NIS profit in nine months of 2017 increases 2.6 times – Earnings reach RSD 20.1 billion

In the nine months of the current year, Naftna Industrija Srbije (NIS) realized a net profit 2.6 times higher than in the corresponding period of 2016, amounting to RSD 20.1 billion, NIS announced yesterday.

As specified, EBITDA amounts to RSD 34.3 billion, which is 53% more than in the first nine months of 2016.

The trend of the growth of NIS Group's liabilities based on taxes and other public revenues, which amounted to RSD 126 billion in the first nine months of 2017, 7% more than in 2016, also continued.

The effect of the measures for enhancing operating efficiency on EBITDA amounted to RSD 5.1 billion. The production of oil and gas in the nine months of 2017 amounted to 1.04 million conditional tons, whereas the processing grew by 10% compared to last year's corresponding period, amounting to 2.6 million tons.

In the same period, NIS Group realized total sales of oil products of 2.5 million tons, 4% more than in 2016.

The press release says that, in the said period, 117,967 MWh of electricity was produced, which is 13% higher than in the first nine months of 2016.

– The positive results of NIS' operations prove that the company has chosen the best operating model under the current market conditions. In the reported period, we invested RSD 16.6 billion in the development of NIS and continued working on increasing the efficiency of the company's operations – said CEO of NIS, Kirill Tyurdenev, the press release says.

He pointed out that, in 2017, NIS concentrated on realizing the biggest project in the energy sector of Serbia – the construction of the deep processing complex at the Pancevo oil refinery.

– We are also continuing to modernize and develop our retail network, investing in geological explorations and production of oil and gas, as well as in projects in the field of energy – Tyurdenev said.

NIS a.d. Novi Sad

NIS

Naftna Industrija Srbije profit

EBITDA of Naftna Industrija Srbije

profit of Naftna Industrija Srbije

production of oil and gas

sales of oil products

production of electricity

Kirill Tyurdenev

Pancevo oil refinery