Montenegro, Jugopetrol recorded a net profit in the amount of 406,000 euros in Q1 2022

, SEE Energy News

Montenegrin fuel retailer Jugopetrol recorded a net profit in the amount of 406,000 euros in the first quarter of 2022, compared to a loss of 219,000 euros recorded in the same period last year .

The company’s operating revenues increased by 115 % in the first three months of 2022 and amounted to 41.3 million euros, while its operating expenditures also rose by 111 % and amounted to 40.5 million euros. Purchase cost of goods sold amounted to 36.5 million euros, salaries, benefits and other personnel expenses amounted to 606,000 euros, depreciation and provisions to 858,000 euros, while other operational expenses amounted to 2.35 million euros.

Total assets of Jugopetrol at the end of March 2022 amounted to 118.67 million euros, which is 6.2 % more than in the same period in 2020. Retained earnings of the company amounted to 18.1 million euros. Long-term liabilities amounted to 1.83 million euros, while short-term liabilities amounted to 22.2 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 %.