The Petroleum Industry of Serbia (NIIS) will announce its FY22 results on February 21 at 1:00 p.m., the company reported.

As is already known, in the first nine months, NIS posted a net income of RSD 69.4bn compared to last year’s profit of RSD 13.3bn.

In Q3 alone, NIS reached a net income of RSD 25.7bn, which is a significantly better result compared to last year, but weaker in comparison to the record Q2 which brought a profit of RSD 28.1bn.

Quarterly results of the Petroleum Industry of Serbia (in bn RSD)

*estimate for Q4 2022

An increase in the company’s profitability came from high oil prices, growth in market demand, and increased market share, especially in retail.

Although the Brent price recorded a minor drop in Q4, it is expected NIS to surpass last year’s business results. Overall, it is expected NIS to announce an FY22 net income of at least EUR 700m last year.

Since the beginning of November, when the company delivered Q3 results, shares in NIS have increased by about 15%. The market cap of the company at the current stock price of RSD 707 stands at RSD 115.3bn (about EUR 983m).

Source: NIS, Momentum