Chimcomplex announces its financial results for the first half of 2023. The company managed to register a net profit of RON 49.65 million (approximately EUR 10 million) in the first half of 2023, with a turnover of RON 790 million (EUR 160 million). EBITDA was EUR 25 million, with a margin of 15.6 percent of turnover.
The company has made considerable efforts to reduce costs and streamline operations in the first half of 2023. Expenses decreased significantly, reducing them by 49 percent for utilities (electricity, natural gas, water) and by 45 percent for all other raw materials. This contributed to an operating profit margin of 10 percent, despite the reduction in turnover.
In Q4 of last year, Chimcomplex implemented measures from a four-level preventive crisis package that meant, among others, a restructuring program for 389 positions and the temporary shutdown of some production facilities. These measures had a positive impact on the company’s financial situation, allowing it to end the first half of 2023 on profit.
“Chimcomplex, being a medium-sized company in the European Union, managed to recover faster than the big players showing a solid adaptive capacity. In the next semester, we will launch three new measures that will absorb the turbulence generated by the multiple crises that Romania’s economy is going through. We forecast a stagnation of the European economy for the next semester, followed by an improvement in the outlook for the chemical market in Europe,” said Stefan Vuza, President and CEO of Chimcomplex.
Chimcomplex has foreseen in its strategy accelerated dynamics for the next 2 years and an ambitious series of investments supported by programs financed by European funds and PNRR. The company’s strategy focuses on concrete goals, including decarbonization, harnessing hydrogen energy, developing renewable green energy and diversifying production.
In the first semester of 2023, Chimcomplex continued to invest in the energy of the future using the significant experience gained from operating the two cogeneration plants already existing on the Borzesti platform. The investments made in the first half of 2023 included the works for the completion of the largest high-efficiency cogeneration plant built in Romania in the last 11 years. The installation of the third cogeneration group of 16.6 MW increased the energy capacity to a total of 49.6 MWh, energy that can be used by the entire industrial platform Chimcomplex Rm. Valcea starting September 2023.
Progress has also been made in building the trigeneration plant, unique in Europe in the chemical industry. The plant will have an above-average energy capacity for trigeneration, respectively a production of 8 MW electricity, 11 MW steam and 1 MW cold. The investment will be commissioned by the end of 2023 to report first results in 2024.