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Feb 23, 2023 16:09 EEST
February 23 (SeeNews) - Serbian oil and gas group NIS [BEL:NIIS] recorded a consolidated net profit of 92.4 billion dinars ($836.2 million/787.4 million euro) in 2022, up from a 21 billion dinars net profit in 2021, it said on Thursday.
The company’s revenue jumped to 513.7 billion dinars from 295.2 billion dinars, while operating costs increased 51% to 400.7 billion dinars, NIS said in a bourse filing.
The Pancevo oil refinery increased its processing volume by 12% year-on-year to 4.42 million tonnes of oil, the highest level since 2009, while sales of petroleum products rose 8% to 4.36 million tonnes, NIS said.
In 2022, NIS and its partners began producing electricity from gas in CCPP Pancevo, thus further contributing to the energy stability of Serbia as all energy produced is delivered to the country's power grid.
“We have preserved the stability in the domestic market and continued the energy transition and modernization of the NIS Group. Now, we are taking a step further and for 2023 we have planned an ambitious investment portfolio, twice as valuable as the capital investments from 2022,” said CEO Kyril Tyurdenev.
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 retailing of a wide range of petroleum products. Serbia's government owns a 29.87% stake in NIS.
The company's shares closed 1.35% higher at 750 dinars on the Belgrade bourse on Thursday.
1 euro = 117.364 dinars
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