In the first half of the 2018 NIS invested 17.2 billion dinars
The NIS Group announces consolidated business results for the first half of 2018, prepared in accordance with international financial reporting standards.
In the first half of 2018, NIS continued with a trend of positive financial results, and in the focus were investments in strategic projects. Thus, in the first six months of the current year, in the further development of NIS 17.2 billion RSD was invested, which is 72 percent more than in the first half of 2017. It is mostly invested in the segment of exploration and production, as well as in the modernization of processing capacities, specifically the construction of deep-processing facilities with delayed coking technology in the Pancevo Oil Refinery.
The EBITDA (earnings before interest, taxes, depreciation, and amortization) in the first half of the year amounts to 24 billion dinars, which is six percent more than in the same period of the previous year. The net profit of the NIS Group in the middle of the year amounted to 11.5 billion RSD. At the same time, the trend of growth of liabilities of NIS on the basis of taxes and other public revenues in the first six months of the current year amounted to 90.9 billion RSD, or 17% more than in the previous year.
The NIS Group continued to improve its results in the field of processing and sales. Thus, in the first half of the year in the Pancevo oil refinery, a total of 1,696 million tons of oil and semi-finished products were processed, which is 3% more than in the previous year. At the same time, the volume of sales amounting to 1.665 million tons of petroleum products was increased, which is an 8% better result than the turnover achieved in the first half of 2017, with the export growth of 24%. The total production of oil and gas in the first half of 2018 is 661 thousand of conditional tones, while in the NIS capacities 78.422 MWh of electricity was produced.
Kirill Tyurdenev, NIS CEO, stated:
"In the focus of NIS this year, there will be strategic investments in which we will invest about 47 billion dinars, the largest investment since 2013. In this way, we will set a solid basis for further progress in favor of our shareholders, employees and the wider community. At the same time, during the rest of the year, we remain committed to financial discipline, operational efficiency and digital transformation of operations, which will enable us to maximize the efficiency of the business process and further improve our results. This way, NIS will make a significant step towards achieving the ambitious goals of the energy leader in the region, outlined in the Development Strategy by 2025. "