Business News

NIS Group performance in first half of 2023


In the first half of 2023, the NIS Group’s priorities were keeping the stability on the oil products market and continued investment in capital projects. 11.6 billion dinars were invested in the development of NIS, which is 52 percent more than in the same period last year. Most of the funds were invested in the exploration and production of oil and gas, as well as further increasing the processing efficiency at the Pancevo Oil Refinery and continued streamline of the retail network.

Pursuant to the Strategic Partnership Agreement between the Republic of Serbia, the company NIS j.s.c Novi Sad and HIP Petrohemije, on June 9, 2023, a document was signed to close the deal. This is a step that is provided for in the Strategic Partnership Agreement signed in December 2021, and thus, the actions provided for in that agreement were taken, thereby implementing the increase of the equity capital and obtaining the conditions for the next steps, which include the set up of new management bodies and the fulfilment of the obligations of NIS as a strategic partner of HIP Petrohemija.

The financial and business results of the NIS Group achieved in the first half of 2023 are in line with the complex macroeconomic circumstances and market trends, among which the drop in the prices of oil and oil products has the greatest impact. The average price of “Brent” oil in the reporting period was 79.8 dollars per barrel, which is 26 percent less compared to the average price in the same period last year.

The net profit of the NIS Group is 13.7 billion dinars, i.e. 69 percent less compared to the result achieved in the first six months of 2022. In the same period, the EBITDA indicator decreased by 57 percent compared to the previous year and amounted to 28.5 billion dinars. The calculated obligations of the NIS Group based on public revenues in the first half of the current year are 107 billion dinars. Total indebtedness to banks decreased by 6 percent compared to half of last year and amounts to 553 million euros.

The total volume of oil and gas production is 571 thousand conditional tons, while 1.976 million tons of crude oil and semi-products were processed in the Pančevo Oil Refinery. The turnover volume of oil oil products in the reporting period was 1.869 million tons.

Kirill Tyurdenev, General Director of NIS, said:

“We can be satisfied with the accomplishments in the first half of 2023 because we fulfilled our priorities. We maintained stability on the domestic market of oil products, made significant investments and achieved good financial and operational results. We are entering the development of the petrochemical complex with great ambitions. Moreover, we remain a reliable source of income for our shareholders and this year we will pay a record amount of dividends – more than 23 billion dinars”.


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