NIS's net income increased 2,5 times in 2011

17. February 2012. / Uncategorized

 

NIS has published unaudited financial results for 2011 prepared in accordance with international financial reporting Standards (IFRS) and confirmed by independent auditor PricewaterhouseCoopers .

In 2011, the net income of the company is 40.6 billion dinars ($507 mln), which is nearly 2,5 times more than in 2010. The growth in business profitability is primarily related to an increase in efficiency of core business, reduction of production costs and expenses, as well as an increase in hydrocarbon price in the global market.

The total volume of capital investments in 2011 was 34.4 billion dinars ($441 mln), 75 % more the 2010 investment program volume.

Company’s total bank debt at the end of 2011 was $458 million, which is almost $186 million decrease.

In 2011, NIS managed to increase oil and gas production volume for 24 per cent, i.e. to 1.52 million tons.

REFERENCE

NIS is one of the largest, vertically integrated oil and gas companies in Southeast Europe, dealing with exploration, production and refining of crude oil and natural gas, as well as with the sales of a broad range of petroleum products. The main shareholders of the Company are Gazprom neft (56,5%) and the Government of the Republic of Serbia. The Company owns two oil refineries in Pancevo and Novi Sad with joint capacity of 7,3 mln tons of oil a year, as well as 480 filling stations and storage depots. NIS operates exploration and production projects in Serbia, Hungary, Romania, Bosnia and Herzegovina and Angola.

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