In 2023, Serbia’s economy continued its upward trajectory, with economic entities experiencing successful operations despite a challenging macroeconomic backdrop. The overall stability of the economy was reflected in the profitability growth of these entities, whose total revenues rose by 5.1%, reaching 5,820,070 million dinars. Total expenses grew at a slower rate of 1.8%, amounting to 5,293,070 million dinars.
Of the total number of economic units, 579 reported positive results, while 104 showed a negative financial performance. The net result for the entire economy was a profit of 452,640 million dinars, a 65.6% increase compared to the previous year. Positive results came from 579 economic entities, including 1,889 dependent and associated legal entities. In contrast, 104 units, comprising 369 dependent and associated entities, reported losses.
Financial capacity improved for many of the economic units, with business assets totaling 7,259,387 million dinars, an increase of 8.3% from the previous year. Capital rose by 11.6% to 3,434,454 million dinars, while total liabilities grew at a slower pace of 6.3%, reaching 3,933,249 million dinars. The ratio of own capital also increased from 44.2% to 45.8%, reflecting a decrease in the total degree of indebtedness from 1.26 to 1.18.
The accumulated loss of economic units remained nearly the same as last year, standing at 803,183 million dinars. However, the loss exceeding the capital amount decreased by 2.3%, reducing the rate of lost capital from 21.3% to 19.5%.
Economic entities play a significant role in Serbia’s economy, contributing 31.2% to total revenues, 30.3% to total expenses, 37.4% to net profit, and 9.9% to net loss. They control nearly a third of the business assets and capital in the domestic economy, and account for 25% of the total workforce.
The most successful economic entity in 2023 was EPS AD Belgrade, with the highest profitability and business income, though it also recorded the highest accumulated loss. TELEKOM SRBIJA AD Belgrade and NIS AD Novi Sad ranked second and third in terms of profitability and were also among the top entities by business assets and capital. INVIGO CAPITAL DOO Belgrade and JP SRBIJAGAS Novi Sad rounded out the top five in terms of net profit and business asset value.
The Annual Report examined 683 economic units, with 2,258 dependent and associated entities under their control. The number of economic units increased by ten, and the number of dependent entities grew by 64 compared to the previous year. Additionally, employment across these units increased by 5,418, totaling 331,551 workers.
Delta Holding DOO Belgrade controlled the largest number of legal entities, overseeing 67 entities, three more than the previous year, with 21 of them operating abroad. KOEFIK DOO Belgrade, with 44 dependent entities, and MPZ-AGRAR DOO Novi Sad, with 42 entities, also stood out in terms of consolidation scope. MK Group Beograd had control over 22 dependent legal entities, three fewer than the previous year, with two operating abroad.
