The performance of the ten leading oil companies in Montenegro during 2024 was marked by a slight revenue decline of 0.37%, reaching €582.2 million compared to €584.3 million in 2023. On the other hand, the total net result of the companies analyzed by the Bankar portal recorded an increase of 10.62%, amounting to €13.3 million in 2024 compared to €12 million in the previous year.
Individually, the highest net profit growth was achieved by Ina Crna Gora (622%), Kalamper Petrol (207%), and HIFA-OIL CG (169%). Conversely, the largest drops in net profit were recorded by Montenegro Bonus (-45%) and Čelebić Petrol Trade (-35%).
Most companies—seven of them—achieved revenue growth in 2024. These are: Jugopetrol, HIFA-OIL CG, LUKOIL Montenegro, Kalamper Petrol, Europetrol, Čelebić Petrol Trade, and Europetrol.
The average net profit margin for all ten companies in 2024 was approximately 2.28%. The best net profit margins were recorded by Kalamper Petrol: 4.11%, LUKOIL Montenegro: 4.06%, and Avio Petrol: 2.83%.
With the highest revenue of €257.1 million, Jugopetrol also recorded the highest profit among the analyzed companies, amounting to €7.14 million.
Jugopetrol Company finished the past year with a net profit of 7.14 million euros, which is an increase of about one percent compared to 2023 when the net result was 7.07 million. EBITDA increased slightly to 12.1 million euros from 11.95 million in 2023. The company’s total revenues increased slightly by 1%, reaching 257.1 million euros, while expenses also grew at the same rate, amounting to 248.7 million euros. Regarding assets, the company recorded a slight decrease in the value of fixed assets (49.2 million euros), while current assets remained high at 77.3 million euros. Total assets amounted to 126.8 million euros, which is a decrease of 4% compared to 2023 when they amounted to 131.6 million. The company’s capital continued its stable growth and amounts to 103.2 million euros, which is an increase of one percent compared to the previous year when it amounted to 102.1 million euros. A significant increase was recorded in long-term liabilities, which rose by as much as 87% to almost three million euros. Short-term liabilities decreased compared to 2023 but are still higher than in 2021 and 2022, amounting to 19.3 million euros. During 2024, the company recorded an increase in the number of employees to 104, representing an increase of 6% compared to the previous year.
After a negative net result in the previous three years, Ina Crna Gora Company achieved significant profit growth of 241 thousand euros in 2024. In 2023, the company was in the red by 33.4 million euros, representing a growth of 622 percent. EBITDA also increased by 10% compared to the previous year, reaching 2.89 million euros. The total revenues of Ina Crna Gora recorded a significant decrease of 17% in 2024, amounting to 96.16 million euros. Total expenses also followed this trend, decreasing by 17% to 95.93 million euros. Regarding assets, fixed assets increased slightly to 20.03 million euros, while current assets significantly increased to 9.65 million euros. The company’s total assets amounted to 29.68 million euros, representing an increase of 9% compared to 2023. The company’s capital recorded exceptional growth, reaching 9.33 million euros, which is a significant increase compared to previous years when it was negative (growth of over nine times). Long-term liabilities significantly decreased by 36% to 10.42 million euros, while short-term liabilities also decreased by 20% to 8.64 million euros. In 2024, the company reduced the number of employees by 2% to 131.”
“Petrol Crna Gora MNE recorded a 7% decrease in revenue in 2024, which amounted to 59.12 million euros. Total expenses decreased by 7% and amounted to 57.61 million euros. The company’s net result in 2024 was 1.31 million euros, representing a 20% decrease compared to the previous year when it amounted to 1.63 million euros. EBITDA also recorded an 18% decrease and amounts to 2.37 million euros. Observing assets, fixed assets increased slightly to 28.18 million euros, while current assets also recorded a slight increase and amounted to 8.16 million euros. The company’s total assets amounted to 36.89 million euros, which is a slight decrease of 2% compared to the previous year. The company’s capital increased by 2% and amounts to 24.56 million euros. Long-term liabilities significantly decreased by 30% to only 134 thousand euros. Short-term liabilities increased slightly by 1% and amount to 11.92 million euros. The number of employees remained unchanged in 2024 and amounts to 148.
HIFA-OIL CG recorded a 22% increase in revenue last year, amounting to 48.79 million euros, while the previous year it was 39.7 million euros. Total expenses also significantly increased by 21% to 47.76 million euros. The company’s net result in 2024 was 917.79 thousand euros, representing a 169% increase compared to the previous year when it was 340 thousand euros. EBITDA also recorded a significant increase of 38% and amounts to 1.97 million euros. Fixed assets increased slightly by 2% to 9.88 million euros, while current assets increased by 15% to 7.7 million euros. The company’s total assets amounted to 17.73 million euros, which is an 8% increase compared to the previous year. The company’s capital continued its strong growth of 35%, reaching 3.53 million euros. Long-term liabilities increased slightly by 3% to 4.15 million euros, while short-term liabilities also slightly increased by 3% to 9.88 million euros. In 2024, the company recorded a slight increase in the number of employees of 1% to 100.”
