BR Exclusive. Best performing new Romanian start-ups operate in old-fashioned sectors like energy, tobacco or agriculture

Romania’s best performing firms of the last few years are not operating in the sectors of the post-industrial economy like IT or communication. Despite digitalization, the best performing companies in Romania are still found in old-fashioned sectors like energy, tobacco or agriculture, Commerce Registry data sent to Business Review show.

Among firms created since January 1, 2015, considered start-ups in many developed countries, the best performing are all operating in traditional sectors.

The best performing company created after the end of 2014 is Tinmar Energy, founded in June 2015 to reach a total turnover of RON 1.8 billion (around EUR 400 million) in 2017.

Tinmar Energy, company owned by Romanian entrepreneur Augustin Oancea, was created in order to benefit from energy prices liberalization in Romania.

Last year, Oancea decided to integrate all his energy firms under Tinmar Energy control in order to reduce operating costs.

Read more about

Raionul de Pește Floreasca relaunches the Chef Table concept

read more

The second-best performing costs is an American-controlled company – Adient Automotive Romania. Part of Johnson Controls group since 2016, Adient produces spare parts for international carmakers in Arges county.

Last year, the company reached a total turnover of RON 1.25 billion (EUR 270 million) despite being founded in January 2016.

The third best performing new company in Romania is Henkel Romania (a subsidiary of German laundry detergent specialist group), founded in October 2015 and reaching a turnover of RON 754.4 million last year.

But among the best performing companies of the last few years, traditional sectors like energy, agriculture or tobacco firms are on the top of the list, like one century ago.

Based in Timisoara, Etea Grain acts as originator and trader of cereals and oilseeds from Eastern Europe and reached a turnover of RON 219 million last year despite being founded in January 2015.

Other new companies operating in the same old-fashioned sector are Grains & Meals Mnmi Distribution, Eurovia Agritrade or Cooperativa Agricola Integrată Țara Mea, benefiting from higher demand for Romanian agriculture products.

Another example of old sector “startup” is Imperial Tobacco Distribution Romania, founded in January 2016 and posting a turnover of RON 419 million last year.

However, experts consider that Romania has a volatile business environment as many business owners are replacing one firm with another in order to reduce tax burden or avoid excessive exposure on some customers.