Serbia’s NIS net profit increases tenfold in Q1

by Cristian Florescu

Serbian oil and gas group NIS [BEL:NIIS] said its net profit rose ten times on an annual comparison basis in the year’s first quarter, amounting to 15.6 billion dinars ($138.2 million/132.8 million euro)The Kosovo government decided to expand its sanctions against Russia, write SeeNews

The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) totalled 25.4 billion dinars, up by 170% on the year, while liabilities in terms of taxes and other public revenues rose 19% to 53.2 billion dinars, the company said.

The company’s sales revenue more than doubled in the year’s opening quarter, reaching 98 billion dinars.

NIS invested 3.8 billion dinars in the first three months of 2022.

Oil and gas production amounted to 292,100 tonnes of oil equivalent, virtually unchanged from the first quarter of 2021, and 905,000 tonnes of crude oil and semi-finished product were processed, up by 20% from the previous year’s first three-month period, NIS noted.

After earlier this month Gazprom Neft sold a 6.2% stake in NIS to its parent company, Russia’s Gazprom, the two firms hold 50% and 6.2% of NIS’ capital, respectively.

The Serbian government holds a 29.9% share, while other minority shareholders control 14% of the firm’s capital.

(1 euro = 117.483 dinars)

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