LUKOIL Montenegro recorded a slight revenue growth of 2% in 2024, amounting to 47.76 million euros. Total expenses also increased by 2% to 45.55 million euros. The company’s net result in 2024 was 1.94 million euros, representing a 5% increase compared to the previous year when it was 1.83 million euros. EBITDA also increased by 5%, reaching 2.36 million euros. Fixed assets slightly decreased by 2% to 3.89 million euros, while current assets increased by 6% to 9.17 million euros. The company’s total assets amounted to 13.09 million euros, which is a 3% increase compared to the previous year. The company’s capital remained at the same level as the previous year, amounting to 11.17 million euros. Long-term liabilities significantly decreased by 88% to only 5 thousand euros. Short-term liabilities increased by 28% to 1.9 million euros. In 2024, the company reduced the number of employees by 6% to 112.
Kalamper Petrol recorded a revenue growth of 19%, amounting to 27.74 million euros. Total expenses also increased by 15% to 26.4 million euros. The company’s net result in 2024 was 1.14 million euros, representing an exceptional growth of 207% compared to the previous year when the profit was 369.3 million euros. EBITDA also recorded a significant growth of 77% and amounted to 2.96 million euros. Observing assets, fixed assets slightly decreased by 2% to 10.07 million euros, while current assets recorded a slight increase of 5% to 10.85 million euros. The company’s total assets amounted to 22.47 million euros, which is a 2% increase compared to the previous year. The company’s capital continued its strong growth of 24%, reaching 5.45 million euros. Long-term liabilities significantly decreased by 30% to 2.42 million euros, while short-term liabilities slightly increased by 3% to 14.53 million euros. The number of employees remained unchanged in 2024 and amounts to 164.
Europetrol finished the past year with a revenue of 19.52 million euros, which is a 16 percent increase compared to the previous year. Total expenses also increased by 16% to 19.35 million euros. The company’s net result in 2024 was 154 thousand euros, representing a 16% increase compared to the previous year. EBITDA recorded a growth of 26%, reaching 274 thousand euros. Fixed assets significantly increased by 41% to 1.69 million euros, while current assets strongly increased by 91% to 2.05 million euros. The company’s total assets amounted to 3.80 million euros, which is a 67% increase compared to the previous year. The company’s capital continued its strong growth of 31%, reaching 642 thousand euros. Short-term liabilities significantly increased by 78% to 3.14 million euros. In 2024, the company recorded a significant increase in the number of employees of 21% to 39.
Čelebić Petrol Trade Company recorded a revenue growth of 14% last year, amounting to 9.93 million euros. Total expenses also increased by 16% to 9.77 million euros. The company’s net result in 2024 was 141 thousand euros, representing a 35% decrease compared to the previous year when the company’s profit was 214.8 thousand euros. EBITDA recorded a 43% decrease, reaching 159 thousand euros. Observing assets, fixed assets significantly increased by 52% to 1.84 million euros, while current assets decreased by 19% to 1.53 million euros. The company’s total assets amounted to 3.41 million euros, which is a 10% increase compared to the previous year. The company’s capital continued its stable growth of 9%, reaching 1.70 million euros. Long-term liabilities increased by 28% to 552 thousand euros, while short-term liabilities slightly increased by 5% to 1.15 million euros. The number of employees slightly increased by 4% in 2024 to 23.
Montenegro Bonus Company recorded a 7% decrease in total revenue in 2024, amounting to 8.87 million euros. The company also reduced expenses by 6% compared to the previous year to 8.72 million euros. The company’s net result in 2024 was 109 thousand euros, representing a significant decrease of 45% compared to the previous year. EBITDA also recorded a 20% decrease and amounted to 214 thousand euros. Fixed assets significantly increased from 644 thousand euros in 2023 to 14.08 million euros, which is a growth of over 20 times. Current assets drastically decreased by 91% to 1.85 million euros. The company’s total assets amounted to 16.03 million euros, which is a 19% decrease compared to the previous year. The company’s capital recorded a significant decrease of 83%, reaching a negative value of -490 thousand euros. Long-term liabilities slightly decreased by 3% to 13.56 million euros, while short-term liabilities also slightly decreased by 4% to 2.90 million euros. The number of employees remained unchanged in 2024 and amounts to 30.
Avio Petrol Company recorded a slight decrease in total revenue of 1% in 2024, amounting to 7.21 million euros. Total expenses remained almost unchanged at seven million euros. The company’s net result in 2024 was 204 thousand euros, representing a 23% decrease compared to the previous year. EBITDA also recorded a 14% decrease, reaching 400 thousand euros. Fixed assets significantly increased by 60% to 5.58 million euros, while current assets slightly increased by 5% to 2.45 million euros. The company’s total assets amounted to 8.02 million euros, which is a 38% increase compared to the previous year. The company’s capital recorded a significant increase of 50%, reaching 5.60 million euros. Long-term liabilities slightly increased by 8% to 248 thousand euros, while short-term liabilities increased by 17% to 2.17 million euros. In 2024, the company recorded a significant decrease in the number of employees of 19% to 35.
