Imprimeria Națională: 582 million lei in revenue and a gross profit larger than all its costs

The company that prints the state’s passports, identity cards and excise stamps ends the year with a gross profit larger than all its costs put together. Government Decision no. 639 of 20 August 2026, published in Official Gazette of Romania no. 695 of 21 August 2026, approves the revenue and expenditure budget for 2026 of the National Company „Imprimeria Națională” S.A., which operates under the coordination of the Ministry of Finance. It is the second state company budget published in the same edition, alongside that of the autonomous public undertaking under the authority of the Romanian Intelligence Service.

The act has a single article: it approves the budget set out in the annex. The legal basis is Article 4(1)(a) of Government Ordinance no. 26/2013 on strengthening financial discipline at state-owned economic operators.

All the amounts in the annex are expressed in thousand lei and represent proposals for the current year, not actual execution. The annex is reproduced in facsimile in the Official Gazette of Romania.

What it changes in practice

The first effect is that revenue is fixed. Total revenue is set at 582,370.89 thousand lei, of which 559,773.39 thousand lei is operating revenue and 22,597.50 thousand lei is financial revenue.

The second effect is the level of expenditure. Total expenditure amounts to 219,888.18 thousand lei, of which 219,863.18 thousand lei is operating expenditure and only 25 thousand lei is financial. The largest item is spending on goods and services, 131,687.08 thousand lei, followed by staff costs, 50,680.85 thousand lei.

The third effect is the margin. The difference between revenue and expenditure produces a gross profit of 362,482.71 thousand lei, that is more than 62 per cent of revenue. After current corporate income tax of 58,040.98 thousand lei, the net profit stands at 304,441.73 thousand lei.

The fourth effect concerns what happens to the profit. Dividends due to the state budget amount to 153,908.37 thousand lei, half of the net profit, while 150,533.36 thousand lei remains undistributed. Employee profit sharing is set at 3,375 thousand lei.

The fifth effect relates to staff. The company forecasts 411 employees at the end of the year and 406 as an average headcount. Wage-related expenditure is 47,840.68 thousand lei, and the average monthly earning per employee is 9,007.88 lei.

The sixth effect concerns investment. Investment financing sources amount to 78,763.08 thousand lei, while investment expenditure is 37,846.72 thousand lei, less than half of the funds available.

What has changed compared with the previous situation

The budget of a national company is approved every year by government decision. This act does not amend an earlier one, it sets the benchmarks for 2026.

The second observation concerns the ratio between revenue and expenditure. The indicator „total expenditure per 1,000 lei of total revenue” stands at 377.57 lei, which means that out of every 1,000 lei collected the company spends less than 378 and keeps the rest as gross result. This is an unusual margin for an industrial company and it is explained by the nature of the business, security printing of documents for the state.

The third observation concerns financial discipline. Both overdue payments and overdue receivables are zero, so the budget schedules no arrears, either in payment or in collection.

What does not change is the company’s status. It remains a national company with the state as shareholder, coordinated by the Ministry of Finance, and the decision does not touch its organisation or its scope of activity.

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