Contact

Search

NIS Group performance in first half of 2023

July 27, 2023

NIS investments reach almost RSD 12 BLN

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

SEE OTHER NEWS

COOKIE MANAGEMENT POLICY

What is a cookie?

A cookie is a small text file sent to your computer when you visit a website. Cookies perform many different functions on NIS websites, making it possible for you, among other things, to move more efficiently through webpages, storing your favourite settings and, in general, helping to improve your website experience.
The EU Directive 2009/136/EC allows storing cookies on your device if they are essential for the functioning of the website, whereas all other cookies are conditional on your consent.

NIS websites may also use the cookies that are not essential for their functioning. Such cookies are not used to track the behaviour of individual users or identify them but to gain useful insight into the way in which the websites are used, so we could further improve them for our users. Without the insight gained through cookie-based systems, we would not be able to provide these services to you.

The types of cookies we use

If you are setting the language, font size or a certain website version (e.g. high contrast mode), cookies for setting user interface are used for that. When the setting is complete, you are not required to specify your preferences when you next visit this website.

If you are using the website sections where you need to register in order to access them, we place an authentication cookie on your computer for that purpose. This allows you to leave and return to those sections without re-authentication.

NIS wants to find out about the way in which visitors use its websites, which is why it uses network analytics services. They register the number of visitors and provide us with general information about their behaviour, such as key words entered into the browser that direct the user to our website, the average time that a user spends on the website and the number of pages browsed by a user. For this purpose, we place the so-called first-party analytics cookie on your computer.

To monitor network statistics, we may also use services like Google Analytics. In that case, Google places the so-called third-party cookie on your computer. Such a cookie is also placed when we use Google maps.

All data collected by these cookies is stored and managed by NIS or its affiliates in the countries where the company operates.
For any additional information or contact with NIS, please refer to our Privacy Protection Policy.

Cookie control

If you do not want to receive cookies, you can set your web browser to notify you when cookies are sent to you or you can decline to receive any cookies. You can also delete the cookies that have already been placed on your computer.

If you wish to limit or block the receipt of cookies placed on your device by a web browser, you can do it by adjusting the browser settings; the procedure is explained in the browser’s help option. You can also visit the website www.aboutcookies.org (external link), which contains detailed instructions about this procedure in different web browsers.