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ZF English

Romania's most profitable business: Spiru Haret University - 50m euros

Private university Spiru Haret, which has 300,000 students enrolled, posted a 48% profit margin in 2008. Spiru Haret, the largest university on the Romanian market, which has recently been involved in the biggest scandal seen by the Romanian education system in the last few years, reported a 178 million-RON (48.5 million-euro) surplus and 373 million RON (101.5 million euros) in revenues, according to data from the website of the Finance Ministry. Last year, revenues of the private university climbed 50% against the 2007 financial year, while the surplus reported by the private university rose by almost 60%. The surplus amounts to the difference between revenues and costs, and can be assimilated to companies' profit. The university's expenses amounted to 53 million euros, which means Spiru was left with 48.5 million euros in its account at the end of the year. This makes Gheorghe Bondrea, chairman and rector of Spiru Haret University, the most profitable manager in Romania, considering no private company posted similarly high profit margins last year.


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