The Dr Simo Milošević Institute for Medical Rehabilitation in Igalo, Montenegro, recorded net profit of 3.8 million euros in the first nine months of 2026, the institute reported. It expects 2026 to be its third consecutive year of positive results after a decade of accumulated losses.
Business revenue reached 11.5 million euros, about 500,000 euros more than in the same period a year earlier. Operating costs were 3.3 million euros, up 140,000 euros, while wage expenses rose by 180,000 euros to 4.77 million euros, according to the institute’s figures.
The institute’s positive results over the past three years have cut accumulated losses from previous periods to 18 million euros, from 29 million euros. At the end of September 2026, it had 15.2 million euros in cash, which the restructuring plan earmarked for investment.
Capital and liabilities
A 21.4 million euro capital increase at the start of 2026 was funded with 14 million euros from the government and seven million euros from the company Vila Oliva. The institute said the injection enabled it to settle most old debts, start an investment cycle and prepare technical documentation to upgrade accommodation.
Compared with September 2025, long-term liabilities fell to 2.8 million euros from 3.5 million euros, while short-term liabilities declined to 4.2 million euros from 21.3 million euros. Management said an annual inventory of assets and preparatory work for their valuation were under way, with the valuation planned for the last quarter of 2026. The institute has adopted the valuation brief and selected an appraiser; the brief sets out the scope, preparation, responsibilities, schedule and methodological and regulatory requirements.
Patients and investment work
The institute treated 11,000 patients in the nine-month period, who recorded 143,000 overnight stays, 7,000 more than a year earlier. Domestic guests accounted for 120,000 nights, an increase of 9,000, while foreign guests recorded 23,000, down by 2,000.
Insured members of the Health Insurance Fund accounted for 95,000 nights, two-thirds of the total and 10,000 more than in the same period of 2025. Pension and Disability Insurance Fund beneficiaries recorded 5,000 nights, a decrease of 1,500; union members had 11,000, down 1,000; and other domestic guests recorded 9,000, down 3,000.
Patients from Bosnia and Herzegovina were the largest foreign group, with 10,000 nights, unchanged year on year. Guests from Serbia recorded 7,000 nights, compared with 9,400 a year earlier. Visitors from Slovenia recorded 1,000 nights; those from Kosovo 640, Croatia 557, Norway 369, Russia 349, the Netherlands 280, Germany 250, Denmark 243, and Ukraine and Macedonia 152 each. Guests from Switzerland had 117 nights.
Norwegian guests, formerly the institute’s largest foreign group, made up 1.6% of foreign overnight stays, but their number rose from 125 in the same nine months of 2025. The institute had 504 employees on 30 September 2026, compared with 533 a year earlier. Its average net wage was 873 euros, up from 817 euros, and it spent 152,000 euros on medical and technical staff hired occasionally under service contracts because of staff shortages.
Completed works include the overhaul of all six lifts in the A and B blocks of Phase II and the installation of a new lift in the therapy block. Project documentation for renovating the Phase II roof surfaces is complete, and a new heat pump has been installed in the machine room at position DT-5.
Management said reconstruction of buildings and upgrades to accommodation were planned to improve services and strengthen the institute’s market competitiveness. The timing and scale of that work were not specified.
