State-owned Hidroelectrica, the largest electricity producer in Romania, has surpassed oil & gas group OMV Petrom as the most valuable company in Romania.

Hidroelectrica was valued at EUR 2.9 billion in the 2016 issue of Top 100 Most Valuable Companies in Romania made by Ziarul Financiar (ZF) in partnership with local investment bank BT Capital Partners, up 15% compared to 2015.

Oil & gas producer OMV Petrom fell to second place, with a market capitalization of EUR 2.84 billion, down 31% compared to the previous year. OMV Petrom’s shares tumbled on the Bucharest Stock Exchange as the fall in international oil prices has strongly impacted the group’s profitability.

Meanwhile, Hidroelectrica, which is not a listed company, saw record profits in recent years after going through a big restructuring process. For this year, the company estimates a gross profit of over EUR 300 million.

Remus Borza, the restructuring specialist who has managed Hidroelectrica’s insolvency, thinks that the company should be valued at some EUR 7 billion. He is confident that the electricity producer will remain first in the ranking after its listing on the Bucharest Stock Exchange, which should take place next year.

This year no local company has managed to exceed the threshold of EUR 3 billion. The biggest local telecom operator, Orange Romania, ranks third, with an estimated market value of EUR 2.35 billion, down 2% year-on-year.

Car maker Automobile Dacia, part of French Renault group, went up to fourth, with an estimated value of EUR 2.17 billion, up 12% compared to last year.

Meanwhile, state-owned gas producer Romgaz dropped to fifth, with a market capitalization of little over EUR 2 billion, down 20% year-on-year.

Telekom Romania remained on the sixth place with a market capitalization of EUR 2 billion, down 2% year-on-year.

BCR, the biggest local bank, returned to the top 10, on the 7th place, with a market value of EUR 1.98 billion, up 45% compared to last year. BCR managed to return to profit in 2015 after several years of losses.

Fondul Proprietatea, Banca Transilvania, and BRD, all listed companies, completed the top 10.

The most valuable company controlled by a Romanian entrepreneur is telecom group RCS&RDS (13th), which is valued at EUR 1.26 billion, up 7% year-on-year.

The most valuable retailer in the ranking is Kaufland Romania (14th), also valued at close to EUR 1.26 billion, up 9% compared to 2015.

The top 100 most valuable companies in Romania have been evaluated at EUR 60.5 billion this year, up 5% year-on-year.

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editor@romania-insider.com

(Photo source: Hidroelectrica on Facebook)