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Who are the 10 companies with the highest profits in the country? Which sector leads and how are the profits being shared?

2023-11-25 09:31:15Biznes SHKRUAR NGA REDAKSIA VOX

Who are the 10 companies with the highest profits in the country? Which sector

If there is one distinct element in the post-transition economic trend, it is the resilience of businesses to withstand shocks that come from all sides.

The economy recovered quickly after the pyramid crisis, weathered the financial crisis well in 2008 (also helped by the low sophistication of domestic financial markets), quickly recovered from the restrictions of the pandemic.

The trouble did not end. In 2022, the country faced an unprecedented crisis of rising prices of raw materials and final ones. The year 2022 also marked the highest level of inflation, since 1998, with 6.2% on average, which peaked in October at 8.3%, a reflection of the global consequences of Russia's attacks on Ukraine.

Again, businesses succeeded, as the burden of price increases in 2022 seems to have been borne mainly by consumers , who paid more to buy a product or service.

As every year, the Magazine publishes the ranking of the "Monitor 200", according to profits, after that of the "200 largest", according to revenues, which are based on the list obtained from Taxes and the balances deposited in the National Business Center (NCB). .

The data processed by "Monitor", based on this ranking, show that the profits of large enterprises have reached the highest historical level in 2022.

Only 25% of the companies on the "Monitor 200" list declared a decrease in profits in 2022 compared to the previous year. 54% of businesses on the list reported increased profit rates. Gross profit before tax rates were in double digits (over 10%) for 65% of companies.

The total profit for the 200 largest companies, in 2022, was 174 billion ALL, with an increase of almost 50% compared to the profit realized by the subjects of the same list of the previous year, influenced by the improvement of the financial result of energy enterprises, construction, financial markets, metal and mineral industry, traders, etc.

The limit of the 10th company in terms of profits in absolute value in 2021 was 2.2 billion ALL, while in 2022 it increased to 3.6 billion ALL. The entry threshold into the ranking of 200 in 2022 was about 170 million ALL, from 156 million ALL the previous year.

TEN COMPANIES WITH THE HIGHEST PROFITS IN ABSOLUTE VALUE

1. Devoll Hydropower

Devoll Hydropower (DHP) has been ranked for the first time as the company with the highest profits in the country. DHP operates two large hydropower plants (Banja and Moglica), with a total installed capacity of approximately 269 MW and an average production of approximately 700 GWh/year of renewable energy.

In 2022, both hydro plants were in full operation, according to the annual report. Total electricity production during 2022 was 490 343 MWh, a reduction of about 28% compared to 2021 due to unfavorable hydrology. But the company has benefited from more expensive energy prices.

In total, the declared profit before taxes was 21.8 billion ALL, while the income from the activity of selling electricity was 17.6 billion ALL. The item "Recovery of loss from depreciation" of 14.5 billion ALL has influenced the increase in profits.

(According to the annual report, during 2022, due to some changes in the Company's expectations regarding the revenue from the sale of electricity, transmission costs and other factors, the Company revised its assessment regarding the impairment loss in the value 15,986,173,311 ALL recognized in 2016 for the assets of Banja and Moglica.

Banja and Moglica assets were considered for impairment testing purposes as a single cash generating unit, because the HPPs are located on the same water source and are managed together to optimize energy production.

Based on the analyzes carried out by the Statkraft Group during 2022, management came to the conclusion for the reversal of the previous impairment loss recognized in 2016. As a result, on June 30, 2022, a reversal of the impairment loss was recognized in the amount of ALL 14,499,150,162 in regarding the assets of Banja and Moglica).

Removing this item from the normal course of activity, the company has resulted in a profit before taxes of 7.3 billion ALL, with a rate of 41.2%.

"The year 2022 has been an extraordinary year. European and regional energy markets were very volatile and in some periods, electricity prices have been extreme", the activity report states. The company, according to the annual report, has paid the solidarity contribution tax of 3.65 billion lek, following the government's decision approved at the end of 2022 for the creation of the solidarity contribution during the duration of the energy crisis period, based on which, the companies energy producers will pay 50% tax for additional profits from income generated above the price of 8.5 lek/kWh. This amount is payable in two equal installments during 2023.

