The ownership change ten years ago marked the start of a new era for Iskraemeco, CEO of the Iskraemeco group Dieter Brunner said at today's press conference, noting that the company had transformed into a leading global provider of electricity metres.

In recent years, the company has been making smart metres for clients in Europe as well as in Africa and the Middle East. It is also considering strengthening its presence in Latin America.

The company has received several awards for its development of smart metres, communication platforms and sustainable development.

Last year Iskraemeco saw a 40% revenue rise to EUR 107m and this year revenue is to go up by another 20%. Profit reached almost EUR 7m and investments topped EUR 6.6m in 2017.

To meet the growing demand for its smart metres, especially in Germany, where Iskraemeco is a market leader, it opened the new production line that cost almost EUR 1m and is to produce 350,000 metres a year.

According to CFO Baha Abdualah, Iskraemeco is one of the few companies in Slovenia that is making end products. It employs more than 800 people, including over 130 in R&D.

Because of production growth, the company's headcount rose by 50 in the first half of this year alone.

Abdullah also announced further expansion of production. His promises were confirmed by Ahmed Elsewedy, the chair of the Iskraemeco management board and CEO of the Elsewedy Electric group, which owns more than 85 companies around the world and whose turnover reached US$ 2.4bn last year.

According to Iskraemeco CEO Luis Goncalves, the company's development will be marked by digital transformation and solutions tailored to the needs of individual buyers. He sees many opportunities in the automotive industry.

Today's event was also attended by President Borut Pahor, who praised the company's "determination, business policy and excellent relations with staff".

He expressed hope that Slovenia gets a new government soon for the country to have a stable business environment.