NIS Invests RSD 7.8 billion in Q1 2018
NIS Group has published Consolidated Business Results for Q1 2018, prepared in line with the International Financial Reporting Standards (IFRS).
In the first quarter 2018, NIS Group continued implementing its strategic projects, investing RSD 7.8 billion in further development, which is up 68% year-on-year. The largest amount of resources was invested in the segment of oil and gas exploration and production and further modernization of the Pančevo Oil Refinery, where the Bottom-of-the-Barrel facility, including a delayed coker, is currently being constructed, which is an investment worth more than EUR 300 million.
Net profit of NIS in Q1 2018 amounted to RSD 3.7 billion, while EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to RSD 8.9 billion. In the same reporting period, NIS liabilities in terms of taxes and other public revenues amounting to RSD 43.2 billion in Q1 2018 also continued to rise, which represents an increase of almost RSD 8 billion year-on-year.
In terms of operational indicators, the total volume of oil and gas production amounted to 329 thousand tonnes of oil equivalent. At the same time, NIS continued improving its results in the area of crude oil processing and petroleum product sales. The total crude oil and semi-finished product processing volume amounted to 786 thousand tonnes, which represents an increase of 3% year-on-year. Petroleum product sales volume reached 765 thousand tonnes, up 7% compared to the performance in Q1 2017. Such result was achieved owing to the wholesale volume growth in Serbia, sales volume growth in foreign assets and also the growth in export volume. NIS production capacities generated the total of 43,613 MWh of electricity in the reporting period.
On the occasion of publishing NIS Q1 2018 business results, Kirill Tyurdenev, NIS CEO, said:
“In line with the NIS Development Strategy until 2025, our primary focus in the following period will be on the further implementation of strategic investments which will determine our future development. Introduction and implementation of innovative solutions and equipment which produce a positive business effect and help us protect human health and the environment will remain our priority. At the same time, we will work to improve our operational efficiency, and we will also make significant steps this year in terms of digitalization of NIS business operation at all levels. By achieving these goals, we will be able to respond efficiently to the complex challenges of the modern market.”