Dedeman, the biggest DIY store chain in Romania, reached a turnover of EUR 1.17 billion and a net profit of EUR 160 million in 2016, reports local Ziarul Financiar.

This makes the company, which is controlled by local entrepreneurs Dragos and Adrian Paval, the biggest entrepreneurial business in Romania.

The results last year were significantly higher than in 2015, when Dedeman had a turnover of EUR 981 million and a net profit of EUR 127 million. In the last five years, the retailer has gathered over EUR 0.5 billion in net profits, according to official data from the Finance Ministry.

The company has invested in expanding its store network, from 30 units in September 2012 to 45. Dedeman is now close to opening its 46th unit, the flagship store in Baneasa, northern Bucharest, a EUR 30 million investment.

The total investments in expansion in recent years have reached some EUR 180 million with one regular store requiring a EUR 10 million investment.

The company recently announced the acquisition of the AFI Park office complex in Bucharest for EUR 164.5 million, which is part of a strategy to diversify its portfolio.

Dedeman is also one of the biggest local employers, with over 8,400 employees in 2016.

editor@romania-insider.com