After coronavirus it may sound like a distant past, but


May 12, 2020

After the deadline for submission of 2019 financial reports expired, the data submitted by Montenegrin business entities were analysed by the TOP 100 in Montenegro 2020 project. Mr Ratko Nikolić, the founder of BI Consulting, a business information provider, has highlighted the specific circumstances this year in which we are discussing the last year’s results: “Although we have processed the results only recently, and given the developments regarding the pandemic of the new coronavirus, the business year 2019 seems like a distant past. However, it would be unfair not to highlight the results that were significantly better than the previous ones for many Montenegrin companies and the economy as a whole. On the other hand, we believe the knowledge and awareness of real business results in 2019 are valuable for assessing future trends and impacts on the operation of Montenegrin companies and the economy as a whole.”  

He has added that 10,406 companies made a profit, which is an increase of 6.6 % compared to 2018.

“1,317 companies had revenues exceeding one million euro, which is 6.4% more than the last year. 1,019 companies made a net profit of more than one hundred thousand euros, which is as many as 137 companies or 15.5% more than last year. 368 companies have more than 50 employees, which is 34 companies more than last year, or 10% more,” Mr Nikolić has explained.

He has emphasized that the number of submitted correct financial reports for the business year 2019 is 5.3% higher than the previous year.

“It is predominantly a consequence of increased business activity and increased number of companies, as well as of enhanced culture of financial reporting, which is one of the key goals of our project,” Mr Nikolić has said.

As in previous years, according to the clearly defined and publicly available criteria, 12 categories by company size and 12 categories by sectors were ranked, and the last category was the largest fast-growing company.

In the category of micro-companies, the SIM COMPANY is top-ranked based on its 2019 revenues, VIRAGE based on its profit and HALOTAKSI based on the number of employees. All of them are from Podgorica. MIVIS (revenues) from Kotor and companies DOMEN (profit) and SECURITAS MONTENEGRO (number of employees) from Podgorica were top-ranked in the category of small companies. In the category of medium-sized companies, top-ranked are NOVI VOLVOX (revenues), ZETAGRADNJA (profit), TOBACCO S PRESS (number of employees), all of them from Podgorica. As for large companies, ELEKTROPRIVREDA Crne Gore from Nikšić is top-ranked based on revenues and profit, and VOLI TRADE from Podgorica based on the number of employees.

CRNOGORSKI TELEKOM is top-ranked in the telecommunications sector, VOLI TRADE in the trade sector, BUDVA RIVIERA in the hotel management, DELTA MCG in the real estate management, EKONOMIK ACCOUNTANTS in the auditing and accounting sector, PIZZAROTTI from Herceg Novi in the construction sector, while MESOPROMET from Bijelo Polje was top-ranked in the food and beverages sector.

RUDNIK UGLJA is top-ranked in the other production and processing sector, COMTRADE DISTRIBUTION in the IT, JUGOPETROL in the oil and derivatives, GLOSARIJ in the pharmacy, and INSTITUTE Dr Simo Milošević from Igalo in the medical services sector.

The award for the largest growing company in 2019 was won by VOLI TRADE, as a company that has been achieving positive financial results for years, with constant growth in revenues and in the number of employees.

The award ceremony, which was planned for May, has been postponed to September due to the situation with the new coronavirus. The publication of this year’s edition of Business Newspaper – Top 100 in Montenegro has also been postponed for the same period this year. The publication will include the lists of all ranked companies in 25 above mentioned categories.

The project implemented by BI Communication, and aimed at improving and promoting the Montenegrin economy, was initiated three years ago by the Montenegrin business information provider BI Consulting, in partnership with the Ministry of Finance and the Ministry of Economy, with the support of the Chamber of Economy and general sponsorship of Podgoricka banka and Crnogorska komercijalna banka, members of the OTP Group.