The economic performance of the top ten petroleum companies in Montenegro during 2024 shows noteworthy fluctuations. In 2024, revenues were recorded at €584.3 million, contrasting with €10.3 million in 2022 and €12 million in 2023.

Individually, the most significant profit growth was seen by INA Montenegro (622%), Kalamper Petrol (207%), and HIFA-OIL CG (169%). Conversely, companies like Montenegro Bonus (-45%) and Čelebić Petrol Trade (-35%) experienced the largest declines in net profit.

Seven companies showcased revenue growth in 2024, namely Jugopetrol, Hifa-Oil CG, Lukoil Montenegro, Kalamper Petrol, European, Celebic Petrol Trade, and Europetrol.

The average net profit margin across all ten companies for 2024 stands at approximately 2.28%. The top net profit margins were achieved by Kalamper Petrol (4.11%), Lukoil Montenegro (4.06%), and Airlines Petrol (2.83%).

Jugopetrol reported the highest revenue at €257.1 million, also securing the largest profit among the analyzed firms at €7.14 million.

Below are the business outcomes for 2024:

Jugopetrol concluded the year with a net profit of €7.14 million, marking around a 1% increase from the €7.07 million recorded in 2023. EBITDA showed a slight rise to €12.1 million from €11.95 million in 2023, while total revenues grew by 1% to €257.1 million, with expenditures matching this increase at €248.7 million.

The company observed a minor decrease in fixed assets valued at €49.2 million. However, working capital remained strong at €77.3 million. Total assets were reported at €126.8 million, down 4% from €131.6 million in 2023. Capital exhibited stable growth, reaching €103.2 million, reflecting a 1% increase from €102.1 million the previous year. Long-term obligations surged by 87%, nearing €3 million, while short-term liabilities decreased compared to 2023 but were higher than in 2021 and 2022, totaling €19.3 million. In 2024, the workforce increased to 104 employees, a 6% rise from the previous year.

INA Montenegro, bouncing back from three consecutive years of negative results, achieved a profit of €241,000 in 2024. This is an impressive increase of 622% compared to a loss of €33.4 million in 2023. EBITDA increased by 10% to €2.89 million. However, total revenues saw a 17% drop, totaling €96.16 million, while expenditures followed suit, also decreasing by 17% to €95.93 million.

Regarding assets, fixed funds increased slightly to €20.03 million, and working capital grew significantly to €9.65 million. Total assets rose by 9% to €29.68 million compared to 2023. The company’s capital surged to €9.33 million, a considerable improvement from the previous year’s negative figure (more than nine-fold growth). Long-term liabilities were reduced by 36% to €10.42 million, and short-term liabilities dropped 20% to €8.64 million. The workforce saw a slight reduction of 2%, totaling 131 employees in 2024.

Petrol Montenegro Mne experienced a revenue decline of 7% in 2024, reaching €59.12 million. Expenditures also fell by 7% to €57.61 million. The company’s net result for 2024 stood at €1.31 million, down 20% compared to €1.63 million the previous year. EBITDA decreased by 18% to €2.37 million. In terms of assets, fixed funds rose slightly to €28.18 million, while working capital also displayed slight growth, amounting to €8.16 million. Total assets were recorded at €36.89 million, down 2% from last year. The company’s capital remained stable at €24.56 million; however, long-term liabilities were significantly reduced by 30% to €134,000. Short-term liabilities increased slightly by 1% to €11.92 million. The employee count remained unchanged at 148 in 2024.

HIFA-OIL CG noted a 22% increase in revenues to €48.79 million, up from €39.7 million the previous year. Total expenditures rose by 21% to €47.76 million. The net result for 2024 was €917.79 thousand, a remarkable 169% increase from €340 thousand in 2023. EBITDA saw a significant 38% growth, reaching €1.97 million. Fixed assets increased slightly by 2% to €9.88 million, while working capital grew by 15% to €7.7 million. Total assets amounted to €17.73 million, an 8% increase from the prior year. The company’s capital surged by 35% to €3.53 million, while both long-term and short-term obligations saw slight increases of 3%, to €4.15 million and €9.88 million respectively. The workforce grew marginally by 1% to 100 employees in 2024.

