The consolidated net
profit of Serbian oil and gas company NIS
[BEL:NIIS] rose 2.5% to 48.4 billion dinars
($572.8 million/417 million euro) in 2013, the
company said on Tuesday.
Financial results last year were negatively
impacted by the fall in oil and gas prices and a
rising tax burden as well as by a contraction of
the domestic fuel market, NIS said in a statement.
This is why the company continued to work on
boosting the efficiency of business processes and
increasing the volume of oil refining and sales of
petroleum products in order to maintain its
profitability levels, the statement added.
NIS invested 57 billion dinars in 2013, which is
an increase of 6.0% compared to the capital
expenditures in the previous year.
Hydrocarbon production amounted to 1,697 tonnes of
oil equivalent in 2013, up 2.0% on the year, while
oil refining was up 36% to 3.07 million tonnes.
Sales on the retail and wholesale segments rose by
13% and 19%, respectively, in 2013. The company
sold 3.08 million tonnes of oil derivatives in
2013, up 29% from the previous year.
NIS (www.nis.rs) 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.
Source: SeeNews
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