Net profit of NIS in first quarter of 2017 amounts to RSD 5.4 billion

The NIS Group had a net profit of RSD 5.4 billion in the first three months of 2017, which is a far better result than in the corresponding period of 2016, in which a profit of RSD 261 million was recorded.

Furthermore, EBITDA amounted to RSD 11.1 billion, nearly three times more than RSD 3.8 billion in the first quarter of 2016, the company's press release says.

The results are largely down to disciplined carrying out of measures for increasing operating efficiency, increasing the total supply of oil and petroleum products, as well as the growth of the prices of raw oil in the global market.

The company has also continued investing in strategic projects, with RSD 4.7 billion of investments in the first quarter, the biggest part of which was invested in research and production, as well as in processing.

– The results made by NIS in the first quarter of 2017 once again confirm that we have chosen the right way of development in the quite difficult foreign economic circumstances. Our successful response to market challenges has above all been enabled by carrying out measures for increasing operating efficiency and the effect of these measures on EBITDA in the first quarter is estimated at RSD 1.1 billion – Kirill Tyurdenev, Managing Director of NIS, pointed out.

As he added, further enhancement of operating efficiency remains in the focus of NIS in 2017, and the realization of this program, as well as the realization of strategic investment projects will become a reliable foundation, which will determine the entire development of NIS.

At the same time, NIS' tax and other public revenue obligations amounted to RSD 35.6 billion in the first quarter, which is 8% more than in the first three months of 2016.

The production of oil and gas amounted to 343 thousand conditional tons, and 765 thousand tons of oil and semi-products was processed. The total supply reached 714 thousand tons, 2% more than last year. The sales in the retail market in Serbia rose by 3% to 155 thousand tons, whereas foreign exchange turnover was higher by 25% compared to the last year's result.

The production of electricity in NIS amounted to 46,076 MWh, an increase of 15% compared to the first quarter of 2016.

NIS a.d. Novi Sad

NIS

Naftna Industrija Srbije profit

Naftna Industrija Srbije income

Naftna Industrija Srbije EBITDA

supply of oil and petroleum products

price of raw oil

Kirill Tyurdenev

production of electricity

NIS operations