MPP Jedinstvo Sevojno more than doubled its consolidated net profit in the first half of 2026 as a substantial increase in project activity drove revenue higher across its engineering and construction operations. The Serbian group reported RSD 191 million (€1.6 million) in consolidated net profit for the first six months, compared with RSD 84.2 million in the same period a year earlier. Consolidated operating revenue reached RSD 4.9 billion, equivalent to approximately €42 million, compared with RSD 1.9 billion in the first half of 2025.
Operating expenses also increased significantly, reaching approximately RSD 4.7 billion as the group handled a substantially larger volume of projects. The increase in revenue nevertheless enabled Jedinstvo to return to positive operating performance and increase its net earnings.
Construction and engineering operations expand
Jedinstvo’s activities cover several areas of infrastructure and industrial engineering, including construction, mechanical and electrical installations, water infrastructure, heating systems, gas networks and industrial projects. The group’s consolidated financial statements include several Serbian subsidiaries as well as operations in Montenegro, giving the company exposure to infrastructure projects in both markets.
The regional component of its business includes major water and wastewater contracts in Montenegro. Jedinstvo has secured projects valued at approximately €9.4 million in Tivat and €17.1 million in Kotor. The projects add to the group’s workload in areas including municipal utilities, water infrastructure, wastewater systems and urban development.
Revenue rises faster than earnings
Jedinstvo’s first-half financial results show a substantial increase in business volume. Revenue increased by approximately 2.6 times year on year, while consolidated net profit rose by about 127%. The smaller increase in earnings relative to turnover reflects the cost pressures associated with executing a larger project portfolio. Operating expenses increased to approximately RSD 4.7 billion, alongside the sharp rise in revenue.
Engineering and construction companies remain exposed to labour expenses, material costs, subcontractor availability and the timing of project certification and payments. Higher project volumes can also increase working-capital requirements because expenditure on project execution can precede the receipt of corresponding payments.
Regional infrastructure provides additional project activity
Jedinstvo’s operations in Montenegro give the group an additional market beyond Serbia’s domestic infrastructure programmes. The €9.4 million Tivat and €17.1 million Kotor water and wastewater contracts form part of the company’s regional workload and broaden its exposure to infrastructure investment. For the group, activity across Serbia and neighbouring markets combines construction and engineering work in water supply, wastewater, utilities, energy-related systems and industrial infrastructure.
Larger project volumes reshape financial performance
The first-half figures mark a significant change from the previous year’s performance, when lower activity and the fixed-cost structure associated with engineering operations constrained profitability. The increase to RSD 4.9 billion in operating revenue has allowed the group to absorb substantially higher operating expenses while still generating RSD 191 million in consolidated net profit. The financial performance also reflects the relationship between project execution and revenue recognition. The ability to convert a larger workload into completed and recognised projects is reflected in the substantial increase in turnover. Jedinstvo’s results therefore combine higher project volumes with an improvement in operating performance, while the group continues to manage the costs associated with its expanded workload.
