A "chain of pharmacies" makes more profit than the Dacia factories. Statistical traps or Catena (Fildas) vs Dacia

The professional site Termene.ro has created, based on the balance sheet data of companies, a ranking of firms in Argeș County. It is a special economic area for Romania, as it hosts an important industrial site, namely the factory where Renault produces/assembles automobiles.

In this context, the figures of the companies offer us a surprise, specifically the pharmaceutical distribution company Fildas had in 2024 a net profit greater than Dacia, approximately 600 million lei compared to 570 million lei. It should be noted that Fildas Trading is a group of companies controlled by businesswoman Anca Vlad, which has as its "flagship" the Catena pharmacy chain, but also has significant distribution activities.

This profit difference between Fildas and Dacia raises several highly debated topics in recent years.

Distributor vs. manufacturer or Catena vs Dacia. It should be noted that the companies we compare in terms of net profit are, however, from different economic sectors. Of course, the figures support any comparison, but a closer analysis can show us that there are situations where economic fields can have a different, totally opposite evolution that differentiates not only the companies from each other but also the sectors in which they operate. In this case, the wholesale and retail distribution of medicines and pharmaceutical products (especially in the case of a market leader) is compared to an auto manufacturer, an industry that faces many challenges.

Importer vs. manufacturer. The Fildas group is a significant importer, having no production line in Romania. This is not a reproach, but an economic reality, in the sense that each company chooses its field of activity and has its significance in the market. However, in a period when the Romanian economy generates a high trade deficit, heavily importing sectors are analyzed with attention.

On the other hand, the French company Renault produces several car models in Mioveni. It produces, in the sense in which vehicle production is now done, which is increasingly becoming an assembly activity of parts and semi-finished products. But, even under these conditions, the automotive industry is a sector that produces added value in the sense that it is a significant importer but also an exceptional exporter, which makes the automotive sector one of the few that records a surplus in the trade balance.

The economic ecosystem. A large company has a multitude of local or international suppliers that together form an economic ecosystem, essential for the development of the domestic economy. From this point of view, the Fildas-Renault comparison is relevant. Thus, the Fildas group, with 100% Romanian capital, consists of several companies, but they reflect the areas of activity, namely, wholesale and retail distribution. Overall, the group consists of logistics centers, warehouses, and, of course, retail sales units. Without having any production activity, Fildas is well articulated as an import, logistics, and distribution company.

Renault, a well-known French company with a multinational presence, deserves credit for attracting a significant number of supplier firms to Romania and specifically to Argeș County. Only in the ranking made by Termene.ro, out of 50 companies, 17 are related to the production of auto components or the distribution of automobiles. These are only in Argeș County, and certainly, their number is much larger throughout the country. It is relevant for the economic footprint that a large investor from the automotive industry brings to the Romanian economy.

The number of employees. The labor force chapter is also relevant. From this point of view, the Dacia factories are a much more solid employer than Fildas (11,000 employees compared to 1,600), but it is also relevant to see a picture at the sector level. The automotive industry has, only in Argeș County, approximately 27,000 employees, while the Fildas group reaches about 5,200 employees.

Obviously, each job is important, but the example from Argeș County is relevant when we are tempted to hastily judge the impact that a Romanian or foreign company has on the labor market or the economy. The Romanian automotive sector, however, is extensive in labor force, and auto component factories are generally producers of low added value.

The obsession with tax optimization. The figures showing that Fildas, a Romanian group, had in 2024 a net profit greater than the company Automobile Dacia give "water to the mill" to those who believe that foreign companies have aggressive tax optimization practices and that they do not pay enough taxes and duties in Romania. This is a statement that is often heard from both populist politicians and the general public. The financial results of the main companies in Argeș County show us that the automotive sector has a much lower profit rate than the distribution and sale of medicines.

Are companies in the automotive sector in difficulty that may come from changes in the field? Is it about an aggressive tax optimization strategy? Politicians and the "voice of the street" can only have opinions. The reality can only be discovered by the tax authorities. Therefore, if there is a problem related to the non-fulfillment of obligations to the state, then ANAF must ascertain and communicate publicly. In the absence of clarifications from the tax authorities, the voices accusing foreign companies should be cautious and much quieter.

The conjuncture. The increase in Fildas's profit had an abnormal jump, plus 88% compared to the previous year, which shows that it could be a conjunctural evolution. The figures analyzed by Termene.ro cannot provide an explanation for the completely unusual jump in the profit of the Fildas group in 2024, and therefore a thorough analysis is needed.

Thus, the financial data of companies are important. But they must be viewed in context to have a complex picture of the influence that one firm or another has on the economy.

https://newmoney.ro/un-lant-de-farmacii-face-profit-mai-mare-decat-uzinele-dacia-capcane-statistice-sau-catena-fildas-vs-dacia/