Chimcomplex Borzeşti - profit of 7.4 million lei

In the first three months of the year, the chemical plant Chimcomplex Borzeşti (CRC) obtained a net profit of 7.44 million lei, compared to a loss of 8.3 million lei in the same period last year, against the background of the increase in revenues in a faster pace than expenses, according to the issuer's report published on the website of the Bucharest Stock Exchange (BVB).

Total revenues amounted to 418.6 million lei, with 5.5% more than in the first quarter of last year, operating revenues being 415 million lei. The total expenses were 405 million lei, with only 0.5% more than in the first three months of last year. Expenditures for raw materials and consumables amounted to 154.7 million lei, 23% higher than in the first quarter of last year, while expenses for energy and water were 104.1 million lei, decreasing by 29% compared to those from January-March 2023.

According to the company, although the sales volume increased by 12%, the turnover remained relatively constant as a result of the decrease in the prices and market quotations of the chlorosodium products.

The realized production amounted to 146,124 thousand tons, with 23% more than in the January-March interval of last year, of which the chlorosodium products were 87,981 tons, increasing by 13% compared to the amount realized in the first three months of last year, polyols 25,295 tons, up 25%, and plasticizers in the amount of 10,582 tons compared to only 909 tons in the first three months of last year.

Chimcomplex Borzeşti obtained, in the first quarter of the year, an operating profit of 20.9 million lei, much more than the 2.8 million lei in the first three months of last year, a gain that was eroded by a negative financial result of 7.4 million lei, mainly loan interest. The company managed, in the period January-March 2024, to obtain an operating profit margin of 5%.

For this year, the investment program for the Oneşti Platform is estimated at 8.3 million euros and that of the Râmnicu Vâlcea Branch is estimated at 26.1 million euros.

Ştefan Vuza owns, through CRC Alchemy Holding, based in Amsterdam, 85% of Chimcomplex, while the Romanian State, through the State Assets Administration Authority, owns 9% of the chemical manufacturer. The stock market valuation of Chimcomplex currently stands at 5.3 billion lei.