The Oil Industry of Serbia (NIS) announced that it invested 37.3 billion dinars in capital projects from January to September this year, representing a 70% increase compared to the same period in 2023.
These investments are part of NIS’s ongoing modernization efforts across all business segments, aiming to establish a strong foundation for long-term success.
During the first nine months of the year, a key focus for NIS was the capital overhaul of the Pancevo Oil Refinery, ensuring the supply of various oil derivatives despite the complexities of the overhaul. This pause in production, noted as the most challenging in the refinery’s history, has had a significant impact on the company’s financial and operational results.
NIS reported a net profit of 8 billion dinars, a decrease of 75% from the same period last year. The EBITDA indicator fell to 34.5 billion dinars, down 39% year-over-year.
The group’s tax obligations and other public revenue contributions increased to 191.9 billion dinars, reflecting a 6% rise compared to the previous year. In August, NIS also distributed 10.47 billion dinars in dividends to shareholders for 2023.
In terms of operational results, NIS produced 856.7 thousand conditional tons of oil and gas in the first nine months, a 1% decline from the same period last year. The Pančevo Oil Refinery processed 2.5 million tons of crude oil and semi-products, down 16% from the previous year.
The total turnover of oil derivatives decreased by 9%, totaling 2.7 million tons. Despite these challenges, NIS continued its commitment to socially responsible projects, launching a competition under its “Communities Together” program to fund initiatives in key local governments where it operates. The company plans to invest a total of 144.5 million dinars in renewable energy projects.
