January 31 (SeeNews) - Serbian oil and gas group NIS [BEL:NIIS] said on Wednesday it booked a net profit of 44.2 billion dinars ($407 million/375 million euro) in 2023, and earnings before interest, tax, depreciation and amortisation (EBITDA) of 68.1 billion dinars.
The company provided no comparative figures in a statement to the Belgrade bourse but data published previously on its website showed that net profit amounted to 92.4 billion dinars in 2022, when the EBITDA totalled 136.2 billion dinars.
"The operating and financial performance results of NIS in 2023 followed the trend of oil prices in the global market, as well as market demands that are the basis of NIS Group’s business," NIS said in the bourse filing on Wednesday, adding that the average price of Brent crude fell 18% last year to $82.6 per barrel.
The company noted its investments jumped 77% to 39.2 billion dinars in 2023. One of the key investments last year was linked with the increase of NIS' stake in Serbian petrochemicals producer HIP Petrohemija in 2022 and the subsequent launch of modernisation at the petrochemical complex.
In late 2021, NIS placed the sole bid in the government's tender for selecting a strategic partner for HIP Petrohemija. The strategic partner was obliged to inject 150 million euro ($168 million) in the capital of HIP Petrohemija, acquiring a stake of up to 90% in the company's capital. Prior to the deal, the Serbian government owned a 75.27% stake in HIP Petrohemija, NIS followed second with 20.86%, and Russia's Lukoil controlled 3.09%, while the remainder was in the hands of other minority shareholders.
On Wednesday, NIS also said that in 2023 its total oil and gas production remained unchanged year-on-year at 1.158 billion tonnes of oil equivalent of oil and gas. The crude and semi-finished product refining output of its Pancevo oil refinery fell 7% to 4.092 million tonnes. The total volume of petroleum product sales decreased 8% to 4.0 million tonnes.
Last year, NIS put 10 new and reconstructed petrol stations into operation in Serbia, and one in neighbouring Bosnia and Herzegovina.
NIS 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 of a wide range of petroleum products.
As of end-2023, Russia's Gazprom controlled 56.15% of NIS, followed by the Serbian government with some 30%, while the remainder belonged to a number of minority shareholders.
NIS shares traded flat at 815 dinars by 10:20 CET on Wednesday on the Belgrade bourse.
(1 euro = 117.175 dinars)
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