Naftna Industrija Srbije: business operations of NIS in the first 9 months of 2022


In a difficult macroeconomic environment from January to September 2022, the NIS Group achieved its priorities – the regular supply of the market with petroleum products was preserved and investments in further modernization continued. The first nine months of the current year were also marked by the rise in the prices of crude oil and petroleum products. The average Brent oil price was $105.3 a barrel, 56% higher than the same time last year. Furthermore, the improvement in operational indicators, mainly in the areas of refining and transport, contributed to the good financial results of the NIS Group. Thus, the net profit of NIS during the reporting period was RSD 69.4 billion, while the EBITDA indicator (earnings before interest, taxes, depreciation and amortization) amounted to RSD 104.8 billion. The NIS Group’s calculated liabilities based on government revenue amounted to RSD 184.6 billion, up 19% from the first nine months of last year. At the same time, debt to banks was reduced by 3%, which at the end of the third quarter of 2022 amounted to 570.6 million euros. NIS paid over RSD5.78 billion to shareholders for the 2021 dividend, or 25% of the company’s net profit last year.

During the reporting period, the total oil and gas production was 879.3 thousand conditional tons, which is almost at the same level as in the same period last year, when 889.9 thousand tons conditions had been produced. In the Pančevo Oil Refinery, 3.265 million tons of oil and semi-finished products were refined, which is 14% more than in the same period of 2021. The volume of sales of oil products also increased and s amounted to 3.222 million tonnes, 11% higher than during the comparative reporting period. In addition, the Energy Block has been formed, the task of which will be, among other things, to accelerate the energy transition of the NIS and to expand the scope of work in the field of electricity generation and trade, solar energy, as well as managing energy resources in the NIS.

In 2022, NIS continued to make a strong contribution to community development. In the competition of the “Common Cause Community” program, projects were selected in 13 local communities, which the company will support with RSD 118.5 million in order to contribute to the common goal – to improve the equipment of the establishments of health, supporting couples in the process of in vitro fertilization and increasing the birth rate in our country.

Kirill Tyurdenev, CEO of NIS, said:

“During the year so far, we have successfully overcome all challenges and contributed to the energy stability of the Republic of Serbia. In addition, we have invested more than RSD 12 billion in the further development of the NIS We have remained a secure source of revenue for our shareholders, as well as a reliable partner for the community in which we operate By the end of the year, we will remain committed to further improving our results and creating a good basis for doing business in the coming year, in which we will also face a number of challenges.”


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