NIS j.s.c. Novi Sad (NIIS) Q3 2024 earnings summary

Executive summary

• Net profit for 9M 2024 was RSD 8.0bn, down 75% year-over-year due to refinery overhaul and market conditions.

• EBITDA for 9M 2024 was RSD 34.5bn, down 39% year-over-year; operating cash flow rose 85% to RSD 40bn.

• Capital investments reached RSD 37.3bn in 9M 2024, up 70% year-over-year, focusing on modernization and energy transition.

• Major overhaul of Pančevo Oil Refinery completed, with investments exceeding EUR 95m, impacting results.

• Social responsibility initiatives and youth employment programs continued, with RSD 144.5m allocated to renewables in local communities.

Financial highlights

• Sales revenues for 9M 2024 were RSD 304.6bn, nearly flat year-over-year.

• Net profit for 9M 2024 was RSD 8.0bn, a 75% decrease year-over-year.

• EBITDA for 9M 2024 was RSD 34.5bn, down 39% year-over-year.

• Operating cash flow increased 85% to RSD 40bn for 9M 2024.

• CAPEX for 9M 2024 was RSD 37.3bn, up 70% year-over-year.

Outlook and guidance

• Ongoing focus on energy transition, efficiency, and further renewable energy investments.

• Continued infrastructure upgrades and expansion of solar power projects planned for 2025.

• Management continues to monitor macroeconomic and geopolitical risks, with no significant seasonal fluctuations expected.