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Kurum, the company with staggering profits that says it is in financial trouble

Politiko 2024-08-27 14:17:51

In 2022 Kurum International, the company that uses the former Metalurgjikun Elbasani, recorded a net profit after taxes of 78 million euros. Last year the profits decreased, but again they were 8 figures in euros.

According to the official balance sheet submitted to the National Business Center, Kurum recorded a profit after taxes in the amount of 44.6 million euros for 2023.

Due to the construction boom, but also the increase in the price of iron as a result of the inflationary crisis, in recent years Kurum has been one of the most profitable companies in Albania. The hefty profits have enabled it to rapidly reduce its bank debts, for which it filed for bankruptcy in 2016.

According to the company's books, last year Kurum's total exposure was reduced to 35 million euros in loans from 127 million euros at the end of 2022. So only during the past year, the Turkish company has repaid about 92 million euros in loans from its huge profits. that he accomplished. These were rescheduled debts from 2016, when Kurum declared bankruptcy and was placed under court administration. These debts are already going to zero.

Three days ago, Kurum announced that it will close the activity in two of its departments, making around 500 employees unemployed. The announcement, which came shortly after the outbreak of the toxic waste scandal, was seen as a threat by the company to the state. However, a day ago Kurum stated that the closure of the activity in these two plants is not related to the issue of toxic waste, but is the result of financial difficulties.

But even this seems a strained excuse. Kurum's balance sheet numbers do not indicate a company in financial difficulty. On the contrary, they show an enterprise that stands at the top of the most profitable businesses in Albania. Perhaps in the top three companies with the highest profits in the country.

Kurum makes money from all sides. It earns money from the sale of iron, but it also earns a lot from the sale of the energy it produces from the privatized hydropower plants almost for free from the state. Only from the energy produced in Ulzë-Bistrica, last year Kurum earned 21 million euros net, when the price of their purchase from the state was around 30 million euros.

Demand for iron ore continues to remain strong in the domestic market as the two hydropower plants in a profit machine. Beyond that, Kurum has a ridiculous salary cap. For this, only one indicator is enough. Last year, the owners of the company earned 44.6 million euros net, while the entire salary fund of the group was less than 9 million euros. But this is a problem related to the impotence of the trade unions, or even worse, the corruption of them and the institutions.

Kurum has money, but not for salaries. Even last year, Hatixe Kurum, the owner of the company, distributed a 1.1 million euro dividend to herself./ Kapitali.al