The past years have been marked by steady profits for many of Serbia’s largest retail chains. However, 2024 was not equally successful for some of them. Out of the eight largest retail chains, three ended the year with a net loss.
The financial reports for Lidl and Aman have not yet been published, so they are not included in the list of the top eight retail chains.
In addition to the three chains slipping into negative results, four others made a profit, but it was smaller than the previous year. Only one retail chain saw an increase in net profit compared to 2023.
Interestingly, none of the chains changed their market position. The ranking, which we compiled based on total revenues, remains identical to the previous year.
The largest profit
Delhaize maintained its dominant position in the market, securing the top spot with a significant lead. In 2024, Delhaize reached total revenue of 172.3 billion dinars, an increase of nearly 14 billion dinars, or around eight percent, compared to the previous year. Costs grew at a similar pace, leading to a slight decrease in profit from 7.7 billion dinars to 7.4 billion dinars.
Delhaize also maintained a nearly identical difference between procurement and retail prices. According to the financial report, the revenue from the sale of goods was 44.8% higher than the cost of procurement.
Throughout 2024, the average number of employees increased by 13, bringing the total to 12,412. The report also reveals the amount of checks still in circulation, totaling 216.4 million dinars, representing 43,280 checks.
The company paid, or has the obligation to pay, short-term compensation to key management, including directors and other executives, totaling 377.2 million dinars. In 2023, this amount was 308.4 million dinars.
Slipping into loss
Gomex, the second largest retail chain on the list, ended the year with expenses exceeding revenue, resulting in a loss of 693 million dinars. In the previous year, this chain reported a profit of 518 million dinars.
While total revenue grew by about four billion dinars, the ratio between procurement costs and revenue remained unchanged, with revenue 40% higher than the procurement price. Gomex employs 2,635 workers, an increase of around 163 compared to the previous year.
The company relies on the ability of suppliers to deliver goods with deferred payment terms, and the average payment period to suppliers ranged between 30 and 90 days. Liabilities to suppliers reached 4.8 billion dinars.
With a profit, but smaller
Univerexport increased its total revenue from 38.2 billion to 41.9 billion dinars in 2024. The company ended the year with a profit, but it was smaller than the previous year, with a net profit of 684 million dinars compared to 836 million dinars in 2023. The difference between procurement costs and retail revenue increased slightly, with the revenue from the sale of goods 37.4% higher than procurement costs, compared to 36% the previous year.
The company expects its profitability in 2025 to be the same or higher than in 2024. Investment financing is provided through long-term financial loans secured by a credit line from NLB-Komercijalna banka up to 32 million euros.
In 2024, the company paid a total of 84 million dinars in compensation to key management, including members of the Board of Directors.
Another with a loss
Metro Cash & Carry also recorded a small loss of 2.7 million dinars in 2024, after making a profit of 21.4 million dinars the previous year. This chain increased its total revenue from nearly 36 billion to 39.4 billion dinars. However, their margins were smaller compared to competitors, with the difference between procurement costs and revenue from the sale of goods standing at 16%, the same as the previous year.
Metro is developing its franchise model, with 52 “Jutro” stores opened in 2024. The company has liabilities to suppliers amounting to 5.1 billion dinars, which they pay off within 90 days.
Smaller profit for DIS
DIS ended the year with a profit, but it was half the size of the previous year’s profit. In 2024, the company recorded a profit of 215.8 million dinars, while its total revenue increased by one billion dinars to nearly 29 billion dinars. The difference between procurement costs and retail revenue remained at almost the same level as Metro’s—16.8%.
DIS employs 1,480 workers, about 80 fewer than in 2023. The company’s liabilities to suppliers amounted to 5.4 billion dinars.
The only one with increased profit
Veropulos was the only retail chain on the list that increased its profit in 2024. The company ended the year with a profit of 642 million dinars, which was nearly 60 million higher than in 2023. The difference between the sales revenue and procurement costs was 31%, and liabilities to domestic suppliers amounted to 1.6 billion dinars. The average payment period to suppliers was 73 days.
In 2024, Veropulos recorded total revenues of 9.4 billion dinars. The company achieved a profit of 100.5 million dinars, which was 73 million less than in 2023. According to the financial report, this retail chain had the largest difference between procurement costs and sales revenue, at 47%. The company employed 900 workers, 56 more than in 2023.
