The Albanian economic review Monitor has compiled the list of the ten Albanian companies with the highest profit in terms of absolute value for the 2018:
1 - BKT
La Banka Kombetare Tregtare, the largest in the country, resulted in the 2017 as the company with the highest revenues, with around 67 million euros; value almost identical to that of the previous year.
Interest rates and commissions have increased, but on the other hand administrative and staff costs have also increased. The decrease in commission on loans also had a positive impact.
2 - Raiffeisen Albania
Raiffeisen, the country's second largest bank in terms of assets and revenues, had a very positive year in terms of profits. From the liabilities of around 35 million euros of the 2016, in fact, the bank has passed to a profit of around 36 million euros gross.
Although interest rate revenues fell by 10%, Raiffeisen was helped by a significant reduction in provisions.
3 - OSHEE
The electricity distribution operator (OSHEE) has fallen to third place since the first of last year. Revenues fell to 27 million. The administrator of OSHEE, Adrian Cela, explained why Monitor:
"Albania is a country with a high dependence on hydroelectric sources and OSHEE has suffered the consequences of this in the 2017; it was forced to supply energy not from domestic operators like KESH but through very high-priced imports, almost twice the previous years."- said Cela
4 - SPIECAPAG Albania
SPIECAPAG Albania and SPIECAPAG Transadriatica, created in the 2016, carry out engineering work for the trans-Adriatic pipeline, culminating in the peak activity in the 2017.
5 - Tirana International Airport
Tirana International Airport, which manages the Rinas airport concession, achieved record earnings in the 2017 by ranking fifth.
According to the data published in the financial statements, the gross profit was equal to 22 million, with an increase of 22% compared to the previous year. The highest value ever recorded by Tirana International Airport but which could suffer a considerable decline in the coming years, due to the new airports of Kukes and Valona.
Rolf Castro-Vasquez, executive director of the Tirana International Airport, argues that - in the event of the opening of the new airport in Vlora - the traffic at the TIA airports could be reduced from 22% to 32%.
6 - Albchrome
In the 2013, Balfin entered the Albanian mining market through the acquisition of the Albchrome concession (chrome mine at Bulqiza). In fact, in February 2013 - according to the announcement of the Ministry of Economy - the shareholders sold the 100% of the shares to Balfin srl
Albchrome first entered the top 10 of revenues. The company, benefiting from a favorable cooperation, has managed to increase revenues in recent years: in the 2017 its profits have doubled, rising to around 17 million, the 21,5% more than the year before.
7 - Intesa SanPaolo Bank Albania
Banca Intesa SanPaolo, on the other hand, fell to seventh place (from the third of last year), with a profit of around 15 million, down 30% on an annual basis.
The decrease in revenues, due to lower interest rates, reduction in provisions compared to the previous year and the increase in operating expenses, negatively affected the 2017 balance sheet.
8 - SPIECAPAG Transadriatica
SPIECAPAG Albania has almost doubled its earnings to around 24 million, ranking in fourth place; while SPIECAPAG Transadriatica ranked in eighth place, with around 14 million euros.
9 - APEX — AL
The gambling operator, APEX-AL, is for the second consecutive year on the list of the ten most profitable companies. This sector, in fact, does not feel in crisis and is growing year by year.
The government's efforts to end this trend (which next year will face the closure of all betting centers) seem to have caused the opposite reaction. The profits in the 2017 were around 14 million, with an increase in 36% on an annual basis.
10 - GSA
The energy trading operator, GSA, is a new entry in the top 10. Last year's prolonged drought fueled the need for energy imports, giving profits to the activities of electricity traders.
According to the annual report, the profit of GSA has tripled to around 11 million.