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Montenegro’s leading construction firms experience revenue drop in 2023

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In 2023, the top 15 construction companies experienced a decline in total revenues and profits compared to the previous year, along with a reduction in their workforce. These leading companies collectively generated EUR 414 million in revenues, marking a 16.9% decrease from the EUR 484.49 million recorded in the prior year.

According to an analysis by the Bankar portal, there was also a downturn in net profits, dropping from EUR 39.1 million in 2022 to EUR 24.74 million in 2023, representing a nearly 58% decline. Workforce reductions were evident, with the number of employees across these companies decreasing by 8.6% from 1,964 in 2022 to 1,794 in 2023.

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The analysis focused on 15 construction firms with the highest revenues, exceeding or nearing EUR 15 million each. Among them were Bemax, Novi Volvox, Eurozox, Zetagradnja, Ramel, Čelebić, Crnagoraput, EuroMix beton, KIPS gradnja, CRBC, Master inženjering, Briv construction, Mehanizacija i programat, Stambeno Nikšić, and NV Besix – a subsidiary of a foreign corporation.

The completion of significant projects such as the Montenegrin highway’s initial section noticeably impacted the industry’s overall performance, resulting in reduced revenues, profits, and staff numbers across several major firms.

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Bemax, based in Podgorica, maintained its top position in Montenegro’s construction sector, reporting revenues of EUR 79.4 million in 2023, down by 16.6% from the previous year. Their profits also decreased to EUR 2.8 million (a 69% drop), accompanied by a reduction in employees from 133 to 118.

Ranked second in revenue, Novi Volvox recorded revenues of EUR 66.03 million, with profits of EUR 2.38 million and 127 employees. Similarly, they experienced a decline in both revenue (8.1%) and profit (10.5%), despite a slight increase in the workforce by 4.9%.

Danilovgrad-based Eurozox secured the third spot with total revenues of EUR 29.45 million, a profit of EUR 1.16 million, and 81 employees. While they achieved revenue growth (9.72%) and maintained employee numbers, profits also saw a slight increase (4.3%).

Zetagradnja followed with revenues of EUR 29.23 million, notable profits of EUR 4.56 million, and 66 employees. Despite revenue and profit declines (41% and 66%, respectively), they retained the same employee count as in the previous year.

Ramel, based in Nikšić, reported revenues of EUR 24.13 million, profits of EUR 830,000, and 264 employees. While their revenues grew by three percent, profits declined significantly by 63%, accompanied by a four percent reduction in the workforce.

Čelebić achieved revenues of EUR 22.91 million, with modest profits of EUR 67,800 and 166 employees. Their revenues and profits increased substantially (68% and 174%, respectively), while the workforce decreased by 10%.

CrnaGora put generated revenues of EUR 21.23 million, profits of EUR 1.4 million, and employed 319 workers. They experienced a revenue increase of 15%, leading to significantly improved net results compared to the previous year.

Euromix beton, based in Bar, reported revenues of EUR 21.07 million, profits of EUR 1.27 million, and employed 112 workers. While their revenues increased by seven percent, the workforce decreased by 23%.

KIPS gradnja in Podgorica recorded revenues of EUR 21.02 million, profits of EUR 6.08 million, and employed 51 workers. They saw revenue and profit growth (nine percent and 10%, respectively), accompanied by a substantial increase in employee numbers (121%).

Chinese firm CRBC experienced a significant revenue decline (56%) to EUR 20.12 million in 2023, with net losses reduced from EUR 39.5 million in 2022 to EUR 6.2 million. The workforce decreased significantly from 312 to 63 employees.

Master Inženjering reported revenues of EUR 18.38 million, profits of EUR 2.43 million, and seven employees. They experienced declines in both revenue (63%) and profit (nine%), leading to a reduction in the workforce.

Briv construction, based in Kotor, achieved a revenue increase of 127% to EUR 16.12 million, with profits rising by 212% to EUR 290,000, and they employed 112 people, up 41% from the previous year.

Nikšić-based Mehanizacija i Programat reported revenues of EUR 15.66 million, profits of EUR 147,000, and employed 196 workers. While revenues decreased slightly, profits saw a significant increase (109%), along with an eight percent increase in the workforce.

Stambeno Nikšić reported revenues of EUR 14.73 million, a six percent increase from the previous year, with profits of EUR 720,000 and 91 employees, marking a 31% increase in staff numbers.

NV Besix S.A. Montenegro, a subsidiary of a foreign company, recorded revenues of EUR 14.59 million, profits of EUR 600,000, and employed 21 people. They experienced an eight percent decrease in revenue, a 10% decrease in profit, and hired one new employee in 2023.

The completion of major projects significantly influenced the overall performance of the construction sector. However, the announcement of pre-qualification tenders for new projects offers optimism for the industry’s future, particularly considering its previous success during the construction of the highway section between Smokovac and Mateševo.

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