Romanian company opens biggest local grain terminal after EUR 56 mln investment
Romanian port operator Comvex Constanta is preparing to inaugurate the largest grain terminal in the Port of Constanta, with a capacity of 200,000 tons.
The company aims to become a grain hub, following an investment of EUR 56 million (including VAT) started in 2017, Ziarul Financiar reported. The investment was financed by Raiffeisen Bank and EximBank.
The new terminal has various logistical advantages such as the deepest berth in the Black Sea and the Eastern Mediterranean, the fastest loading speed, daily capacity three times higher than the current average in the Port of Constanta and the opening to new markets compared to traditional ones.
"This terminal is likely to double Comvex’s activity. We want to become a hub and we estimate that we will be able to at least double the financial results,” said Viorel Panait, general manager of Comvex.
The port operator recorded a gross profit of RON 16.3 mln (EUR 3.4 mln) at a turnover of RON 120 mln (EUR 25 mln) in 2019.
Comvex is listed on the Bucharest Stock Exchange’s AeRO market and has a capitalization of RON 221 mln (EUR 45 mln). The company is controlled by local investor Corneliu Idu, the man who helped Romanian tennis star Simona Halep start her international career.
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