International Information Centre for Balkan Studies

Biznis TOP report: Foreign companies top list of profitable companies in Serbia

November 22, 2021

The Biznis TOP report said that the best companies operating in Serbia are mainly foreign-owned, adding that the list of five top companies in 2020 differs from the 2019 list with 19 of the top 100 companies reporting losses.

“The most profitable companies last year include just two from the previous year – Tiger Tires and Telenor. The Serbian Oil Industry (NIS) dropped off the list after being listed as the most profitable in 2019 while the Serbian Electricity Company (EPS) climbed to number 1 from 13th place a year earlier,” the report said. Biznis TOP is published annually by the Biznis and Finansije monthly magazine.

It said that the EPS reported 3.5 times higher profits totaling 12.9 billion Dinars or 1.8 percent of the net profits reported by the entire economy but the national power company also reported losses which totaled five percent of the economy’s losses or 192.7 billion Dinars.

Tiger Tires was ranked second from its 4th place in 2019. The tire maker from Pirot in southern Serbia increased its profits by 2.1 percent to 9.2 billion Dinars despite the fact that it had to stop production because of the pandemic.

Telenor kept its third place with reported profits of 8.4 billion Dinars or 20 percent less than in 2019.

The Chinese-owned Zijin Copper came in fourth from its 18th place in 2019 having increased its profits 2.6 times to 8.4 billion Dinars through an increase of mine production.

Coca-Cola HBC Serbia ranked fifth having increased its profits by 55.6 percent to 5.7 billion Dinars thanks to higher financing profits while its income from beverages sales dropped by a fifth compared to 2019.

Source:  https://rs.n1info.com/english/news/biznis-top-report-foreign-companies-top-list-of-profitable-companies-in-serbia/

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