Romania’s Chimcomplex suspends production over high energy prices

Employees affected by the halt will receive an allowance of 75% of their basic salary over the two-week period, Chimcomplex said in a statement filed with the Bucharest Stock Exchange, BVB, on Wednesday.

Chimcomplex was founded in 1954 as a state-owned chemicals producer, becoming a joint stock company in 1991. Romanian Commercial Services Group (SCR Group) became the main shareholder of Chimcomplex in 2003.

On Wednesday, Chimcomplex said its net profit fell by an annual 42% to 165.6 million lei ($34.5 million/33.9 million euro) in the first half of 2022, on a turnover of 1.22 billion lei, up 6.6% year-on-year. Sales on the foreign market, especially within the European Union, accounted for 90.8% of total turnover in the review period.

In July, Chimcomplex inaugurated a special polyols production plant in the central-southern city of Ramnicu Valcea, following an investment of 40 million euro ($40.7 million).

Chimcomplex started trading on the main market of the Bucharest Stock Exchange in January, having moved from the AeRO segment.

Chimcomplex shares traded down 4.52% at 19 lei per share at 0945 CET on Thursday, on the Bucharest Stock Exchange.

(1 euro = 4.8849 Romanian lei)