March 1, 2018 / 2:21 PM / in 3 months

Serbian oil firm NIS reports 80 pct rise in net profit for 2017

BELGRADE, March 1 (Reuters) - Serbian oil firm NIS , majority owned by Russia’s Gazprom Neft, reported an 80 percent rise in net profit for 2017 on higher crude oil prices and increased sales.

It said its net profit rose to 27 billion dinars ($279.47 million) in 2017 from 15 billion dinars in 2016.

Earnings before tax, depreciation and amortisation (EBITDA) fell to 47 billion dinars from 39.8 billion dinars in 2016, it added.

In December, NIS said it planned to invest $2.2 billion in its operations by 2025 and increase production to secure a leading position in south-east Europe.

One of the biggest contributors to Serbia’s budget, NIS operates two refineries and produces oil and gas totalling 1.7 million tonnes of oil equivalent per year, operating fields in Serbia, Angola and Bosnia.

Russia’s Gazprom Neft owns 56.15 percent of NIS, while the Serbian government owns 29.88 percent. ($1 = 96.6100 Serbian dinars) (Reporting by Ivana Sekularac. Editing by Jane Merriman)

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