Chimcomplex, the largest chemical plant producer of polyols in Eastern Europe, reports for the first quarter of 2022 a 23.2 percent increase in turnover compared to the same period of 2021. The company obtained a net profit of 72 million RON (14.6 million euros), with a turnover of 612 million RON (123.7 million euros). This evolution was determined by the sales prices that increased for most of the finished products capitalized by the company, as a result of the increase in manufacturing costs, and as a result of the increase in the purchase prices for utilities.

Victor Avram, CEO of Chimcomplex said “The first quarter shows that our business model is a successful one, even in times of crisis. Our commercial dynamics remain very good. The refinancing carried out in 2021 was done at the right time, which resulted in a 6-fold decrease in financial expenses. The results have evolved at a good pace, against the background of increasing our activities and further cost savings, thanks to the numerous operational synergies in the CRC Group. These good results, in the special and changed economic context compared to 2021, allow us to confirm all our goals for the entire year, with great confidence in Chimcomplex’s ability to achieve everything it has set out to do for 2022.”

In the next period, the company pursues development by continuing the strategic investment program started in 2021 and aims to achieve efficiency and stability from the energy point of view.

The investment plan for the current year includes in particular:

–           Completion of the CHP 49MW cogeneration on the industrial platform of Rm. Vâlcea for the production of electricity, steam and hot water;

–           Completion of the thermal boiler from Rm. Vâlcea for steam production necessary for technological installations;

-Modernization and increase of the capacities for the Propenoxide and Special Polyols installation;

-Refurbishment of liquefied gas and flammable liquid deposits by increasing the storage capacity for the main raw materials and increasing the degree of safety in operation.