Montenegro: Oil company Jugopetrol decrease in profit in 2019

Montenegrin oil company Jugopetrol’s operating revenues in the past year amounted to 158.5 million euros, which is 3.2 % lower compared to 2018, while its operating expenditures amounted to 153.2 million euros (- 6.4 %). The company recorded a net profit in the amount of 4.33 million euros in 2019, which is an decrease of some 36 % compared to the previous year.  Purchase cost of goods sold amounted to 137.5 million euros, salaries, benefits and other personnel expenses amounted to 3 million euros, depreciation and provisions to 2.95 million euros, while other operational expenses amounted to 9 million euros in 2019. Total assets of Jugopetrol at the end of December 2019 amounted to 109.8 million euros compared to 106.8 million euros at the end of 2018. Retained earnings of the company amounted to 15.2 million euros. Long-term liabilities at the end of 2019 amounted to 1.05 million euros, while short-term liabilities amounted to 17.2 million euros. The largest shareholder in Jugopetrol is Greek Hellenic Petroleum International, which owns 54.35 % of the shares since 2002. Other shareholders with significant number of shares are: collective custody account 5 with 9.25 %, collective custody account 1 with 8.64 %, and collective custody account 8 with 3.29 %.