The Pljevlja coal mine in Montenegro has reported a substantial decrease in its financial performance for the year 2025, with net profits plummeting to approximately 450,000 euros, down from 15.06 million euros in 2024. This sharp decline highlights the challenges faced by the mine amid decreasing revenues and increasing operational costs.
According to the financial report released by the company, total sales revenues fell to 32.4 million euros, representing a decline of 50.4% compared to the previous year. Concurrently, operating expenses have risen slightly to 29.7 million euros, which has further strained profitability and contributed to the adverse financial results.
Despite these setbacks in income generation, the mine’s total assets have increased, reaching 175.4 million euros at the end of December 2025, reflecting an increase of 18.7% from 2024. The company’s long-term provisions and liabilities are recorded at 25.8 million euros, while short-term liabilities stand at 25.5 million euros. Retained earnings are noted to be around 44.8 million euros.
The ownership structure of Pljevlja coal mine underwent significant changes in April 2018 when the power utility EPCG initiated a takeover bid for the entire capital of the mine, which consisted of 5,064,443 shares. The offer was made at a price of 6.4 euros per share, during an offer period that lasted from April 20 to May 4.
A valuation analysis by Deloitte indicated that while shares were priced at 6.9 euros at the end of 2017, their fair market value was assessed at 6.4 euros per share. Following regulatory approval from the Capital Market Commission in early June 2018, EPCG successfully acquired a majority stake in Pljevlja coal mine, thereby consolidating its control over this key energy asset.