2. National Commercial Bank

"Banka Kombëtare Tregtare" (BKT) is second in the country in terms of profit levels, after being ranked first for three consecutive years. The profit before taxes of the largest bank in the country was 11.1 billion ALL (with an increase of 23% compared to the previous year), with a rate (profit before taxes/revenue) of about 47%.

Revenues were 23.6 billion ALL, with a slight decrease compared to the previous year. The increase in income from interest and commissions and keeping expenses under control gave the main impact on the improvement of the bank's performance.

Mr. Seyhan Pencabligil, General Director and Member of the Board of the National Commercial Bank has affirmed that "we realized a return on capital of 19.1%, in USD currency, a high indicator of profitability in accordance with our historical average. The same trend continues during the year 2023". According to him, another important point is the continuous improvement of the problem loans portfolio, further strengthening the bank's balance sheet.

3. Kurum International

"Kurum International", with activity in the production, trading of construction steel and other iron profiles and energy, doubled its profits in 2022, to 9.2 billion ALL. Revenues grew more slowly, by 10%, reaching ALL 46.1 billion. The profit rate was 19.7% in 2022. The increase in profits was influenced by the improvement of the item "Administrative expenses (including depreciation and amortization expenses)".

According to the annual report, the company, during 2022, has continued activity in all production sectors, including the production of steel bars in the steel mill (224,541 tons of steel bars), the production of steel bars in the rolling mill (243,095 tons of steel bars ), the production of lime in the lime factory, as well as the production of electricity in the 4 HPPs owned by it. HPPs have produced about 350 million KWh, of which, about 195 million KWh went for sale and the rest for use in the Elbasan factory.

4. Trans Adriatic Pipeline AG Albania

Trans Adriatic Pipeline AG Albania's main activity in Albania is to plan, develop and build the TAP natural gas pipeline. Once operational, TAP will provide the transportation capacity that enables interested parties to trade their gas on European markets.

The company, according to the activity report, is an extension of the operations of the head office and does not carry out any independent activities. Its sole object is to build and maintain the gas pipeline that passes through the territory of Albania and to deal with the legal and tax issues related to such activity in the country.

Although there is no operational activity, the company declared revenues of 25.2 billion alleks and profits of 8.7 billion alleks, which rank it fourth in terms of profits in the country. The rate is 34.3%. According to the annual report, the company in Albania is attributed income based on operational costs plus a profit margin of 12% until the pipeline is built and put into operation. The company has paid profit tax in the amount of ALL 832 million in 2022.

5. GSA

GSA, with activity in energy and ferrochrome trading, was listed for the second year in a row in the list of the 10 largest "Monitor 200", according to profits, in fifth place.

The company declared profits of 7.3 billion lek, more than double compared to the previous year, with a rate of 17.7%, from about 22%, the previous year. The increase in profit was influenced by the increase in income from energy trading, influenced by the increase in the price of electricity in the European stock markets. Income from energy sales doubled to ALL 26.6 billion.

According to data from the balance sheet, the company's total revenue was ALL 41.2 billion in 2022, about 64% of which came from the sale of energy. The rest was provided by the sale of ferrochrome, which saw an expansion of 77.5% compared to the previous year.

6.Albchrome

Chrome exporter, "Albchrome" is listed for the second year in a row in the list of companies with the biggest profits of "Monitor 200". The company's profit reached 5.4 billion ALL in 2022, with an increase of 76% on an annual basis.

Revenues increased by 36% to ALL 18.6 billion, influenced by favorable international mineral price conditions, while profit margin improved to 29%.

In September 2022, the company temporarily shut down most of its activity due to rising energy costs. The company claimed that the temporary closure of production was influenced by the high cost of energy and the decrease in demand for ferrochrome from steel mills in Europe and the world. According to the activity report, Albchrome sh.pk started its activity in April 2000. In 2007, the company changed its name from Darfo Albania Sh.pk to Albanian Chrome Sh.pk. The name change came as a result of the change in ownership from Darfo to Italy, which was acquired by DCM Decometal and Terwingo. Consequently, during 2010, the Company changed its name from Darfo SRL to ACR Holding SRL and is a wholly owned subsidiary of DCM Deco-metal in Austria.

On February 25, 2013, ACR Holding SRL-ltali was completely acquired by Balfin sh.pk

On January 14, 2022, Balfin completed an agreement to sell the shares of Albchrome Holding to Yildirim International Mining Investments BV, part of the Yildirim Group based in the Netherlands, and as a result, the controlling company has changed. The ultimate control of the company is held by the Yildirim Group. The company operates on the basis of a concession agreement with the Albanian government for a ferrochrome factory in Elbasan and two chrome mines in Përrenjas and Pojskë. The concession ends on December 31, 2040.

