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Serbian NIS, a subsidiary of Gazprom, quadruples H1 net profit

NIS said its net profit soared to $120.6 million/103.1 million euro.

Serbian NIS, a subsidiary of Gazprom, quadruples H1 net profit

Serbia´s oil and gas company NIS, a subsidiary of Russia's Gazprom, said on July 27, 2017, that its net profit soared to 2.4 billion dinars* ($120.6 million) in the 1st half of 2017, from 3.1 billion dinars in the same period last year.

EBITDA expanded by 71% year-on-year to 22.5 billion dinars in January-June, the company said in a bourse filing.

NIS produced 692,000 conditional tonnes of oil and gas in the 1st 6 months of the year, while the volumes processed at its refining facilities totalled 1.6 million tonnes.

The sales volume of petroleum products totalled 1.6 million tonnes in the 1st half, with retail sales in Serbia up 2% on the year.

The company invested 10 billion dinars in the review period, up 9% compared to the 1st half of 2016.

NIS, 56.15%-owned by Gazprom Neft, is one of the largest vertically integrated oil and gas companies in Southeast Europe.

Serbia's government owns a 29.87% stake in NIS.

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.

*$1 = 103 Serbian Dinars

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