Domestic companies in Serbia, which make up the benchmark index basket, Belex15, achieved record business results last year, thanks to the Oil Industry of Serbia (NIS), which left behind the best year in history, brokerage house Momentum Securities announced today.
“Companies from that index basket, which fell to nine members, were followed during the year by an extremely uncertain business environment with high inflation, increased prices of materials and energy sources, and slow normalization of supply chains,” the announcement stated.
It Is added that the collective income of companies from the index basket in 2022 jumped by 52.8 percent, to 628.4 billion dinars, while the net profit increased 3.3 times, to 100.5 billion dinars.
The greatest credit for such a result goes to NIS because, in 2022, it made a record profit due to high crude oil prices, but also the supply of cheaper Russian oil, which further improved profit margins.
Consolidated EBITDA (company profit, before deducting the cost of depreciation, interest and profit tax) of NIS amounted to 136.2 billion dinars, while net profit jumped 4.4 times, to 92.4 billion dinars.
Record financial results were also recorded by Impol Seval, which took advantage of the high demand and very favorable prices on the market, especially in the first half of the year. That aluminum rolling mill made a net profit of 2.8 billion dinars, which is even 2.4 times better than the excellent year 2021.
And while the turbulent conditions on the market were an ally for these two companies, most of the other companies suffered pressure primarily on the cost side.
Messer Tehnogas, despite an 11.6 percent increase in revenue, recorded a drop in net profit of 28.6 percent, which amounted to 2.3 billion dinars due to higher costs of materials, primarily energy.
Metalac also suffered from the negative impact of material costs, which nevertheless, thanks to the good performance of trading companies, recorded a slight increase in income.
Dunav osiguranje, as the only representative of the financial sector after the delisting of Komercijalna banka, had a drop in profit of 42.1 percent to 1.5 billion dinars due to an increase in expenses for liquidated claims.
The construction company Energoprojekt Holding continued the negative business trend and realized only 15.3 billion dinars, effectively operating at a “positive zero”.
The unit from Sevojno also suffered a sharp drop in income, but largely due to the record year 2021, when the largest part of the large project at the Nikola Tesla Thermal Power Plant (TENT) was implemented.
Unlike the previous year, there were no losers in 2022, because “Nikola Tesla” Airport also had a positive business, which was contributed by the growth of income due to the collection of a higher concession fee, but above all a one-time effect, after winning the dispute with JAT Tehnika.