September 7 (SeeNews) - Montenegrin blue-chip company Sveti Stefan Hoteli [MNG:SSHO] recorded a net profit of 35.3 million euro ($35 million) in the first half of 2022, sharply up from just 393,797 euro profit in the like period of last year, it said.
The main reason for the massive increase in net profit is due to 34.91 million euro income from equity affiliates after Serbian diversified conglomerate MK Group increased its stake in Sveti Stefan Hoteli, the company said in an interim financial statement filed with the Montenegro Stock Exchange on Tuesday.
The revenue of the company totalled 1.05 million euro in the first six months of 2022, up from 488,678 euro in the first half of 2021, whereas expenses rose to 617,473 euro from 293,769.
The share capital of Budva-based Sveti Stefan Hoteli is divided into 8,110,763 shares with a nominal value of 3.19 euro each. The largest shareholder is the Montenegrin government with a 41.6% stake, followed by MK Group with 33.4% and the Montenegrin pension insurance fund with 12.8%. Sveti Stefan Hoteli's shares last traded on August 23 at a price of 3.20, bourse data showed.
($ = 1.00843 euro)