The Port of Bar (Luka Bar) concluded 2024 with a net profit of €1,098,429, marking an increase of €320,832 compared to the previous year.
Total revenues for 2024 reached €17.07 million, up by €856,581 or 5% from 2023. Meanwhile, total expenses dropped by 1% to €15.27 million, a reduction of €96,445 year-on-year.
According to the management’s annual business report, the company handled 1.84 million tonnes of cargo in 2024, representing a decrease of 65,586 tonnes or 3% compared to 2023. The annual business plan had targeted 2.31 million tonnes of shipborne cargo, meaning only 80% of the goal was achieved.
A decline in the transshipment of bulk cargo was recorded, while liquid and general cargo showed growth compared to 2023. Last year, 1.46 million tonnes of bulk cargo were handled, 8% less than the previous year. In contrast, liquid cargo rose to 270,804 tonnes, up by 11%, and general cargo increased significantly to 101,506 tonnes, a 59% rise from 2023.
At the end of 2024, the Port of Bar employed 466 people—420 on permanent contracts and 46 on fixed-term contracts. Over the year, 66 people were hired (4 permanently and 62 on fixed terms), while 25 employees left the company—19 through mutual agreements, 4 due to legal obligations, and 2 via contract termination.
As of December 31, 2024, an additional 37 workers were engaged under service contracts, bringing the total workforce to 543—five fewer than in 2023.
The report also notes a €1.76 million increase in the value of the company’s fixed assets. Fixed assets (including intangible and tangible assets, long-term financial placements, and deferred taxes) made up 85.97% of total assets. Current assets (inventory, short-term receivables, placements, and cash) accounted for 13.17%, while prepayments and accrued income comprised the remaining 0.86%.
Following the government’s acquisition of shares at the end of 2022 and beginning of 2024, state ownership in the company rose to 78.55%. Individual shareholders hold 18.58%, and legal entities 1.62%. At the end of 2024, Luka Bar had 8,711 shareholders.
On the Montenegro Stock Exchange, 97,615 shares were traded in 2024, generating a turnover of €28,888. Share prices ranged from a minimum of €0.25 to a maximum of €0.40, with an average of €0.29. The nominal value of one share, according to the Statute, is €1.21.
Ilija Pješčić serves as the Executive Director of Luka Bar, while Dušan Masoničić is the Chairman of the Board of Directors.
