November 15 (SeeNews) - Serbian oil and gas group NIS [BEL:NIIS] said its net profit rose 8% year-on-year to 21.7 billion dinars ($207 million/184 million euro) in the first nine months of 2018.
The earnings before interest, taxes, depreciation and amortisation (EBITDA) of NIS rose by 23% on the year to 42 billion dinars in the first nine months, while liabilities in terms of taxes and other public revenues increased by 16% to 142.3 billion dinars, the company said in a statement on Wednesday.
NIS invested 27.3 billion dinars in the first nine months of 2018, up 64%, mainly in the segment of exploration and production, as well as in the construction of deep-processing facilities with delayed coking technology in the Pancevo Oil Refinery, the Serbian group said.
Oil and gas production amounted to 999,000 tonnes of oil equivalent, and 2.769 million tonnes of crude oil and semi-finished product were processed, an increase of 6%.
Petroleum product sales volume increased by 10% to 2.741 million tonnes, NIS said.
"Our good financial results in 2018 were achieved primarily through the improvement of operational indicators and measures to increase operational efficiency. The effect of these measures on the EBITDA in the first nine months of this year is 3.7 billion dinars," 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 = 118.136 dinars)
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