Double business for Argus in first 6 months

Argus in Constanta (south-eastern Romania), one of the first three producers of edible oils, posted 101.92 million lei (28 million euros) in turnover in the first six months of this year, twice as much as in the same span of time last year, while the profit of the oil producer increased from almost 11,000 lei to 23.44 million lei (6.5 million euros).
The financial report of the above-mentioned company, which was sent to the stock exchange, reveals the fact that the evolution of the turnover was first of all due to the increase in the market share to about 16% and in the sale price both for oil and for groats. The sale prices were influenced first of all by the increase in the pries of raw materials against the background of some poor crops the world over (increases of over 230%) and by the pressure of the growing demand on the market buying raw materials for producing bio-fuel as the barrel of oil goes on increasing in price.

By getting the profit in the first six months, the company exceeded the value provided for in the budget for the whole year. Argus informed in April that it estimated that, in late 2008, it would have a gross profit of 20.8 million lei (5.7 million euros).
The oil market in Romania is estimated at about 250,000 tonnes of oil a year, worth over 200 million euros. The main players on the local market are Bunge, Argus, Cargill, Prutul and Expur.
The above-mentioned company owns an oil factory in Constanta and several spaces to store cereals in the Counties of Constanta, Calarasi (southern Romania) and Tulcea (south-eastern Romania).
According to the most recent accounts, the main shareholders of this company are the Financial Investment Company (SIF) Oltenia, 18.97%, Vasile Leu, managing director of the company, 11.32% in titles.
Last year Argus posted 34.9 million euros in turnover, up by 16% as against 2006, and got a net profit of 1.4 million euros after a net loss of 3.04 million euros in 2006.
The main brands in the Argus portfolio are Argus, Tomis and Sora Soarelui. The company mainly produces refined oil, meant for the domestic market.

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