6. Genklaudis
Genklaudis SH.A. was ranked in 2017 as the country's third largest oil trader, leaving second place Europetrol Durrës Albania. The company has declared an annual turnover of about 20.7 billion leks, with an increase of 30% on an annual basis. After last year's losses, it has resulted in a minimal profit.
7. Kurum Albania
Kurum Albania has climbed again in tens, as the restructuring restriction announced in March 2016 seems to have worked. Steel producer and processor revenues reached 20 billion leks, with an annual increase of 44%.
Arif Shkalla, finance director at Kurum, claims that loans have been restructured and are being settled normally, production is growing sharply, exports have resumed, the company has been restored to profits and within 7 years plans to repay all creditors.
On 16 March 2016, the company opened the bankruptcy procedure at the Tirana Court and on April 15, the bankruptcy procedure was opened for restructuring purposes as the company predicted that in the near future there would be no payment of short-term liabilities, so it was decided to seek bankruptcy for restructuring.
In 2016, the verification of financial statements and creditors' claims, resulting in some 226 million euros, was negotiated with creditors, and in mid-2017, the company's organizing plan foresaw the repayment of liabilities and interest was approved by 2023 and loans were restructured.
Reorganization of the company, credit restructuring, coupled with the rise in metal prices in international markets, made the company's performance to improve significantly in 2017. Taxable income reached 20 billion leks, with an annual expansion of 70%.
For the first time in two consecutive years, Kurum announced operating profit of 932 million leks and a profit of 364 million leks. The worst was the performance of hydropower plants, whose revenues fell by 30% due to the drought.
8. National Commercial Bank
The National Commercial Bank, for several years, is the country's largest bank in all aspects, assets, loans, deposits and revenues, and has maintained its position in the top 10.
Its annual turnover, as reported in the balance sheet, was about 19.1 billion leks, an increase of 10% compared to the previous year. The Bank announced profit before taxes of 8.4 billion Leks.
Mr. Seyhan Pencapligil, General Manager and Member of the National Commercial Bank Board (BKT) has expressed optimism in an earlier "Monitor" interview on the 2018 performance. "It will be another positive year in the banking sector and we expect further improvement of the bad credit portfolio.
These could be considered as steps towards normalization after the crisis period, which produced a negative effect on all aspects of the banking system, even for the economy as a whole.
Positive expectations for economic growth and government's Public Private Partnership initiatives are fueling further optimism. Also, we have set optimistic targets for 2018, we have the intention to finance the country's economic growth," he said.
9. Eroil
Eroil, a wholly-owned fuel wholesaler, is a new entry in the top 10 of the country, after tripling its activity to 18 billion leks. Despite the high turnover, the profit was only 2.6 million leks. The company was created in 2013 and in 2016 it came in the top 100, ranking 29th.
10. Vodafone Albania
The largest mobile telephony operator in the country, Vodafone, reported revenues of 17.2 billion leks in 2017, almost unchanged from the previous year, according to data from Taxes (the company did not submitet balance sheets to the National Business Center).
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Genklaudis SH.A. was ranked in 2017 as the country's third largest oil trader, leaving second place Europetrol Durrës Albania. The company has declared an annual turnover of about 20.7 billion leks, with an increase of 30% on an annual basis. After last year's losses, it has resulted in a minimal profit.
7. Kurum Albania
Kurum Albania has climbed again in tens, as the restructuring restriction announced in March 2016 seems to have worked. Steel producer and processor revenues reached 20 billion leks, with an annual increase of 44%.
Arif Shkalla, finance director at Kurum, claims that loans have been restructured and are being settled normally, production is growing sharply, exports have resumed, the company has been restored to profits and within 7 years plans to repay all creditors.
On 16 March 2016, the company opened the bankruptcy procedure at the Tirana Court and on April 15, the bankruptcy procedure was opened for restructuring purposes as the company predicted that in the near future there would be no payment of short-term liabilities, so it was decided to seek bankruptcy for restructuring.
In 2016, the verification of financial statements and creditors' claims, resulting in some 226 million euros, was negotiated with creditors, and in mid-2017, the company's organizing plan foresaw the repayment of liabilities and interest was approved by 2023 and loans were restructured.
Reorganization of the company, credit restructuring, coupled with the rise in metal prices in international markets, made the company's performance to improve significantly in 2017. Taxable income reached 20 billion leks, with an annual expansion of 70%.
For the first time in two consecutive years, Kurum announced operating profit of 932 million leks and a profit of 364 million leks. The worst was the performance of hydropower plants, whose revenues fell by 30% due to the drought.
8. National Commercial Bank
The National Commercial Bank, for several years, is the country's largest bank in all aspects, assets, loans, deposits and revenues, and has maintained its position in the top 10.
Its annual turnover, as reported in the balance sheet, was about 19.1 billion leks, an increase of 10% compared to the previous year. The Bank announced profit before taxes of 8.4 billion Leks.
Mr. Seyhan Pencapligil, General Manager and Member of the National Commercial Bank Board (BKT) has expressed optimism in an earlier "Monitor" interview on the 2018 performance. "It will be another positive year in the banking sector and we expect further improvement of the bad credit portfolio.
These could be considered as steps towards normalization after the crisis period, which produced a negative effect on all aspects of the banking system, even for the economy as a whole.
Positive expectations for economic growth and government's Public Private Partnership initiatives are fueling further optimism. Also, we have set optimistic targets for 2018, we have the intention to finance the country's economic growth," he said.
9. Eroil
Eroil, a wholly-owned fuel wholesaler, is a new entry in the top 10 of the country, after tripling its activity to 18 billion leks. Despite the high turnover, the profit was only 2.6 million leks. The company was created in 2013 and in 2016 it came in the top 100, ranking 29th.
10. Vodafone Albania
The largest mobile telephony operator in the country, Vodafone, reported revenues of 17.2 billion leks in 2017, almost unchanged from the previous year, according to data from Taxes (the company did not submitet balance sheets to the National Business Center).
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