Montenegro: Decrease of Jugopetrol’s profit

, SEE Energy News

In 2020 Montenegrin oil company Jugopetrol recorded a net profit in the amount of 2.62 million euros, which is a decrease of some 39.5 % compared to the previous year. The company’s operating revenues in the past year amounted to 82.5 million euros, which is 48 % lower compared to 2019, while its operating expenditures amounted to 80.9 million euros (- 47.2 %). Purchase cost of goods sold amounted to 65.9 million euros, salaries, benefits and other personnel expenses amounted to 2.76 million euros, depreciation and provisions to 3.12 million euros, while other operational expenses amounted to 8.4 million euros in 2020. Total assets of Jugopetrol at the end of December 2020 amounted to 106 million euros compared to 109.8 million euros at the end of 2019. Retained earnings of the company amounted to 15.45 million euros. Long-term liabilities at the end of 2020 amounted to 0.92 million euros, while short-term liabilities amounted to 13.2 million euros. The largest shareholder in Jugopetrol is Greek Hellenic Petroleum International, which owns 54.35 % of the shares since 2002. Other shareholders with significant number of shares are: collective custody account 5 with 9.25 %, collective custody account 1 with 8.64 %, and collective custody account 8 with 3.29 %.