Romania: COFCO sees 5-fold profit rise in 2020
Grain trader COFCO International Romania (formerly Nidera), part of China’s largest agri-food group COFCO, posted its highest profit ever, almost RON60 million (approx EUR12 million), in 2020, five times higher than in 2019, ZF has calculated from Finance Ministry data.
Revenue went up 2.7% to RON4.11 billion, despite the drought that caused a significant decline in the grain harvest, rendering some farmers unable to either partly or fully meet their contractual obligations. The number of employees increased to more than 100 for the first time.
China’s COFCO arrived in Romania in 2014 when it bought the majority stake in Nidera, and two years later bought the rest from Netherland’s Cygne group.