The company Belgrade Waterfront generated a profit of 163.5 million euros last year, increasing its business success by as much as 155 percent in just one year. This was primarily driven by apartment buyers, given that interest in real estate in this part of the city increased significantly over the past year.
Belgrade Waterfront, a company practically creating a “city within a city,” is minority-owned by the Republic of Serbia. The state holds a 33 percent stake in the company.
The remaining 67 percent ownership stake is held by the company from the United Arab Emirates, Eagle Hills Waterfront Investment.
So, how did Belgrade Waterfront perform last year?
The company’s operating revenues amounted to almost 54 billion dinars, or approximately 460 million euros, according to the financial report. In one year, Belgrade Waterfront managed to increase its revenues, as only a year earlier the company recorded revenues of 43.5 billion dinars.
Greater Demand for Apartments
Revenue from the sale of products in the domestic market amounted to 56.5 billion dinars last year. According to the notes to the financial statements, the largest share of these revenues relates to the sale of real estate completed and delivered in 2025.
In fact, it is clear that demand for apartments in Belgrade Waterfront increased within a year. Namely, one year earlier, in 2024, revenue from the sale of real estate amounted to 33.7 billion dinars.
But that is not the only thing Belgrade Waterfront sold. Specifically, the published documentation shows that advances received by the company in 2025 amounted to 59.6 billion dinars, or around 507.8 million euros. As explained, these are actually funds received for apartments that have not yet been completed.
Not only did Belgrade Waterfront continue to successfully sell real estate, but the company also continued to build. The notes state that the increase in the value of work in progress and finished products last year amounted to 27.3 billion dinars. In other words, the company invested this amount in the construction of new buildings.
As for operating expenses, they amounted to nearly 32.5 billion dinars and decreased over the year from 35.7 billion dinars, which was the amount recorded in 2024.
Belgrade Waterfront paid profit tax in the amount of 1.7 billion dinars.
In addition, Belgrade Waterfront paid a total dividend of 11.7 billion dinars in 2025. Only a year earlier, in 2024, this cost was significantly lower, amounting to 4.7 billion dinars.
From the dividend amount, Serbia should have received 3.8 billion dinars, in line with its ownership stake.
It is also interesting that Belgrade Waterfront has a debt to the City of Belgrade in the amount of 19.4 billion dinars, or around 165 million euros. This is a debt related to the calculated fee for the development of construction land.
Profit Rose Dramatically
When all revenues are added up and all costs deducted, the result is almost 19.2 billion dinars, or 163.5 million euros. That was the net profit of Belgrade Waterfront in 2025.
Only a year earlier, Belgrade Waterfront recorded a profit of 7.5 billion dinars. In other words, over the course of one year, this company increased its profit by as much as 155 percent.
Last year, Belgrade Waterfront employed 101 people, while 212 people were engaged through various agencies, such as youth cooperatives. Therefore, the company paid 993.5 million dinars for salaries and wage compensation last year, while it allocated another 522.6 million dinars for the costs of hiring workers through agencies and cooperatives.
How Related Companies Performed
Belgrade Waterfront also has related companies, raising the question of how they performed.
Hotel Bristol, owned by Belgrade Waterfront, recorded a loss of 480.8 million dinars last year, significantly increasing its loss from 2024, when it amounted to 90.6 million dinars.
Next is the Galerija shopping center, which has the same owners as Belgrade Waterfront — the Government of Serbia and the Emirati company Eagle Hills. Last year, Galerija made a profit of one billion dinars, or around 8.7 million euros. A year earlier, Galerija’s profit amounted to 8.2 million euros.
Finally, there is BW Kula, with the same owners, which recorded a large loss last year — slightly more than two billion dinars, or around 18 million euros. A year earlier, in 2024, Kula’s loss amounted to around 8.2 million euros.
(Nova ekonomija)
