Romelectro is a green-field project in the field of power generation: Romgaz, the Romanian operator for gas exploration, decided to build a high-efficiency power plant in the combined cycle technology, producing 430 MW in Iernut.
Romelectro in consortium with Duro Felguera Spain won a contract having a total value of 245 million Euro. The commissioning is planned for the end of 2019. It is the most important investment promoted by a state-owned company in power generation since 1989.
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