“Last year was a good one for the company. The market did well, although towards the end of the year it started to slide. We had a RON 22.9 million net profit, of which RON 7 million came from the sale of an asset we had in Tulcea [County],” the company’s Chairman, Vasile Leu, told Business Standard.
The oil producer’s expenses soared 40.8 percent last year, to RON 190.33 mln (some €44.37 mln). Its capital amounts to RON 53.7 mln (€12.52 mln), divided into 35.8 million shares, with a nominal value of RON 1.5 (€0.34). According to the latest reports, the firm’s main shareholders are the SIF Oltenia financial investment company, with 18.97 percent, and Vasile Leu, with 11.32 percent.
The domestic vegetable oil market is estimated at some 250,000 tons annually, worth over €200 mln. Its main players are Bunge, Argus, Cargill, Prutul, and Expur. Oil sales increased 53 percent last year in terms of value, to RON 788 mln (some €214 mln), but dropped 11 percent in volume, to 120.5 million liters, with the evolution of indicators being influenced by the significant rise in prices, according to a Nielsen market research company study. The price of raw materials, especially sunflowers, rose by an annual 50-60 percent in 2008, which was reflected in the product’s final price. Raw materials make up for 80 percent of the total costs of oil producers.
