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Nov 04, 2022 18:11 EEST
November 4 (SeeNews) - Serbian oil and gas group NIS [BEL:NIIS] booked a net profit of 69.4 billion dinars ($583.5 million/591.7 million euro) in the first nine months of 2022, sharply up from a net profit of 13.3 billion dinars posted in the like period of last year, it said.
In January-September, NIS achieved its aims despite the challenging circumstances, due primarily to higher oil prices and regular demand, as well as good operational indicators, NIS said in a statement on Wednesday.
The company's EBITDA more than doubled to 104.8 billion dinars in the January-September period from 38.2 billion in the like period of the previous year, NIS said.
In the third quarter alone, NIS recorded a net profit of 25.7 billion dinars, up from 7.2 billion dinars in the like period of last year.
Investments in development projects amounted to 12.1 billion dinars, while total debt owed to banks decreased by 3% on the year, the company noted.
NIS, 56.15%-owned by Russia's 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.
The company's shares closed up 2.58% at 636 dinars on the Belgrade bourse on Friday.
(1 euro = 117.288 dinars)
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