Serbia: NIS net profit down by 50%, to 375 million euros in 2023

Serbian oil and gas company recorded a net profit of 44.2 billion dinars (375 million euro) in 2023, and earnings before interest, tax, depreciation and amortisation (EBITDA) of 68.1 billion dinars, the company said in a statement to the Belgrade bourse.
Data published on its website showed that net profit amounted to 92.4 billion dinars in 2022, while the EBITDA reached 136.2 billion dinars.
-The operating and financial performance results of NIS in 2023 followed the trend of oil prices in the global market, as well as market demands that are the basis of NIS Group’s business – NIS said in the bourse filing. The average price of Brent crude fell 18% last year to $82.6 per barrel.
The company’s investments jumped 77% to 39.2 billion dinars in 2023. One of the key investments last year was linked with the increase of NIS’ stake in Serbian petrochemicals producer HIP Petrohemija in 2022 and the subsequent launch of modernisation at the petrochemical complex.
NIS said that in 2023 its oil and gas production remained unchanged year-on-year at 1.158 billion tonnes of oil equivalent of oil and gas. The crude and semi-finished product refining output of its Pancevo oil refinery fell 7% to 4.092 million tonnes. The total volume of petroleum product sales decreased 8% to 4.0 million tonnes.
Last year, NIS put 10 new and reconstructed petrol stations into operation in Serbia, and one in neighbouring Bosnia and Herzegovina.