Turnover of Romanian chemical complex soars five times in first half

Chimcomplex Borzeşti (CHOB), the Romanian chemical complex controlled by local businessman Ştefan Vuza, recorded a turnover of RON 707 million (nearly EUR 150 mln) in the first half of the year, 4.8 times higher than in the similar period of the previous year, Ziarul Financiar reported.

Chimcomplex took over toward the end of last year the viable assets of the Oltchim chemical plant and has started to integrate them with its existing capabilities under a broad investment plan.

The group’s net profit decreased by RON 17.3 mln (EUR 3.6 mln) to an insignificant value of RON 0.6 mln (EUR 121,000), but notably remained positive.

“The increase of the financial expenses in the first part of the year, caused by weaker local currency, resulted in the reduction of gross and net profit compared to the same period of last year,” the company’s half-year report reads.

Chimcomplex borrowed EUR 164 mln from Credit Suisse and Russian bank VTB to pay for Oltchim’s core assets.

Romanian chemical group Chimcomplex to invest EUR 115 mln, targets EUR 1 bln turnover

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