Romania Feed

COS (Corporate Office Solutions), the leading provider of design solutions and furniture mostly for office spaces, had a turnover of EUR28 million in 2022, up 32% compared to 2021.

Romanian-held Tema Energy, a supplier of technology specializing in building data centers on its own, from design to delivery, installation, startup and maintenance and support services, expects to reach EUR13 million revenue by the end of 2023, an increase of about 3% on the EUR12.7 million of 2022.

The European Investment Fund (EIF), part of the European Investment Bank (EIB) Group, is providing UniCredit Group with two guarantees worth EUR370 million to boost investment made by small and medium-sized businesses (SMEs) across seven EU countries, including Bulgaria, Croatia, the Czech Republic, Hungary, Romania, Slovakia, and Slovenia.

OTP Bank Romania posted after-tax profit of RON15 million (HUF1 billion) in the first quarter of 2023, compared with RON24 million losses in the year-ago period, which was predominantly impacted by risk costs, a report of the Hungarian OTP Bank group shows.

Against the backdrop of high inflation, the main business objective of 75% of online retailers in Romania is to expand their product range in order to meet and satisfy consumer needs for diversity and to boost sales, in line with an analysis conducted by Limitless Agency, one of the largest digital marketing agencies on the local market.

Employees are embracing the ‘cross-border career’, with 93% saying that working internationally would be “life-changing,” according to the EY 2023 Mobility Reimagined Survey.

Romania's central bank has decided at its board meeting on Wednesday (May 10, 2023) to keep its benchmark interest rate on hold at 7% a year.

Agricover Credit IFN, the financing division of Agricover Group controlled by businessman Jabbar Kanani and the European Bank for Reconstruction and Development (BERD), announces new credit facilities in the amount of EUR10 million and RON49.2 million, respectively, from the European Fund for Southeast Europe (EFSE).

Romania's trade balance posted a deficit of EUR6.80 billion in January-March 2023, lower by EUR399.7 million (-5.6%) compared with January-March 2022, in line with data from the country's statistics board INS.

The Romanian private equity (PE) and venture capital (VC) market significantly lags behind Central and Eastern Europe (CEE) and the entire European industry in terms of fundraising, with a total of EUR128.2 million raised between 2018 and 2021 versus EUR7.2 billion during the same period in CEE, as per a report of the Romanian Private Equity Association (ROPEA) for 2021 and first half of 2022, conducted by ROPEA and Deloitte Romania.

Recruitment platform eJobs Romania in 2022 registered turnover worth almost EUR15 million and a number of 420,000 jobs posted, with this being the best year in the company’s history.

Biosphere, a major producer and wholesaler of household, hygiene goods and professional products for the away-from-home segment of Eastern Europe and Central Asia, has acquired Alux plant specializing in the production of aluminum foils, baking paper and other kitchen and catering products headquartered in Fagaras, Brasov, county.

Safetech Innovations, a Romanian cybersecurity company listed at the Bucharest Stock Exchange, reported individual turnover worth RON6 million in the first quarter of 2023, up 129% from the first three months of 2022, and net profit of RON1.2 million, 197% higher than in 2022.

Vlad Ardeleanu, CEO of imaging clinic network Medima Health, with nine units locally, says the business is witnessing two-digit growth against last year and expansion plans envisage the opening of five new units.

Schaeffler Romania, the local subsidiary of German group Schaeffler, has for 2023 budgeted an over EUR16 million investment in projects related to production capacity expansion, safety, sustainability and other directions relevant for the development of Brasov plant.

Liberty Galati, Romania’s biggest steel producer, has announced a RON40 million investment in duct and pipe production.

Premier Palace & Spa Hotel in Bucharest, held by Premier Palace, insolvent since 2019, has been put up for sale for EUR6.9 million, court appointed trustee Euro Insol announced.

The investment potential of the green power market (solar panels, heat pumps, insulation) in Romania stands at more than EUR30 billion by 2040 and about EUR20 billion of that could come from banks, a report of advisory firm McKinsey & Company Romania shows.

Venture capital funds Innova/7, Booster Capital, GapMinder II and Morphosis Capital II are to receive up to EUR80 million investments from the National Recovery and Resilience Plan (NRRP) to fund at least thirty companies in development, as well as technology, manufacturing FMCG, B2B and B2C services and healthcare startups.

Luxury watch retailer EraVault has opened its first store in Bucharest, in a EUR250,000 investment.