NIS j.s.c. Novi Sad (NIIS) Q4 2024 earnings summary

Executive summary

• Navigated challenging macroeconomic conditions, including lower oil prices, a major refinery overhaul, and stable domestic oil derivatives market.

• Net profit for 2024 was RSD 10.1bn, down 77% year-over-year, with EBITDA at RSD 44.4bn, 35% lower than 2023.

• Successfully completed the largest-ever capital overhaul at Pančevo Oil Refinery, ensuring supply continuity.

• CAPEX rose 36% to RSD 53.2bn, with major investments in exploration, refining, and renewables.

• Advanced energy transition with solar power projects at 45 gas stations and support for community renewables.

Financial highlights

• Sales revenue for 2024 was RSD 408.1bn, down 1% year-over-year; EBITDA fell 35% to RSD 44.4bn.

• Net profit dropped 77% to RSD 10.1bn; operating cash flow rose 118% to RSD 61.0bn.

• CAPEX reached RSD 53.2bn, up 36% from the prior year.

• Total debt to banks stood at EUR 558m at year-end, entirely in EUR.

• Accrued liabilities for taxes and public revenues increased 7% to RSD 260.4bn.

Outlook and guidance

• Management expects continued macroeconomic and geopolitical uncertainty, with ongoing assessment of US sanctions imposed in January 2025.

• Ongoing focus on renewable energy projects and further modernization of retail and refining assets.

• The company is monitoring risks and exploring mitigation strategies to ensure operational sustainability.

• Market analysts forecast Brent crude prices to remain in the $70–$85/bbl range in 2025.