Romania Feed

Deloitte Romania is consolidating its Tax Practice by promoting Ana Sabiescu, Daniel Grigore, Loredana Ilea and Simona Mergeani to the position of directors, effective September 1, 2023.

Entrepreneur George Adragai has become the sole shareholder of Luca's pretzel shop chain after Cosmin Postole retired from the business, official data shows. The two co-founded the business in 2010 and owned equal shares in Tinervis Group, the company that operates the chain of pretzel shops.

Simtel Team (SMTL.RO), a Romanian engineering and technology company listed on the AeRO market of the Bucharest Stock Exchange and a national leader in renewable energy, made RON6.5 million net profit in the first half of 2023, up 119% on the year-ago period, while revenue reached RON122.5 million, up 226%, the company said in a report to the stock market on Thursday.

Yazaki Group, one of the largest automotive component suppliers, on Thursday announced it would adjust production capacity given the current situation of the global market, where the electrification trend is gaining speed, by closing the automotive component plant in Brasov and cutting the number of jobs in Ploiesti.

Romania's Finance Ministry raised RON550 million from banks on Thursday (Sept 7), selling government paper with a nominal value of RON500 million at an annual average yield of 6.44%.

Romania’s Competition Council carried out unannounced inspections at the premises of several commercial banks suspected of having colluded to set loan interest rates, according to sources on the financial market.

Romania’s gross domestic product (GDP) grew by 1.7% in real terms (in unadjusted data) in the first half of 2023 compared to the same period of 2022, and by 2.8% in seasonally adjusted data, data from the country's statistics board INS showed on Thursday (Sept 7).

Romanian State-run nuclear power producer Nuclearelectrica (SNN.RO) said in a stock market report on Thursday (Sept 7) that it signed a Letter of Intent with the Three Seas Initiative Investment Fund (3SIIF) to explore the possibility of a joint venture in the renewable energy production sector in Romania, in order to achieve common strategic objectives.

The start of the new school year means, for most parents, additional expenses related to getting children ready for school and in the current financial background of high inflation and rising living costs, almost 60% of parents are trying to limit themselves to a budget of RON500 at the highest for school supplies, reveals the latest survey by online recruitment platform BestJobs.

Travel agency Eximtur of Cluj-Napoca, one of Romania’s largest, controlled by Morariu family, boosted its turnover to EUR34.5 million in the first half of this year, up 23% from the year-earlier period, according to the company’s officials.

Alstom GSS Romania, the former Bombardier Transportation Shared Services Romania, controlled by France’s Alstom, reported turnover worth RON107.9 million (EUR21.9 million) for 2022, up 12% from 2021, in line with ZF calculations based on Finance Ministry data.

Quehenberger Logistics Rou, a major player on the transport and logistics market, in 2022 doubled its profit, to over RON26 million (EUR5.2 million).

Rondocarton, part of Austrian group Rondo Ganahl, a major producer of corrugated cardboard, expects 2023 turnover to be unchanged from the 2022 level of EUR130 million.

Lion Capital (LION.RO), formerly known as SIF Banat-Crisana, the largest financial investment company on the Romanian capital market, reported a net profit of RON118.3 million for the first half of 2023, as compared to RON12.4 million in the same period of 2022.

The shareholders of Romanian cable maker Iproeb Bistrita (IPRU.RO) have approved at their latest general meeting a decision allowing the company to contract bank loans in the amount of EUR5.4 million.

Connections Consult, a group of companies specialized in providing software solutions and IT services, announced in a stock market report on Sept 6 the signing of a contract of RON56.5 million (plus VAT) with a public institution / governmental authority for the delivery of software products and cyber security hardware equipment.

Bittnet Systems (BNET.RO), an IT&C solutions integrator and provider of training services in the IT sector, said in a stock market report on Wednesday (Sept 6) that Dendrio Solutions, part of the Bittnet Group, signed two contracts with a client operating in the national defense sector.

Fuchs Condimente Romania, the leader of the local spices and food ingredients market, part of Germany's Fuchs Group, has announced an investment of EUR14 million in the expansion of its factory in Curtea de Arges.

AROBS Transilvania Software (AROBS.RO), the biggest tech company listed on the Bucharest Stock Exchange, has informed shareholders that in the meeting held on September 5, 2023, the Board of the Romanian Financial Supervisory Authority approved the company's prospectus for admission to trading on the Regulated Market, administered by the Bucharest Stock Exchange.

Romanian producer of organic farming inputs Norofert (NRF.RO) has announced its shareholders in a stock market report about the early closing of a loan for Plafon Multiprodus - Monocompanie from Exim Banca Romaneasca in the amount of EUR2 million with 10% cash collateral as a guarantee.