Starting, a prominent company based in Batajnica, has reported impressive financial results for the year 2024, with a significant increase in both revenue and profit. Known for its role as a major subcontractor in the reconstruction of the Novi Sad Railway Station, Starting’s performance in the past year has exceeded expectations, with a 40% rise in revenue and a nearly 3.5-fold increase in profit.
Impressive revenue and profit growth
According to the company’s published financial report for 2024, its revenue reached nearly 100 million euros, up from 71 million euros in 2023. This increase reflects the growing scope of the company’s projects, especially in the railway sector. The company’s net profit soared to 541 million dinars (approximately 4.6 million euros), compared to 154 million dinars in 2023.
Workforce and financial assets
Starting’s workforce saw a slight increase, with the average number of employees rising from 181 in 2023 to 186 in 2024. Despite the growth in revenue, the company’s claims on employees decreased significantly, from 14.7 million dinars to just 200,000 dinars.
On the asset side, Starting’s current assets grew by about 1.9 billion dinars, primarily due to an increase in stock and advances paid for supplies and services. Short-term financial placements also saw significant growth, rising from 530 million dinars to 1.09 billion dinars, with short-term loans and credits accounting for a large portion.
Strong capital position
The company’s capital increased from 971 million dinars in 2023 to 1.48 billion dinars in 2024. The rise in capital was largely due to an increase in undistributed profits, which rose from 873 million dinars to 1.39 billion dinars.
Liabilities also grew, particularly short-term liabilities, which increased from 1.8 billion dinars to 3.2 billion dinars. This rise was driven by an increase in received advances and deposits.
A look back at recent years
Starting has experienced steady growth over the last five years. In 2020, the company reported revenues of 6.8 billion dinars and a profit of 227 million dinars. Although the following year saw a slight dip in revenue to 6.5 billion dinars, the profit rose slightly to 243.5 million dinars. The company’s growth became more pronounced in 2022, thanks to key projects such as the reconstruction of the Novi Sad Railway Station. In that year, Starting saw its revenue reach 7.5 billion dinars, despite a drop in profit.
Key projects and future outlook
Starting’s reference list includes several high-profile projects, including construction work on Belgrade’s waterfront buildings, office buildings in the city, and significant rail projects connecting Belgrade to Hungary. Notably, the company has secured contracts for the reconstruction of the railway between Novi Sad and Hungary, totaling around seven million euros.
Founded in 2008, Starting has firmly established itself in the construction and infrastructure sectors in recent years, particularly focusing on railway infrastructure. Their work on various projects, including the Belgrade-Stara Pazova-Novi Sad railway section and bridges across Serbia, positions them for continued growth and success in the future.
