Business News
The results of the NIS Group’s business operation in the first quarter of 2023 were presented to the representatives of professional community and investors today at the NIS Business Centre in Belgrade.
The business results were presented by Anton Cherepanov, Deputy CEO of NIS and Director of the Finance, Economy, Planning and Accounting Function.
Cherepanov stated that NIS performed well in the first quarter of 2023, i.e., from January to March, and that the established priorities were achieved – the orderly supply of the all types of petroleum products to the market was preserved and the modernisation of the NIS Group continued.
In the first quarter of 2023, NIS invested in capital projects RSD 6.5 billion, which is 71 percent more than the investments made in the same period last year, thus starting a new ambitious investment cycle. The largest part of the funds was placed in the area of oil and gas exploration and production, as well as in the further upgrade of the Pančevo Oil Refinery, as well as in the retail network of NIS, Cherepanov pointed out on this occasion.
When it comes to operational indicators, the total production of 282.8 thousand conditional tons of oil and gas was achieved, while the turnover of petroleum products amounted to 908.9 thousand tons.
In the mentioned reporting period, the total of 956.5 thousand tons of crude oil and semi-products were processed in the Pančevo Oil Refinery, which is 6 percent more than in the first quarter of 2022.
Cherepanov stated that, although the NIS Group achieved good financial results in the first quarter of 2023, they were expected to be weaker compared to the results from the first quarter of the last year, due to the drop in oil prices on the global market and the decrease in demand, when related to the comparative reporting period. In the first quarter of 2023, the average price of a barrel of “Brent” oil was 81.3 dollars, which is even 20 percent less than the average price in the same period of the previous year.
In accordance with these trends, NIS Group achieved a net profit of RSD 11.7 billion, which is 25 percent lower in comparison with the period January – March 2022. The EBITDA indicator amounts to RSD 19.9 billion, that is, 22 percent less than the result achieved in the comparative reporting period. The calculated liabilities of the NIS Group, deriving from taxes and other public revenues, amounted to RSD 50.3 billion.
After the presentation, the CFO of NIS answered the questions asked by the audience.
