The Petroleum Industry of Serbia (NIIS) posted record financial results in the first six months of the current year due to the favorable market conditions, the company announced through the BSE.

The company’s revenue in the January-June period more than doubled to RSD 240.3bn, primarily due to a jump in the average price of Brent crude oil by 66%. The key indicator of profitability, EBITDA, jumped almost 3x to RSD 66.2bn, while net income reached RSD 43.7bn compared to RSD 6.1bn reported in 2021. In Q2 alone, NIS achieved net income of RSD 28.1bn compared to RSD 4.6bn in the previous year.

When it comes to operational indicators, domestic oil and gas production was 1% lower compared to the previous year, refining jumped by 23%, while sales volume was higher by 18%.

CAPEX remained at a relatively modest level of RSD 7.6bn compared to RSD 8.6bn last year, while total debt to banks at the end of June was EUR 590m, down 2%.

Source: Belex, Momentum