Chimcomplex Borzeşti shares are advancing rapidly amid remarkable results

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The shares of Chimcomplex Borzeşti, a company that owns the Oltchim (Vâlcea) and Borzeşti platforms, registered an advance of 23.3% on Friday afternoon, amid transactions of 59,730 lei, the issuer reaching over 820 million lei capitalization, according to the calculations made by ZF. On Monday, the company gained another 18%, based on data analyzed by energynomics.ro, while the advance from the beginning of the year was about 60%.

The advance of the shares from Friday’s session comes as a result of the financial results for 2020 that the company reported, respectively a net profit of about 95 million lei and an EBITDA of 257 million lei, representing 22% of sales.

“Chimcomplex has achieved all its goals, including financial ones, but the path has been very different from the way we planned it. 2020 was a year of transformation. We took decisive action and showed a lot of resilience. At the same time, we focused on encouraging employees, focusing on customer needs, and supporting our communities. We closed the year with a stronger balance sheet, ready to accelerate our strategy and make bold plans for the future,” said Tivadar Runtag, CEO of Chimcomplex, in a statement sent to BVB.

Last year, the platforms from Rm. Vâlcea and Borzeşti worked without interruption all year round, on historical production volumes.

“Although almost all of Europe’s industry has been closed since April, for a few months, we continued our activity. This made a difference over the results of the competitors. It was a difficult time but the company adapted quickly and made strategic decisions that led to very good results today.”

Also, the results from 2020 and the forecast evolution for 2021 allowed the company to reduce the loans contracted for the Oltchim transaction to 110 million euro. In December 2018, the company contracted a loan of 164 million euro from the London financial market, which means that in two years it repaid to financiers loans worth 54 million euro from the initial balance.

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