The portal Biznis.rs, leveraging data from CompanyWall, a leading regional credit rating agency, has launched its annual project “99 Most Successful” in Montenegro, recognizing companies that have thrived over the past two years. This year, 58 large companies were ranked, reflecting the dominance of tourism and trade in Montenegro’s economy, which limits the emergence of larger firms.
The ranking criteria included essential business parameters derived from the companies’ annual financial reports, focusing on total revenue, net profit, added value per employee, revenue growth index for 2023 compared to 2022, and debt criteria. Each parameter was assigned a weight, with added value per employee receiving the highest emphasis, followed by profit and revenue growth.
Companies undergoing liquidation, inactivity, or pre-bankruptcy were excluded, as were those with net debt exceeding five times their EBITDA.
Improved performance compared to last year
The annual list shows overall better performance among Montenegro’s large companies compared to the previous year. Notably, sectors like energy, trade, finance, and construction excelled, alongside a notable rise in companies involved in sports betting.
In 2023, the top companies collectively generated €4.14 billion in revenue, with a net profit of €425.88 million. Monteput recorded the highest revenue growth at 172%, while Elektroprivreda Crne Gore (EPCG) topped the revenue chart with €531.2 million. The largest profit was reported by Crnogorska komercijalna banka at €55.7 million, closely followed by EPCG. Voli trade emerged as the largest employer with 2,318 employees, while Crnogorski elektroprenosni sistem achieved the highest added value per employee at €110,240, benefiting from a smaller workforce.
EPCG secured the top spot on Biznis.rs’s list, marking its return after being absent last year. With total revenues of €531.26 million, it significantly impacted the overall revenue of large companies. Voli trade ranked second with €356.31 million, followed by Jugopetrol at €254.19 million.
Large companies play a crucial role in economic development by creating jobs, boosting GDP, and attracting foreign investments, which can enhance infrastructure and technology. Many are also exporters, contributing to strengthening foreign reserves and stabilizing markets by reducing volatility and increasing competition.
Positioning among the most successful companies on Biznis.rs provides a clear classification that helps differentiate reliable from unreliable potential business partners, presenting a significant challenge in today’s dynamic business environment.
