Serbia, NIS recorded five times higher profit in the first nine months of 2022, News Serbia Energy
In a challenging macroeconomic environment in the period from January to September 2022, Serbian NIS Group achieved its priorities – the regular supply of petroleum products to the market was preserved and investment in further modernization continued.
The first nine months of 2022 were also marked by the rise in the prices of crude oil and petroleum products. The average price of Brent oil was 105.3 dollars/barrel, which is 56 % higher than in the same period last year. In addition, improved operational indicators, primarily in the field of refining and transport, contributed to the good financial results of the NIS Group.
Thus, the net profit of NIS in the reporting period amounted to 596 million euros, compared to 114 million euros in the same period last year,, while EBITDA amounted to 900 million euros. The calculated liabilities of the NIS Group on the basis of public revenues amounted to 1.58 billion euros, which is 19 % higher than for the first nine months of last year. At the same time, the indebtedness towards banks was reduced by three %, which at the end of the third quarter of 2022 amounts to 570.6 million euros. NIS paid almost 50 million euros to the shareholders for the dividend for 2021, which is 25 % of last year’s net profit.
In the first nine months of 2022, the total production of oil and gas was 879.3 thousand tons, which is at almost the same level as in the same period last year when 889.9 thousand tons were produced. In the Pancevo oil refinery, 3.265 million tons of oil and semi-finished products were processed, which is 14 % more than in the same period in 2021. The sales volume of petroleum products also increased and amounted to 3.222 million tons, which is 11 % more than in the comparative period in 2021.
CEO of NIS Kirill Tyurdenev said that, in the course of the year so far, the Group has successfully responded to all challenges and contributed to the energy stability of Serbia. In addition, it invested more than 100 million euros in the further development of NIS. The company remained a secure source of income for the shareholders, as well as a reliable partner to the community in which it operates. By the end of the year, NIS will remain committed to further improving its results and creating a good basis for doing business in the upcoming year.