Serbian oil company NIS, majority owned by Russian GazpromNeft, announced that it has recorded a net profit in the amount of 121,2 million euros in 2016, which is a 3 % increase compared to 2015 and marked a discontinued downward trend that was brought by the oil industry crisis back in 2014.
The company’s earnings before interest, taxes, depreciation and amortization (EBITDA) amounted to 321.7 million euros. Such performance has been accomplished as a result of the implemented operative efficiency boost measures, the effect of which is estimated to almost 70 million euros in 2016. NIS has continued to invest in development projects and with total investments of 174.6 is among the top investors in Serbia. The company’s liabilities related to taxes and other public revenues amounted to 1.32 billion euros in 2016, or 7 % more than in the previous year.
Full article available for subscribers of Energy NEWS service (PDF publications, energy news, analyses, power and trading data, tenders)
Subscription fee: 800 EUR annually – company licensed
Tags: electricity, electricity production, financial, NIS, oil, refining, Serbia