The consolidated net profit of Serbian oil and gas company NIS [BEL:NIIS] rose
2.5% to 48.4 billion dinars ($572.8 million/417 million euro) in 2013, the
company said on Tuesday.
Financial results last year were negatively
impacted by the fall in oil and gas prices and a rising tax burden as well as by
a contraction of the domestic fuel market, NIS said in a statement.
This
is why the company continued to work on boosting the efficiency of business
processes and increasing the volume of oil refining and sales of petroleum
products in order to maintain its profitability levels, the statement
added.
NIS invested 57 billion dinars in 2013, which is an increase of
6.0% compared to the capital expenditures in the previous
year.
Hydrocarbon production amounted to 1,697 tonnes of oil equivalent
in 2013, up 2.0% on the year, while oil refining was up 36% to 3.07 million
tonnes.
Sales on the retail and wholesale segments rose by 13% and 19%,
respectively, in 2013. The company sold 3.08 million tonnes of oil derivatives
in 2013, up 29% from the previous year.
NIS (
www.nis.rs) is one
of the largest vertically integrated oil and gas companies in Southeast Europe.
Its main activities include the exploration, production and processing of oil
and gas, as well as the production and retail trade with a wide range of
petroleum products.