July 29 (SeeNews) - Serbian oil and gas group NIS [BEL:NIIS] swung to a net profit of 6.1 billion dinars ($61.6 million/51.9 million euro) in the first half of 2021 from a 10.2 billion dinars net loss in the like period of last year, it said.
The company focused on raising business efficiency, financial discipline and investment in key development projects, which resulted in a significant improvement in financial results for the first half, NIS said in a statement on Wednesday.
The company's earnings before interest, taxes, depreciation and amortisation (EBITDA) jumped tenfold to 22.2 billion dinars, while sales revenues rose 35% to 115.7 billion dinars, NIS said.
NIS invested 8.6 billion dinars in the first six months of 2021, the Serbian group noted.
"We will continue to work on further improvement of business results, with the realisation of strategic development projects. In this way, we strengthen the foundations for the further development of the company and remain a secure source of income for shareholders and our employees, as well as a reliable partner to the community in which we operate," the CEO of NIS, Kirill Tyurdenev, said in the statement.
NIS, 56.15%-owned by Gazprom, is one of the largest vertically integrated oil and gas companies in Southeast Europe. Its main activities include the exploration, production and processing of oil and gas, as well as the production and retail trade with a wide range of petroleum products. Serbia's government owns a 29.87% stake in NIS.
(1 euro = 117.614 dinars)
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