In 2024, Serbia’s oil company NIS achieved an EBITDA of RSD 44.4 billion and a net profit of RSD 10.1 billion, according to its official annual report published on the Belgrade Stock Exchange. Over the course of the year, NIS sold a total of 3,750 tons of oil and oil derivatives.
However, the company’s net profit was significantly lower than in 2023, dropping four times from RSD 41.9 billion, marking the weakest result since 2020. This figure was revised down from the preliminary results announced a month earlier.
In terms of dividends, NIS paid out 10.5 billion dinars to shareholders, offering an annual yield of 7.9 percent. The report also highlighted that NIS invested over one billion dinars (RSD 1.065 billion) in environmental projects, including an investment of RSD 144.5 million towards building solar power plants at public institutions across 13 Serbian cities.
The company allocated a substantial amount of EUR 95 million for what it called “the largest overhaul in the history of the Pancevo Refinery.”
Kiril Tjurdenjev, General Director of NIS, commented on the company’s future goals and challenges: “Our ultimate objective is for renewable energy production to cover half of our energy consumption by 2030. Despite weaker financial results in 2024 compared to the previous year, this was anticipated, particularly due to the extensive overhaul we undertook.”
Tjurdenjev also addressed the complex business environment caused by political factors and US sanctions on NIS: “In light of the US sanctions, we expect to operate under very challenging conditions in the coming period. We are adjusting our plans and budgets for 2025, prepared for various potential scenarios.”
On the balance sheet, NIS saw an increase in fixed assets, rising from RSD 329 billion to RSD 355 billion in 2024. Meanwhile, the company’s investments in development decreased slightly, from RSD 11.7 billion in 2023 to RSD 10.8 billion in 2024. Long-term financial placements and receivables saw a decline, totaling RSD 4.18 billion.
As of December 31, 2024, NIS reported current assets of RSD 147.58 billion, with long-term liabilities standing at RSD 60.6 billion.
