RO listed chemical group Chimcomplex sees EUR 85 mln profit for first nine months

Romanian chemical group Chimcomplex Onesti (BVB ticker: CHOB), which also owns the former Oltchim chemical plant in Ramnicu Valcea, reported a net profit of RON 422 mln (EUR 85 mln) in the first nine months of this year compared with losses of RON 33 mln in the same period of last year.

The group’s turnover more than doubled to RON 1.71 bln (EUR 345 mln).

Chimcomplex wrote in its quarterly report that part of the growth in revenues was determined by the higher prices for some of its products on the international markets.

Chimcomplex, which is currently listed on the Bucharest Stock Exchange’s AeRO market, has seen its shares rise tenfold in the last 12 months. As a result, the company’s market capitalization hit RON 5.37 bln (EUR 1.08 bln), making it the seventh-biggest company on the Bucharest Stock Exchange.

The company’s majority shareholder is CRC Alchemy Holding, an offshore vehicle registered in the Netherlands and controlled by Romanian investor Stefan Vuza, which holds an 85% stake. The Romanian state also owns close to 9% of the group’s shares, while the free-float is just 5.69%.

(Photo courtesy of the company)