NIS company disclosed today that its net profit in the first quarter of 2024 amounted to 1.8 billion dinars, marking an 85 percent decrease, while the EBITDA indicator for the same period stands at 10 billion dinars, showing a 50 percent decline compared to last year’s first quarter. During the initial quarter of 2024, NIS remained focused on extending and amplifying the investment cycle initiated the previous year.
The company allocated investments totaling 10.5 billion dinars towards developmental projects, marking a notable 62 percent surge compared to the investments made in the first quarter of 2023.
A considerable emphasis was placed on planned capital overhauls at the Pančevo Oil Refinery and ensuring adequate fuel reserves to maintain market supply. Predictably, repair operations conducted from late February through March had a discernible impact on NIS’s operational and financial outcomes, with the processing volume of crude oil and semi-finished products reaching 640,800 tons in the first quarter of 2024, alongside sales volumes amounting to 748,700 tons.
Encouraging results were observed in the oil and gas exploration and production segment, witnessing the production of 289,500 metric tons—an incremental rise compared to the corresponding period in 2023.
Accrued obligations toward public revenues for the NIS group reached 53.7 billion dinars, reflecting a seven percent increase from the first quarter of 2023.
Continuing its commitment to community welfare, NIS commemorated the 15th anniversary of its “Together to the Community” program, directing over 1.7 billion dinars towards various socially responsible projects in municipalities and cities of operation. Moreover, the company initiated a fresh phase of youth employment through its “NIS Energy” program and concluded the inaugural season of the NIS Academy student internship, hosting more than 60 students.
Looking ahead, NIS aims to sustain its investment momentum, enhance operational and financial performances, and steadfastly execute energy transition and environmental preservation initiatives, as outlined in its press release.
