We are pleased to present to you our 2019 figures, which EnergyVision’s General Meeting approved this week. 2019 was a fantastic year for the company. It was a year in which our earnings increased by 26% and our profits by 122%, and in which we welcomed 36 new employees. It was the fifth year in our history and also the fifth consecutive year that ended with a profit. Since 2014, we have been able to increase the group’s equity capital from 6,200 EUR to more than 19.6 million EUR (including after-tax profits of 9.25 million EUR in 2019). Our export activities are still important, but 2019 was also a year in which we intensified our activities in the domestic market. After a few very active years in China and Morocco, we have also gained a considerable market share in Flanders and Brussels. We have proved that, following the crisis in the energy sector in recent years, renewable energy can once again be an attractive and profitable option for us.
This trend is continuing in 2020, in spite of the coronavirus and all the difficulties it has brought. In situations like this, it is essential to have a clear strategy. Even during the full lockdown period, we were able to start up 170 sites in Belgium and achieved about 75% of our normal revenue in Morocco. The number of confirmed projects for 2020 in China is higher than last year. The circumstances there are very difficult: movements are still restricted and local quarantines are still being imposed, but we have completed our first three Chinese projects of the year and have started the next three. That shows that there is hope in post-coronavirus China. We have not had to furlough any of our employees any of the three countries, not even for a single day. Our employees also have that guarantee for the rest of the year, for example, if there is a second wave. Furthermore, we have even recruited several employees in Belgium since 4 May, and we are continuing to work on our growth. We can do that thanks to our real capital: our people, our passionate and ambitious staff who work with love and respect for our customers.
We were recently awarded our electricity distribution licence for the domestic market, which means we are now ready to position ourselves as a supplier of 100% green and 100% local energy to SMEs. These are big steps forward, and we are taking them in the middle of a crisis. The coronavirus period is demonstrating the strength of our teams, our business model that removes investment thresholds for customers, and the spread across various countries. With the whole world in shock, our people proved once again how strong the company is right now: in the first quarter, Belgium took the initiative to support China, and in the second quarter the roles were reversed. In that way, the divisions took turns to help each other.
All this goes to show that the title of our “Annual Report 2019” is a good choice: we are indeed ready for the future, even if that future shakes up the entire world in ways nobody could have predicted.