7. Raiffeisen Bank

"Raiffeisen Bank" ranks seventh in the "Monitor 200" list, according to profits, from third the previous year. The profit before taxes was ALL 4.5 billion, with a 9% increase on an annual basis. The profit rate was nearly 34.5%, a slight decrease compared to the previous year. Revenues reached 13.1 billion ALL (17% increase).

"The year 2022 proved to be a year full of challenges, due to the war in Ukraine, the consequences of which were felt all over the world. Despite the difficult environment, Raiffeisen Bank sh.a. has achieved very good financial results. The bank remained well capitalized and with high liquidity.

Thanks to the contribution of all business lines, the net profit after tax (according to the IFRS Standard) reached 3.84 billion ALL (or 32.4 million euros) at the end of 2022. The volume of deposits increased by almost 9% compared to one year ago.

As the second largest lender in the country, with approximately 17.3% of the market share, we have continued to support individuals and businesses, providing loans throughout the year, increasing total loans by 9.2%, a a higher percentage than the total increase in credit in the banking system of 7.7%", quoted Christian Canacaris, General Director, Chairman of the Directorate, "Raiffeisen", in the annual report.

8. Ayen nor Energy

"Ayen as Energy" has been ranked for the first time in the list of the largest in terms of profits, after increasing by 181% to 4.1 billion ALL, with a rate of 39%. The company reported revenues of 10.5 billion ALL, with an expansion of 136% compared to the previous year, influenced by the increase in energy prices.

The Turkish company is implementing the 2011 contract for the design, construction, commissioning, administration, and maintenance of the Gojan, Gjegjan, Peshqesh, Ura e Fani and Fang hydropower plants.

"Ayen as Energy" built and put into operation at the end of 2017 the HPP of Fang, with a capacity of 74.6 MW. The Fangu HPP, in terms of production capacity, ranks fifth after the Fierza, Koman and Vaut Deja HPPs, which are owned by the state, and Moglica. This is the second HPP in the country, built by the Turkish company "Ayen" after the one in Peshqesh, with a capacity of 23 MW, which started production a few years ago.

9. Bank OTP Albania

Bank "OTP Albania" has been ranked for the second year in a row in the list of the 10 largest according to profits, which increased by 36%, to ALL 3.8 billion, with a rate of 52%. The improvement in the result came from the increase in interest income and keeping expenses under control.

Revenues reached 7.2 billion ALL, with an increase of 41% on an annual basis, after the absorption merger with "Alpha Bank", a process that was finalized in 2022.

"In terms of financial indicators, for the fourth year in a row, Banka OTP Albania is ranked first for return on capital (ROE) and for the first time in 2022 we were ranked first at the group level for this indicator.

The expense/income ratio for fiscal year 2022 is reported to be 45.08%, ranking us among the best banks in Albania, while we are ranked third in terms of loan portfolio with 15.4% of the market and second for financing the corporate segment ", says Bledar Shella, General Director and Chairman of the Management Board, in the annual report.

According to the annual report, on December 1, 2022, "OTP Bank" and "Alpha Bank Albania" sh.a. were legally merged including the assets and liabilities of "Alpha Bank" in "OTP". The number of employees at the end of 2022 reached 819, up from 469 in December 2021. The number of branches increased to 61, up from 31 at the end of 2021.

10. Tirana International Airport

"Tirana International Airport", which manages Rinas Airport with a concession, historically one of the most profitable businesses in the country, is for the second year in a row in the list of the 10 largest in terms of profits, after it came out in the year of the pandemic.

In 2022, its profits increased by 65% ​​to 3.6 billion ALL, surpassing 2019, which had been the best historical year (3.1 billion ALL). The profit margin improved by about 4 percentage points, to 43.7%.

The improvement in profits came after the 48% increase in revenues in 2022, reaching 8.3 billion ALL, influenced by the significant increase in passengers, as a result of the return of the country to a favorite tourist destination, but also the entry of lines low cost that significantly reduced ticket prices. INSTAT data show that for 2022, about 5 million citizens have moved by air, with a 75% increase compared to the previous year, setting a historical record.


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