Romania Feed

The number of Romanian companies dissolved reached a record high of the last 15 years, of 19,442 businesses, according to an analysis by consulting firm Sierra Quadrant.

Aluminum producer Alro Slatina (ALR.RO) ended the first half of 2023 with RON1.55 billion consolidated revenue, down 25% on the year-ago period and RON164 million loss, compared with a RON15.3 million net profit in the first half of 2021, as a result of the decline in prices worldwide and the temporary shutdown of alumina refinery Alum.

Hidroelectrica (H2O.RO), the largest hydropower producer in Eastern Europe, announced in a stock market report on Wednesday (August 9) that it was organizing a contest for recruiting a Chief Executive Officer (CEO) and four other members of the Directorate, for a four-year term.

Footprints AI, a Romanian company established in 2017, which developed a media retail platform enabling offline retailers to find potential new customers and anticipate their spending patterns through a uniform analysis of data from online and offline sources, has announced the opening of its first office in the US, in Silicon Valley, company representatives said in a statement.

Real estate development company Rock Development Holding will invest EUR70 million in the development of the first five-star hotel project in Poiana Brasov. The new luxury project will consist of a hotel with 120 rooms and an extended-stay hotel with 75 residential units.

Romania's trade balance posted a deficit of EUR13.3 billion in January-June 2023, lower by 14% compared with January-June 2022, data from the country's statistics board INS showed on Wednesday (August 9).

Travel agencies ended 2022 with RON5 billion revenue, a record high for the local market, Trade Register data show.

Toy retailer Lego posted more than RON200 million sales in Romania in 2022, an increase of 28% year-on-year, public Finance Ministry data show.

DTEK Renewables International, a company owned by Rinat Akhmetov, Ukraine's richest businessman, has completed the installation of the largest wind turbine ever in Romania this month, a 125-meter tall 6 MW Vestas in a 60 MW wind farm in Ruginoasa (Iasi).

The large organizations active in Romania begin to focus their efforts in the second half of 2023 on the human component, through an ever-increasing focus on ensuring a work environment in which the emotional safety of their employees comes first, according to an analysis carried out by executive search company Arthur Hunt Romania.

Between June 2022 and June 2023, the ten best performing local open-end equity funds delivered to investors yields of 9.3% to 15.4%.

Over half of companies (57%) say they will either reduce or no longer increase the nominal value of meal vouchers offered to employees against the backdrop of the government's planned introduction of an additional tax of 10% on social health insurance contributions (CASS), as per a survey conducted by Cult Research.

Vegetable oil producer Argus Constanta (UARG.RO) on Tuesday evening announced on the Bucharest Stock Exchange the conclusion of a RON160 million financing agreement with Banca Transilvania (TLV.RO), the largest actor in the banking system.

Bergenbier S.A., part of Molson Coors Group, has appointed Monica Constantin to the position of legal & corporate affairs director.

International law firm CMS advised HelleniQ Energy Holdings, one of the leading energy groups in South-East Europe with operations across the entire energy value chain, on the acquisition of four photovoltaic parks with a total capacity of 211 MW, developed in Romania by Mytilineos Energy & Metals.

Romanian-held bakery producer Pambac, held by entrepreneur Eusebiu Guţu from Bacau, ended 2022 with a turnover of almost RON314.5 million (EUR63.8 million), up 19.5% from over RON263 million (EUR53.4 million) reported in 2021, in line with calculations by Ziarul Financiar (ZF) daily based on finance ministry data.

Startup MultiversX based in Sibiu, previously known as Elrond Network, the largest crypto project on the local market , ended 2022 with a lower turnover and soaring net profit, in line with data from the balance sheet submitted by the company to the finance ministry.

Hidroelectrica (H2O.RO), the largest hydropower producer in Eastern Europe, has informed the capital market on August 7 that Karoly Borbely notified the company about his resignation from the position of member in the Supervisory Board.

DN Agrar Group (DN.RO), the largest integrated farm in Romania and leader in cow milk production, had a turnover of RON44.3 million in Q1/2023, up 47.8% on the year, in line with the company's quarterly financial report published at the Bucharest Stock Exchange.

Synergy Construct, the company that built projects such as Enayati Medical City, the America House offices and the Radisson Blu Hotel, has significantly reduced its turnover over the last two years, reporting a result of RON100 million for 2022 versus RON169 million in 2021 and RON328 million in 2020, as per the latest data published on the finance ministry website.