“Despite the COVID-19 pandemic and IT-related problems, which generated disruptions in the operations of Policolor Group, the group managed to obtain a 5.5% increase in sales, to EUR64.1 million from EUR60.7 million, although 12% below the budget estimated before the COVID-19 pandemic”, the report shows.
Sales of the paints division grew by 2% in 2020, resin sales increased by 1%, while sales of anhydride (other chemical products made by Policolor) were 32% below the budgeted level, due to halting the production process, because of problems regarding the raw material supply. The results correspond to the two factories in Romania and Bulgaria, respectively.
The report of the shareholder Reconstruction Capital II (RC2) also mentions the appointment of Irina Mandoiu to the position of Chief Executive Officer, starting September 2020.
For 2021, Policolor Group targets an EBITDA of EUR4.6 million, compared with EUR2.4 million in 2020, an increase backed by the mentioned plan and by improved productivity at the new factory in Bucharest, which operates at full capacity throughout the year.
Reconstruction Capital II (RC2) owns 40% in Policolor, and the remaining shares are held by Romanian Investment Fund Cyprus LTD, according to Confidas platform.
Policolor group operates coatings, paint, resin and other chemical products plants. It has coatings and paint plants in Bucharest and Ruse, as well as Orgachim Resins and Ruse Chemicals. Production is sold mainly in Romania and Bulgaria.