In the past year, Serbian businesses generated a total revenue of 18.1 trillion dinars (approximately 155 billion euros), reflecting a 2.7% annual increase. Among these, the top 100 companies accounted for 5.3 trillion dinars in revenue, a growth of 3.6% compared to 2022. Key players included Elektroprivreda Srbije, Pošta, Beograd na Vodu, Millennium Team and Zijin Mining. Notably, the top five companies alone contributed a quarter of the total revenue from all businesses.
The leading companies based on revenue were Elektroprivreda Srbije, Naftna Industrija Srbije (NIS), Srbijagas, Delhaize and Zijin Mining. Elektroprivreda Srbije topped the list with a revenue of 497.9 billion dinars (4.2 billion euros), followed by NIS at 394.9 billion, Srbijagas at 174 billion, Delhaize at 155 billion, and Zijin Mining at 131.3 billion dinars. Together, these five companies generated 1.354 trillion dinars (11.5 billion euros), which constitutes a quarter of the total revenue from the top 100.
According to the APR report, the largest companies experienced a profit increase of 27.6% year-on-year, with 90 of them reporting a net profit totaling 478 billion dinars (over 4 billion euros), representing an 11.1% increase from the previous year.
The top revenue-generating firms were primarily in wholesale and retail trade, while the processing industry also had a significant representation. Seven companies in the electricity, gas, steam, and air conditioning supply sectors showed notable business activity.
Elektroprivreda Srbije reported a remarkable 39% increase in revenues compared to the previous year, which accounted for 2.7% of the total revenues of the Serbian economy. A significant portion of EPS’s revenue came from electricity sales to open market customers, totaling 267 billion dinars.
For the second consecutive year, EPS led in terms of financial capacity and business assets. The company employed the largest workforce, with 19,595 employees, although this number reflects a slight decrease from the previous year.
NIS, previously the top performer, reported 395 billion dinars in revenue for 2023, down 20% from the prior year, largely due to a decline in sales in Serbia and abroad.
Serbijagas also faced a revenue decrease of 20.7% despite higher gas prices, attributed to lower income from subsidies and grants compared to the previous year.
Wholesale trade companies, numbering 16 in the top 100, collectively achieved revenues of 692.2 billion dinars, contributing 13% to the overall revenue of the largest companies. All these companies operated profitably, with seven recording increased profitability.
In the retail sector, 14 companies generated 708.6 billion dinars, representing 13.4% of the total revenue, with all companies turning a profit, and 11 experiencing increased earnings.
Among the largest companies, five were publicly owned, four of which saw an increase in business activity. Together, these companies reported 322 billion dinars in revenue, though this was 7.9% lower than the previous year.
Telekom Srbija ranked seventh with 124.7 billion dinars in revenue, while HBIS Group, Air Serbia, Leoni and Jura also featured prominently in the list of top companies. Notable mentions include Beograd na Vodi at 31.9 billion dinars and Pošta Srbije at 31.2 billion dinars.
In summary, the Serbian economy showcased steady growth, driven by key sectors and companies, despite challenges in certain industries, particularly agriculture and energy.
