Romanian chemical group Chimcomplex (CHOB) posted a 62% increase in sales in the first quarter of 2021 (Q1) compared to the same period of 2020 to RON 497 mln (over EUR 100 mln). The company also announced a net profit of RON 118 mln (EUR 24 mln) compared to losses of RON 17.3 mln in Q1 2020.

The Chimcomplex shares, which are currently trading on the Bucharest Stock Exchange’s AeRO market, went up by as much as 26% after the announcement before retreating to a 18% increase around 1 PM (Bucharest time).

Chimcomplex, which is controlled by Romanian businessman Stefan Vuza, has become the biggest chemical group in the country after taking over the assets of insolvent state-owned company Oltchim Ramnicu Valcea in December 2018.

The company recently announced plans to move to the main tier of the Bucharest Stock Exchange and is also analyzing a potential secondary listing on the Warsaw Stock Exchange.

Since the beginning of this year, the CHOB shares are up 265%.

editor@romania-insider.com

(Photo source: the company's website)