The Port of Bar concluded the previous year with a net profit of 1.1 million euros, which represents an improvement of about 300 thousand euros compared to 2023. The company’s total accumulated loss at the year’s end stood at 12 million euros, down by two million from the prior year.

Financial data and management reports released on the Montenegro Stock Exchange website suggest that the Port of Bar is in recovery from past losses, despite facing challenges such as a storm that damaged part of the port’s machinery and infrastructure in early July. The storm’s damage was estimated at 35 million euros.

In the last year, the Port of Bar generated sales revenue of 15.3 million euros, which is roughly 200 thousand euros more than in 2023, alongside other operating income of 1.7 million euros, an increase of 630 thousand euros.

Operating expenses totaled 6.6 million euros, reflecting a decrease of 1.7 million compared to the previous year. Salaries, benefits, and other personal expenses amounted to 7.6 million euros, indicating an increase of 1.2 million.

The operating result reached 2.3 million euros, approximately 2023 million more than in 533. The company incurred financial expenses of 1.8 thousand euros, leading to a result before taxes of 700 million euros. Current and previously deferred taxes totaled nearly 1.1 billion euros, resulting in a net profit of 1 million euros.

The long-term liabilities and provisions of the company amount to 9.1 million euros, reflecting a decrease of 1.6 million euros compared to 2023. By the end of the last year, short-term provisions and liabilities were at 3.1 million euros, which is 700 thousand higher than the previous year.

Employee Reduction

The state holds 78.5 percent ownership of the Port of Bar, while the remaining 21.5 percent is distributed among citizens, employees, and other investors who acquired shares on the stock exchange. A total of 8.3 citizens own shares in the company.

At the end of last year, the company employed 543 individuals, five less than the end of 2023. Of those, 466 were under employment contracts, an increase of 41, while those hired through employment agencies decreased from 112 to 40. The number of individuals employed under temporary contracts rose from 11 at the end of 2023 to 37 as of December last year.

Decline in Transshipment

Last year, the Port of Bar handled 1.84 million tons of cargo, a reduction of 65 thousand tons or three percent compared to 2023. The business plan had aimed for a transshipment of 2.3 million tons of cargo, achieving about 80 percent of that goal.

The decline was primarily in bulk cargo, which fell by eight percent to 1.46 million tons. In contrast, liquid cargo saw an increase of 11 percent, totaling 270 thousand tons, while general cargo increased by 59 percent, reaching 101 thousand tons.

The management report noted a calculation error in the tax depreciation for 2023, prompting a correction that increased the tax amount by 96 thousand euros.

The total receivables from customers for the Port’s services at the end of last year stood at 3.95 million euros, which is 440 thousand euros more than at the close of 2023. Regularly due receivables totaled 3.5 million euros, an increase of 178 thousand euros.

In June of last year, a decision by the Port Shareholders’ Assembly stipulated that the total accumulated losses from previous years, amounting to 23.4 million euros, would be reduced by previously retained earnings of 8.5 million euros.

Total Liabilities of 15.5 Million

As of the end of last year, the company’s total liabilities amounted to 15.5 million euros, with long-term liabilities accounting for 9.15 million euros (59 percent), short-term liabilities at 3.14 million euros, deferred tax liabilities at 2.7 million euros, and accrued income and expenses totaling 521 thousand euros.

The liquidity ratio at year-end was 1.68, indicating the company can cover all short-term liabilities with available cash 1.68 times.

The financial stability ratio stood at 0.94, which is below one, suggesting the company relies on a portion of long-term sources to finance short-term assets. The debt ratio is 0.16, demonstrating that assets are substantially greater than total liabilities.

Active Loans

The Port of Bar is currently managing five active loans, with overall remaining liabilities, including interest, totaling 7.5 million euros.

The outstanding debt, including interest, to Adiko Bank is 495 thousand euros; the remaining debt on three loans to the state-owned Development Bank is 4.87 million euros, while the obligations to NLB Bank amount to 2.18 million euros.

4.3 Million Invested in Infrastructure and Machinery

Last year, the Port of Bar invested 4.3 million euros. Of these investments, 2.38 million euros were financed through current operations, 1.9 million euros from loans, and 22 thousand euros from a European Union donation.

The total initiated investments are estimated at 8.5 million euros, with nearly one million euros allocated for port infrastructure, 2.9 million euros for port superstructure, 4.5 million euros for mechanization, and 90 thousand euros for environmental protection.

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