The plan comes as a response to the unfavorable and unpredictable developments in the business environment generated by military conflicts and multiple crises globally, culminating in the difficulty of contracting essential raw materials for Chimcomplex, as well as the high prices for natural gas, electricity, propylene, and economic forecasts indicating the continuation of the negative trend in the upcoming period, reads the company’s report.
“It is fair for this to happen in any private company: when we have profits, we share them, and when they are declining, we adjust to the new reality, even if it affects me personally. We are aware of our responsibility towards employees and shareholders, and we adapt proactively to changes in the business environment. It is essential to efficiently manage resources and align our strategy with economic realities. The forecast for 2024 in the realistic version indicates a slight improvement, a projection that could be reversed by the effects of the crisis that has not yet passed, so we adopt a precautionary policy,” said Ștefan Vuza, President of Chimcomplex.
The allowances for administrators granted in 2023 have already decreased by 71% compared to 2022 and will continue to decrease by another 10% in 2024.
At the same time, the company’s board of directors decided to reduce the number of administrators from 7 to 5. The proposal will be subject to AGEA approval in order to amend the constitutive act.
The number of directors at the group level will be reduced by 11 positions through mergers;
At the same time, GreenComplex will accelerate production activities in the field of green chemistry and chemical recycling, while Chimcomplex launches a feasibility study for Romania’s first bio-chemistry plant, with production activities in Iași and research in Bucharest and Buzău.
The company’s board of directors also appointed Steve Hunt, a British citizen, as its general manager, with a four-year mandate, and Adrian Teotoc as CFO.
In 2023, Chimcomplex registered RON1.36 billion revenues, down 43% from 2022, and RON75 million net profit, from RON266 million in 2022.
The company is valued at RON4.7 billion. Its shares have lost 14.4% in the past 12 months amid deals worth RON31.5 million.
(English version by Catalina Apostoiu)