Albpetrol, Albgaz and Albanian Railways together recorded a net loss of 485.1 million lek in the first quarter of 2026, around 34% more than in the same period a year earlier. The deterioration came mainly from Albpetrol, whose loss almost doubled, while the decline in the three companies’ revenues was significantly faster than the decrease in expenses.
According to the Ministry of Finance report, the combined revenues of the three state-owned enterprises fell to around 772.7 million lek, from 1.36 billion lek in the first quarter of 2025, a decrease of 43.3%. Expenditures fell at a slower pace, by 27.1%, from 1.73 billion to around 1.26 billion lek. As a result, the combined loss widened from 362.1 million to 485.1 million lek.
Albpetrol doubles its loss
Albpetrol maintained the vast majority of the negative result, with a net loss of 358.4 million lek, or about 74% of the combined loss of the three companies.
The company’s revenue fell to 642.1 million lek, from 1.27 billion lek in the first quarter of last year, a contraction of about 49.4%. Expenses fell to about 1 billion lek, but their 31.6% drop was not enough to compensate for the halving of revenue. As a result, the loss increased by 86.4%, from 192.3 million lek a year earlier.
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Albpetrol’s financial problems are not limited to the beginning of this year. The company closed 2025 with a net loss of 1.57 billion lek, up from a loss of 490.9 million lek in 2024. At the end of last year, the company’s total liabilities had reached 18.15 billion lek, about 1.86 billion lek more than in 2024.
The railway remains at a loss despite the increase in revenue
The report notes that Albanian Railways also recorded a net loss of 93.9 million lek in the first three months of the year. The negative result was lower than the loss of 135.9 million lek in the same period of 2025, but the company continued to spend significantly more than it generated in revenue.
Revenues increased by about 40.4%, from 91.9 million to 128.9 million lekë, while expenses remained at 222.8 million lekë. Limited activity due to works on the railway network continued to affect the company’s ability to generate revenues.
At the end of 2025, the Albanian Railway had recorded a net loss of 214.7 million lek, with revenues of 980.9 million lek and expenses of about 1.2 billion lek. The company’s total liabilities reached 11.94 billion lek at the end of the first quarter of 2026.
Albgaz depends on a single customer
Meanwhile, state-owned company Albgaz reported only 1.6 million lek in revenue during the first quarter, against expenses of 34.4 million lek. The net loss reached 32.8 million lek, slightly lower than 34 million lek in the same period last year.
Albgaz’s activity is focused on a single client, Albpetrol, which limits its revenues and creates liquidity difficulties for the company. The company also closed 2025 with a loss of 89.7 million lek, after a negative result of 103.4 million lek in 2024.
Albgaz’s capital decreased to 625.1 million lek at the end of the first quarter, from 713.5 million lek in the same period last year. / ekofin.al