The Oil Industry of Serbia (NIS) announced that it achieved a net profit of EUR 271 million in nine months of this year, which is 54 percent less compared to the result achieved in the first nine months of 2022.
In the same period, the EBITDA indicator (profit before deducting interest, income tax and depreciation) decreased by 46 percent compared to the previous year and amounted to EUR 482 million.
Calculated liabilities based on taxes and other public revenues of the NIS Group amount to EUR 1.5 billion, i.e. two percent less than a year ago. As stated, NIS contributed to the stability of the Serbian budget by paying a dividend for 2022 in a record amount of about EUR 200 million.
The total volume of oil and gas production in that period is 868.1 thousand conditional tons, which is 1.3 percent less compared to last year. Thanks to investments and geological-technical activities, in the nine months of 2023, a slight increase in domestic oil production was achieved compared to the period from January to September 2022.
In the Pančevo Oil Refinery, 3.054 million tons of crude oil and semi-products were processed, which is six percent less than in the same period in 2022. In total, 2.995 million tons of oil derivatives were sold, or seven percent less compared to the first nine months of last year.
In the period from January to September 2023, the NIS Group continued with the implementation of the planned investment cycle. EUR 187 million were invested in capital projects, which is 80 percent more than the investments from the same period last year.
Most of the funds were invested in the field of exploration and production of oil and gas, in the further modernization of the Pancevo Oil Refinery, as well as in the development of the retail network.
The financial results of the NIS Group achieved in the first nine months of 2023 are in line with complex macroeconomic circumstances and market trends, among which the biggest impact is the drop in the prices of oil and oil derivatives on the world market, as well as the regulation of fuel prices. The average price of Brent oil in the first nine months was 82.1 dollars per barrel, which is 22 percent less compared to the average price in the same period last year.
As stated, the company continued with the application of new technologies, the ECO digital platform was applied to the oil wells of NIS, which fully automates the production of wells. At the same time, NIS continued with the development of the retail network, so a second facility on the Miloš Veliki highway was put into operation.
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