an hour agoAllah doesn't help Elvis Nachi, he's bankrupt at the hospital.
Periskopi(5 years ago)
(5 years ago)A company operating in the private health services market, which has a negative capital of 60 million dollars, was sold for an amount of 85 million dollars from the Firdeus Foundation to the Pre-Mendavian ancestor in a business that obviously does not make an economic sense but shows the financial power of charitable organisations and religious communities. [...]
In November 2019, the charity foundation “Firdeus”, led by the popular Elvis Nachi hoja, attracted media attention when it was found to have bought 100% of the shares of a small private hospital called Continental for a total of 350 thousand euros. Hoxha flamingos, who collect donations to help the poor, was exposed in this case to the financial power of the Firdeus Foundation. Naci was protected by arguing that the hospital will serve, among other things, to provide health services to poor people. But what was not noticed back then was the financial situation of the company that was bought for this amount.
The Continental Hospital actually results in an enterprise with continued financial losses, according to data from the company published at the National Business Centre and the balance released for 2020 shows that the company has continued to lose large sums of money even after the purchase by Firdeus. These losses, totaling 160 million dollars and eating the entire founding capital of the company, did not prevent the ancestors from paying a significant sum for its purchase, in a purchase that makes little sense from an economic point of view, but evidently reflects the financial power of charitable organizations.
The continental was established as a company in 2015 with a capital of $100 million, and in the first year of operation in 2016, 55.6 million was lost. The losses amounted to another 55 million dollars in 2017, and the company came up with a minimum profit of $3.5 million in 2018. In 2019, the company lost an additional 29 million dollars for a total of estimated $111 million. This was the company that was bought by the Firdeus Foundation for $350,000, or $42m, a company that had lost all the original $100m capital plus other borrowed money.
New management didn't make any big difference. In 2020, the loss of the continental company was $23 million, while the company's basic capital was $160 million.
The pandemic crisis that hit Albania in 2020 and that generally helped hospital services and, in particular, diagnostic services to make good money, appears to be of little help to the Continental Hospital. According to its balance data, the company had revenues of $234 million last year with a 9% increase compared to 2019, but this did not help to get the company out of losses.
These marketing and follow-up losses over many years did not prevent World ancestors Bektas from signing a contract to buy the hospital for $85 million. The contract was signed by Haxhi Baba Edmund Brahimaj for the buyer and Ilir Naci, executive director of the Firdeus Foundation for the salesman. The buyer will have to hope that the company will achieve net profits of at least 145m dollars to cover accumulated losses and pay the price paid for the purchase. /Reporter. al
