The Oil Industry of Serbia continues to invest in development

NIS has significantly improved its financial results in 2021, and this is a period of stabilization for the company after the crisis last year, said Vadim Smirnov, NIS Deputy General Director for Relations with State Bodies and Corporate Communications.
– After the turbulent 2020, which brought us many unexpected challenges in both business and private life, for us this is a period of stabilization. First of all, macroeconomic parameters have significantly improved and we are witnessing rising oil prices and a recovery in demand for petroleum products worldwide. Also, in NIS, we continued to implement measures to increase operational efficiency and they give significant results. In the period January-September, their effect on the EBITDA indicator is 15.2 million euros, which means that our business model and financial discipline give results – said Smirnov in an interview for the magazine “Nedeljnik”.
He added that NIS recorded a financial loss in nine months last year, and that now the net profit is 112 million euros.
– EBITDA indicator, as an important indicator of profitability, amounts to 323 million euros, which is 3.7 times better than last year’s result, but also more than achieved in the same period in 2019. In addition, we continued with significant investment in capital projects and invested more than 110 million euros in the development of NIS – said Smirnov and added that due to market instability and the corona virus pandemic, which is still going on, it is too early to say that the crisis is over.
He added that last year, despite the crisis, the company did not give up investing in community development, and that since 2009 it has invested more than 34.7 million euros in socially responsible projects.
– The secret of our successful cooperation with the community is in our readiness to listen to the needs of friends at the local. Since 2009, we have been implementing the “Communities Together” program in 12 local communities throughout Serbia, and so far we have jointly implemented more than a thousand projects worth more than 11.8 million euros. In that, we have significant support from the Government of Serbia and line ministries. Although 2020 was extremely difficult for us, we did not give up on the projects we have been implementing for years. The needs of the community are significant and diverse and we strive to meet them from year to year. After all, you do not leave your friends when they need support, but you are with them the most – said Smirnov.
According to him, NIS cooperates with scientific and educational institutions within the “Energy of Knowledge” program.
– We are extremely proud of this program, and student scholarships are an important part of it. Student support is, in fact, our investment in the development of highly educated staff for the needs of the company, and on the other hand, we enable young professionals to stay in the country. NIS provides scholarships to Serbian students in Serbia and the Russian Federation, and about 130 students have been supported so far, of which more than 50 are already employed by the company – said Smirnov and added that these investments will be continued in the future, Novosti reports.