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Serbia's NIS 9-mo Net Profit Nearly Triples

Serbian oil and gas company NIS [BSE:NIIS], a subsidiary of Russia's Gazprom, said on Monday its net profit rose 2.6 times to 20.1 billion dinars ($196.8 million/169.5 million euro) in the first nine months of 2017.

EBITDA expanded by 53% year-on-year to 34.3 billion dinars in the January-September period, the company said in a statement.

The total sales revenue rose by 23.7% on the year to 153.4 billion dinars, with sales of petroleum products, oil and gas increased 24.3% to140.3 billion dinars, NIS said in a separate financial report filed with the Belgrade Stock Exchange on Monday.

Total operating expenses grew to131.7 billion dinars from113.4 billion dinars and operating profit doubled to 20.1 billion dinars from10.6 billion dinars. The market share of NIS on the Serbian petroleum market stood at73% at the end of September, the company said in the financial statement.

NIS produced 1.04 million conditional tonnes of oil and gas in the nine months through September, while the volume processed at its refining facilities rose by 10% to 2.6 million tonnes.

The company invested 16.6 billion dinars in the first nine months of 2017, the CEO of NIS, Kyrill Tyurdenev, said.

Sales of petroleum products totalled 2.5 million tonnes in the first nine months, up 4% on the year.

The total amount of electricity produced by NIS went up by 13% to 117,967 MWh in the first nine months of 2017.

NIS, 56.15%-owned by Gazprom, is one of the largest vertically integrated oil and gas companies in Southeast Europe. Its main activities include the exploration, production and processing of oil and gas, as well as the production and retail trade with a wide range of petroleum products. Serbia's government owns a 29.87% stake in NIS.

(SeeNews)

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