Montenegrin wholesaler Veleprodaja's net profit slumps in 2023

Veleprodaja's net sales revenue more than doubled to 74,640 euro last year from 36,200 euro in 2022, while other operating revenue fell to 184,500 euro from 281,300 euro, it said in a filing with the Montenegro Stock Exchange on Wednesday.

Operating costs declined to 108,000 euro in 2023 from 137,000 euro a year earlier, while costs for workers' wages and benefits went up to 142,000 euro from 138,000 euro in 2022, the statement read.

The operating profit dwindled to 5,800 euro in 2023 from 14,000 euro in the prior year.

However, the company's revaluation reserve based on real estate, assets, equipment, etc. registered an increase in value of some 594,200 euro in 2022 versus zero change in value in 2023, which impacted the final net result.

The Montenegro Stock Exchange has said it included Niksic-based Veleprodaja's shares in its blue-chip MNSE10 index as of April 1.

The company's shares last traded on April 9, closing flat at 25 euro.

Veleprodaja is 84%-owned by local businessman Milos Vucurovic, bourse data showed.

($ = 0.940 euro)