Romenergo, a provider of energy services and equipment, as well as an energy trader, reported gross income standing at 23.4 million euros at the end of last year, more than 11 times higher than the figure the company posted in 2004.
Gross income was higher than Romenergo's turnover, which amounted to 20.2 million euros in 2005, according to the data published in the Official Gazette. "The fact that the level of gross income is superior to the level of turnover is purely an accounting matter, as gross income includes financial and one-off revenue. Turnover only takes into account revenue derived from operating activities," explained sources with this company.
In 2004, the company operated at a profit margin of 8 percent.
"This advance is due to the higher number of contracts signed, wherein the company did not outsource any activity, all of the operations were performed by firms that are part of the Romenergo group," stated company sources, without providing further details on the sealed contracts.
The company has 211 employees, compared with the 174 employees it had in 2004.
One of the biggest contracts Romenergo is currently involved in, is the redevelopment of the canal lock in Portile de Fier I, a project worth as much as 50 million euros. The company is working together with Energomontaj and Hidroconstructia on the project.
The Romenergo group is made up of seven firms: Romenergo Mecanic (specialising in the production of parts for hydropower stations, thermoelectric power stations and nuclear stations), FEA (electronics and automations), Umex (the handling of containers and heavy equipment), Optoelectrica, Recont (engineering), Allpro (trade in sewing machines), and Transmarina.
The group is also involved in three other areas of activity, namely tourism, restaurants and agriculture, according to information available on the company's website.
Romenergo was established in 1979 by the Romanian state as a foreign trade company dealing with imports of equipment and providing technical assistance for a project related to the nuclear power station in Cernavoda, as well as providing training to people involved in the project.
Since then, Romenergo has expanded and diversified its activity portfolio.
In the '90s, Romenergo became a privately owned company in the wake of the privatisation process through the MEBO (Management Employees Buy Out) method.
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