Acasă » General Interest » Chimcomplex announces 14.6 million euros profit in the first quarter of 2022

Chimcomplex announces 14.6 million euros profit in the first quarter of 2022

20 May 2022

Chimcomplex, Eastern Europe’s largest chemical polyols producer, reports a 23.2% increase in turnover for the first quarter of 2022 compared to the same period in 2021. The company reported a net profit of 72 million lei (14.6 million euros) with a turnover of 612 million lei (123.7 million euros). The development was driven by sales prices that increased for most of the finished products valued by the company due to higher manufacturing costs as a result of higher purchase prices for utilities.

In the changed economic context of the first 3 months of 2022 Chimcomplex continued to achieve maximum polyol production. Victor Avram, CEO Chimcomplex explains, “The first quarter shows that our business model is successful, even in times of crisis. The results developed at a good pace, on the back of the growth of our activities and further cost savings, thanks to the many operational synergies in the CRC Group”. The official points out that the good results, in the particular and totally changed economic context compared to 2021, allow the company to confirm all its objectives for the full year.

Victor Avram also said that Chimcomplex’s commercial dynamics “remain very good” and that the refinancing carried out in 2021 “was done at the right time, which led to a 6-fold decrease in financial expenses”.

In the coming period the company is pursuing development by continuing the strategic investment program started in 2021 and aims for energy efficiency and stability.

The investment plan for 2022 includes the completion of the CHP 49MW cogeneration plant on the industrial platform of Rm. Vâlcea for the production of electricity, steam and hot water, the completion of the thermal power plant in Rm. Vâlcea for the production of steam needed for the technological installations, the modernization and increase of the capacities of the Propenoxid plant and the Special Polyols plant, as well as the refurbishment of the liquefied gas and flammable liquids warehouses with the increase of the storage capacity for the main raw materials and the increase of the operational safety.

As of 17 January 2022 the shares of Chimcomplex SA Borzești are freely traded on the Standard category of the Bucharest Stock Exchange, under the market symbol CRC, continuing the capital market journey started in 1996 on the Aero Market.

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