The Oil Industry of Serbia (NIS) generated business income of 980 million euros in the first six months of 2021, which is a growth of 35 percent, primarily thanks to the second quarter when sales doubled, the brokerage house Momentum announced today.
NIS reportedly made a profit in the period before interest, profit tax and depreciation of 188 million euros, which is an increase of almost ten times while net profit reached 51 million euros versus loss of 86 million euros in the same period last year.
The company, as it is stated, had extremely favorable macroeconomic circumstances in this period, especially when it comes to the price of crude oil, which in the period July-September averaged 73.2 dollars per barrel, which is an annual growth of about 69 percent.
Demand has returned almost in full, given the presence of minimal restrictions when it comes to a pandemic.
It is pointed out that the shares of NIS on the Belgrade Stock Exchange have not followed this reversal of the business trend so far and have recorded a decline of 6.8 percent since the beginning of the year, and at the last price of 5 euros the company’s market capitalization is 832 million euros, Danas reports.
