KEDS for three years 87 million euros profit
Enis Veliu • August 08, 2017 • 07:53 •

Only in 2014, KEDS company secured a clean profit of about EUR 30 million, while Turkish company “Calik-Limak” had privatized the electricity distribution for 26.3 million euros a year earlier.

The sale of electricity distribution at such a price years ago was followed by numerous accusations, as it was estimated that the value of public company assets was several times higher and at the same time the Turkish company had invested in a safe and fair business Exclusive retail of electricity to customers.

The newspaper “Zëri” has managed to secure the documentation of the winning profits provided by the KEDS and KESCO companies, the latter being established in 2015 and dealing with power supply.

According to this “Son” documentation, in 2015 these companies have earned 31 million euros, despite the investments made, while in 2016 the profits of these two companies have reached about 25 million euros.

Astronomical gains are being secured by businesses in Kosovo as citizens and manufacturing businesses continue to complain about the increase in electricity and at the same time for its lack. According to some reports, electricity bills over the last few years have risen to more than 30 percent.

 KEDS does not provide data on profits

The newsletter “Zëri” via email has asked KEDS for more information about the profits they have provided over the next three years, but the latter have refused to answer.

“KEDS Revenue is Public. However, we would like to emphasize, however, that no share dividend has been distributed so far. In short, investors have not received any profits from KEDS operations so far, but net profit is invested in the network and other assets to make sure that we are providing better services to our customers, “he said. Said KEDS spokesman Victor Buzhala.

On the other hand, ERO officials have provided information about the allowed revenues of these two companies, but neither have provided information about the net profit of the company.

“The maximum allowed revenue allocation process for each licensee is done through public consultation based on pricing rules and this information is available on the ERO website. Regarding company profits, this information can be obtained from audited financial statements by KEDS and KESCO or through Tax Administration or any other relevant institution. ERO as the body responsible for the economic regulation of the sector is obliged to ensure that the revenues approved by ERO are in line with the services provided, “said ERO spokeswoman Adelina Murtezaj.

Ibrahim Rexhepi, familiar with the country’s economic circumstances, says the privatization of KEK’s distribution has been completely out of the eyes of the public, so are Auditor’s reports that indicate that here the Energy Regulatory Office has plenty of room for corrections

“ERO has to reduce revenues, less profit from investors, but on the other hand it is assisted by families with severe social conditions,” he said.

Graphics:

2016:   24,781,000 euro

2015:   31,948,000 euro

2014:   29,944,000 euro       

source

3 thought on “KEDS for three years 87 million euros profit”
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