The company recorded an operating profit (operating result) of RON112 million. On a total activity basis, the net result was a profit of RON76 million.
In the context of a continued decline in consumption that began in the second half of 2022, Chimcomplex’s sales volume decreased by 38% in 2023 compared to 2022. However, cost reduction efforts led to achieving an operating profit margin of 8% in 2023.
Chimcomplex focused its activity on the polyols/polyethers and caustic soda sectors, which were the most profitable. The share of the main products in total sales was 48.9% for polyols and 46.5% for chlorosodic products.
“We are above indicators in a context where the European chemical industry is facing its most severe economic recession in the last 6 decades: demand is decreasing, investments are moving to other regions, and energy and gas prices are 400% higher than in the USA, China, and the Arab Countries. In Europe, chemical plants that continue operations are running at half capacity, and 26 of them have closed permanently (75,000 employees have been laid off). In this context, on February 20, together with 72 other industry leaders, we signed the ‘Antwerp Declaration’ – an urgent call for the revitalization of the European industry, the consolidation of basic industrial sectors, and ensuring their competitiveness and resilience in the context of geopolitical changes. It is now understood, after 2 years of misinformation, that without industry, Europe will collapse! We hope that the 10 proposals of the declaration will materialize into laws that will then be correctly implemented,” said Ștefan Vuza, President of Chimcomplex.
Europe’s chemical industry recorded a further 8% decline, the third consecutive year, and all basic chemical-producing companies continue to report double-digit declines: petrochemical production in 2023 was 13.8% lower compared to the same period of the previous year.
Chemical production in China and the USA are thus advantaged (due to energy and gas prices being 4 times lower), which is why they have exported at the highest levels ever reached. Only in Europe, in 2023, Russia exported 285% more, the USA 175%, and the UAE 210% compared to 2022.
Chimcomplex owns 2 industrial platforms in Onești and Râmnicu Vâlcea.
The company has a RON5.8 billion capitalization and is controlled by businessman Stefan Vuza.
(English version by Catalina Apostoiu)