The changes in the global demand or in the raw materials (minerals, grains) price may have an impact on the company’s volumes or profit margins.
The revenues generated by Comvex’s core business are directly proportional to the quantity of raw materials handled through the Mineral Terminal and the Grain Terminal, the evolution of the industries served, as well as the geopolitical context, which have a direct influence on these quantities of raw materials.
In January-June 2025, Comvex’s Mineral Terminal handled a quantity of 2.4 million tons of raw materials versus 3.1 million tons in the same period of 2024. Comparison to the first half of 2024, when 0.6 million tons of Ukrainian goods were transited through the company’s Mineral Terminal, the flow of goods from Ukraine disappeared in the first half of 2025, with no further revenue recorded in connection with them. The fees for the services provided by Comvex are set in euros or dollars, and the income from these services follows the evolution of the RON/EUR and RON/USD exchange rates.
Alternative routes and logistical barriers caused by the condition on the Danube have made the port of Constanta less attractive, resulting in the loss of significant cargo flows that transited the Comvex Mineral Terminal bound for Austria.
“The competition and logistical alternatives provided by other ports in the region may reduce the demand for port services provided by the Comvex Terminal. This, combined with the degraded state of the railway infrastructure (speed limits, restrictions, lack of capacity), may block flows or increase costs and transit times. Low water levels in certain sections of the Danube River, frequently prevent barges from navigating, with some of the goods that were previously transported on the Danube or the Danube-Black Sea Canal now being moved by land or sea, which is more expensive or slower. Thus, the alternative routes and logistical barriers generated by the state of the Danube have made the port of Constanta less attractive, negatively affecting the activity of the Comvex Mineral Terminal. Furthermore, the lack of an integrated IT application for managing road access throughout the port has led to delays, traffic jams, and difficulties in coordinating road freight traffic, with negative impacts on logistics within Cosntanta Port and, implicitly, on freight traffic transiting the Comvex Terminal,” the report also reads.
Finally, any analysis regarding the general environment in which Comvex is performing its activity, must also emphasize the disruptive factors still generated by the Ukrainian war, which is completely unpredictable both in terms of its actual course and its effects. The effects of the Ukrainian war are affecting the local and regional transport policies and implicitly have repercussions on the delays or even blockages that they cause or influence in the overall transport system.
All the policies and strategies of the Company take into consideration both the effects of the war and factors that influence the industries it serves in terms of the temporary or permanent risks it may pose to Comvex.
Comvex continues to maintain a good capacity of covering its debts from the liquidities.
Comvex currently has a market capitalization of nearly RON715 million.