Business News
The results of the NIS Group’s operations in 2023 were presented today to representatives of the professional community and investors at the NIS Business Centre in Belgrade.
In addition to last year’s results, Anton Cherepanov, the Deputy CEO of NIS, and the Director of Function for Finance, Economy, Planning and Accounting, also spoke to the present attendees about the company’s business plans for the coming period.
Cherepanov stated that in 2022, NIS operated in very challenging circumstances that the company had no influence on, but that, despite this, priorities were achieved – the orderly supply of all types of petroleum products to the market was preserved and the modernisation of the NIS group continued.
Record results were also recorded in the field of oil refining and in the trade of petroleum products. In Pančevo Oil Refinery, 4.42 million tons of crude oil and semi-products were processed, which makes 12 percent more than in 2021, and it is the best result of NIS operation since 2009. The total volume of sales is 4.36 million tons, which is by 8 percent better result compared to the previous year.
In 2022, NIS started its own electricity production at the Combined-Cycle Plant in Pančevo. In this way, the company additionally contributes to the stability of the Serbian energy market, because the electricity produced in this gas power plant is sent to the domestic distribution system.
Good operational achievements were accompanied by notable financial results, which were also contributed to by the rise in oil prices, because in 2022 the average price of a barrel of “Brent” oil was $101.2, which is 43 percent more than the average price in the previous year.
In 2022, NIS allocated the total of RSD 22.1 billion for capital projects. When it comes to further development plans, Cherepanov said that NIS is launching a new investment cycle and that it will double investments in the current year. Most investments are planned in the area of exploration and production, but overall upgrade will continue at all levels of business.
After the presentation, the financial director of NIS answered numerous questions from those present who expressed great interest in the business and development plans of NIS in the forthcoming period.
