Chimcomplex Bounces Back to Profitability, Unveils 2024 Investment Priorities
Romanian chemical producer Chimcomplex SA, owned by industrialist Ștefan Vuza, has emerged from the red, posting a net profit of 7.4 million lei for the first quarter of 2024. This marks a significant turnaround compared to the 8.3 million lei net loss recorded during the same period in 2023.
Financial Highlights for Q1 2024
Revenue: The company generated revenue of 427.4 million lei in the first three months of 2024, reflecting a slight increase from the previous year.
Gross Profit: Chimcomplex recorded a gross profit of 13.5 million lei in Q1 2024, compared to a gross loss of over six million lei in the corresponding period of 2023.
Net Profit: The company's net profit of 7.4 million lei for Q1 2024 represents a substantial improvement over the net loss of 8.3 million lei in Q1 2023.
Income Tax: Chimcomplex estimates an income tax liability of 6.1 million lei for the first quarter of 2024, nearly triple the amount paid in Q1 2023.
Investment Plans for 2024
Despite facing a consumption downturn that began in mid-2022, Chimcomplex has outlined a significant investment program for 2024, earmarking over 26 million euros for projects at its Râmnicu Vâlcea site, which houses the former Oltchim combinat.
The company's investment priorities include:
Cogeneration Plant: Construction of a 49.5 megawatt cogeneration power plant to enhance energy efficiency and reduce reliance on external power sources.
Power Station Modernization: Upgrading the existing power station to improve performance and reliability.
Equipment Modernization: Ongoing modernization of equipment across the company's operations.
Sales and Debt Update
Sales: Chimcomplex's sales in Europe during Q1 2024 amounted to over 372 million lei, representing a decrease of over 28 million lei compared to Q1 2023.
Middle East Sales: In contrast, the company's sales in the Middle East doubled in the first quarter of 2024 compared to the same period in 2023, reaching a total of 49.2 million lei.
Debt: The company's total debt increased slightly between the two periods, now standing at over one billion lei.
Moving Forward
Chimcomplex's return to profitability and its commitment to substantial investments signal a positive outlook for the company in 2024. The company's focus on energy efficiency, operational improvements, and expanding into new markets is expected to drive further growth and strengthen its position in the Romanian chemical industry.
Source: Ziare.com
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