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NewsThe turnover of Montenegrin companies in 2022 amounted to ten billion euros,...

The turnover of Montenegrin companies in 2022 amounted to ten billion euros, with 12 of them achieving revenues exceeding 100 million

The turnover of companies in Montenegro in 2022 amounted to more than ten billion euros, showing a 16% increase compared to 2021, according to data from Monstat.

The gross value of production in 2022 amounted to 6.6 billion euros, intermediate consumption 3.8 billion, and gross value added amounted to 2.87 billion euros,” stated the Monstat report published on December 29th, 2023.

The largest share in the total turnover for 2022 relates to the trade sector, accounting for 43%, followed by the manufacturing industry and construction with ten percent each.

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The turnover of companies in the trade sector in 2022 amounted to 4.3 billion euros, a 13% increase compared to 2021. In the manufacturing industry and construction sectors, the turnover in 2022 was over one billion euros. In 2022, 12 Montenegrin companies had a turnover of over 100 million euros, including Elektroprivreda Crne Gore (EPCG), Jugopetrol, Voli, Hard diskont “Laković” (HDL), Uniprom, Idea CG, INA Crna Gora, Crnogorski elektrodistributivni sistem (CEDIS), Crnogorski elektroprenosni sistem (CGES), Montefarm, and Glosarij.

Among them is the company Arsenis, which, through an offshore company owned by the Ukrainian Prometej group, one of the largest wheat traders, achieved record revenue growth in 2022. The revenue of Arsenis increased by a whopping 1000%, and profit by 51% compared to 2021 when it was founded. Interestingly, the company, registered as a limited liability company engaged in wholesale trade of grain, raw tobacco, seeds, and animal feed, has only one employee. According to data from the Central Registry of Business Entities (CRPS), Arsenis is owned by the Cypriot company Granush Limited. Still, the contact email address listed for the company is lawyer@prometey.org.ua, connecting it with the Ukrainian company Prometej, owned by Rafael Gorojan (Rafael Goroyan).

The turnover of Montenegro’s state-owned electric power company, EPCG, increased by 44%, but the net result was weaker by 91% compared to the previous year.

The oil company, owned by the Greek Hellenic (Helleniq), which holds 54% of the shares, increased its revenue by 109%, and profit by 116% compared to 2021.

The Voli retail chain increased its revenue by 21% compared to 2021, and profit by 116%. The company is majority-owned by Montenegrin businessman Dragan Bokan (84%).

The retail chain owned by Montenegrin businessman Komnen Laković (100%) recorded a growth in revenue and profit of 17% compared to 2021.

The revenue of the company owned by Montenegrin businessman Veselin Pejović (100%) increased by 47%, and profit by 116% compared to 2021.

Arsenis is the revenue growth leader in 2022. Arsenis’ revenue increased by 1000%, and profit by 51% compared to 2021 when it was founded. The company, registered as a limited liability company engaged in wholesale trade of grain, raw tobacco, seeds, and animal feed, has only one employee. According to data from the Central Registry of Business Entities (CRPS), Arsenis is owned by the Cypriot company Granush Limited. Still, the contact email address listed for the company is lawyer@prometey.org.ua, connecting it with the Ukrainian company Prometej, owned by Rafael Gorojan (Rafael Goroyan).

The retail chain owned by the Croatian Fortenova Group recorded a 41% revenue growth in 2022, but still reported a loss, significantly lower than in 2021.

The revenue of the oil company owned by the Croatian INA increased by 41%, with a significantly lower loss than in 2021.

The subsidiary company of Elektroprivreda Crne Gore increased its revenue by 14%, but still ended 2022 in the red, with an 18% higher loss than in 2021.

The revenue of the energy company increased by 56%, and profit by 20%. CGES is majority-owned by the state (55%), 22% by the Italian Terna, and 15% by the Elektromreže Srbije.

The Montefarm health institution, owned by the state Assembly, increased its revenue by 13% compared to 2021, and profit by 33%.

Glosarij is a wholesale company of pharmaceutical products owned by Montenegrin businessman Branislav Martinović. The company’s revenue increased by 12% in 2022, while its profit decreased by three percent compared to 2021.

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