In the first half of 2018, NIS invested 17.2 billion dinars

July 27, 2018

In the first half of 2018, NIS continued with a trend of positive financial results, with a focus on investments in strategic projects. Thus, in the first six months of the current year, 17.2 billion RSD was invested in the further development of NIS, which is 72 percent more than in the first half of 2017. It was mostly invested in the exploration and production segment, as well as in the modernization of processing capacities, specifically the construction of deep-processing facilities with delayed coking technology in the Pančevo Oil Refinery. The EBITDA (earnings before interest, taxes, depreciation, and amortization) in the first half of the year amounts to 24 billion dinars, which is six percent more than in the same period of the previous year. The net profit of the NIS Group in the middle of the year amounted to 11.5 billion RSD. At the same time, liabilities grew based on taxes and other public revenue in the first six months of the current year amounting to 90.9 billion RSD, or 17% more than in the previous year. The NIS Group continues to improve its results in the field of processing and sales. Thus, in the first half of the year in the Pančevo Oil Refinery, a total of 1,696 million tonnes of oil and semi-finished products were processed, which is 3% more than in the previous year. At the same time, the volume of sales amounting to 1,665 million tonnes of petroleum products increased by 8% compared to the turnover achieved in the first half of 2017, with export growth of 24%. The total production of oil and gas in the first half of 2018 is 661 thousand  tonnes of oil equivalent, while in NIS capacities 78,422 MWh of electricity were produced. Kirill Turdenev, NIS CEO, stated: “In the focus of NIS this year, there will be strategic investments in which we will invest about 47 billion dinars, the largest investment since 2013. In this way, we will set a solid basis for further progress in favour of our shareholders, employees and the wider community. At the same time, during the rest of the year, we remain committed to financial discipline, operational efficiency and digital transformation of operations, which will enable us to maximize the efficiency of the business process and further improve our results. This way, NIS will make a significant step towards achieving the ambitious goals as the energy leader in the region, outlined in the Development Strategy by 2025.”