Total revenues for Lukoil Montenegro saw a modest growth of 2% in 2024, totaling €47.76 million, with expenditures also increasing by 2% to €45.55 million. The net profit for 2024 was €1.94 million, reflecting a 5% rise from €1.83 million in 2023. EBITDA grew by 5% to €2.36 million, while fixed assets experienced a slight decrease of 2% to €3.89 million. Working capital increased by 6% to €9.17 million. Total assets were recorded at €13.09 million, representing a 3% growth compared to the previous year. The company’s capital remained stable at €11.17 million. Long-term liabilities significantly decreased by 88%, totaling only €5,000. However, short-term liabilities rose by 28% to €1.9 million. The company’s workforce decreased by 6% to 112 employees in 2024.

Kalamper Petrol achieved a 19% increase in revenues, amounting to €27.74 million. Total expenditures rose by 15% to €26.4 million. The net profit for 2024 stood at €1.14 million, marking an extraordinary 207% increase from €369.3 million in 2023. EBITDA soared 77% to €2.96 million. Regarding assets, fixed assets slightly decreased by 2% to €10.07 million, while working capital saw a modest increase of 5% to €10.85 million. Total assets grew by 2% to €22.47 million. The company’s capital also exhibited significant growth of 24%, amounting to €5.45 million. Long-term obligations decreased sharply by 30% to €2.42 million, while short-term obligations rose by 3% to €14.53 million. The workforce remained steady at 164 employees in 2024.

Europetrol finished the year with revenues of €19.52 million, an increase of 16% from the previous year. Total expenditures also rose by 16% to €19.35 million. The company’s net result in 2024 was €154,000, reflecting a 16% increase compared to the previous year. EBITDA showed growth of 26%, reaching €274,000. Fixed assets grew tremendously by 41%, to €1.69 million, while working capital skyrocketed by 91% to €2.05 million. Total assets amounted to €3.80 million, representing a 67% increase from last year. The company’s capital continued to grow strongly by 31%, reaching €642,000. Short-term liabilities saw a substantial rise of 78%, totaling €3.14 million. In 2024, the workforce grew significantly by 21%, amounting to 39 employees.

The company Celebic Petrol Trade reported a 14% revenue growth, reaching €9.93 million. Total expenditures increased by 16% to €9.77 million. The net result for 2024 was €141,000, a decline of 35% compared to the previous year’s profit of €214.8 thousand. EBITDA decreased by 43%, amounting to €159,000. In terms of assets, fixed funds rose significantly by 52% to €1.84 million, although working capital decreased by 19% to €1.53 million. Total assets were recorded at €3.41 million, showing a 10% growth from the previous year. The company’s capital also grew steadily by 9% to €1.70 million. Long-term liabilities increased by 28% to €552,000, while short-term obligations rose slightly by 5% to €1.15 million. The employee count increased slightly by 4% in 2024, totaling 23.

Total revenues for Montenegro Bonus experienced a decline of 7% in 2024, amounting to €8.87 million. The company also reduced expenses by 6% to €8.72 million. The net result for the year stood at €109,000, representing a significant 45% drop compared to the previous year. EBITDA also decreased by 20% to €214,000. Fixed assets saw a remarkable increase from €644 thousand in 2023 to €14.08 million, more than a twenty-fold rise. Turnover drastically fell by 91%, reaching €1.85 million. Total assets were recorded at €16.03 million, down 19% from the previous year. The company’s capital suffered a significant decline of 83%, reaching a negative value of -€490,000. Long-term liabilities saw a minor reduction of 3% to €13.56 million, while short-term liabilities also reduced slightly by 4% to €2.90 million. The workforce size remained stable at 30 employees in 2024.

Total revenues for Airlines Petrol faced a slight decline of 1% in 2024, amounting to €7.21 million. Total expenditures remained almost unchanged at €7 million. The net result for the year stood at €204,000, marking a decline of 23% from the previous year. EBITDA also decreased by 14% to €400,000. Fixed funds rose significantly, increasing by 60% to €5.58 million, while working capital increased by 5% to €2.45 million. The company reported total assets of €8.02 million, a growth of 38% compared to last year. The capital grew significantly by 50%, amounting to €5.60 million. Long-term liabilities rose by 8% to €248,000, while short-term liabilities increased by 17% to €2.17 million. In 2024, the company saw a notable reduction in the workforce by 19%, totaling 35, as reported by Banker.