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Nine Serbian Firms Among Southeast Europe’s Top 100 Companies

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Nine Serbian companies have secured spots on the list of Southeast Europe’s 100 most successful businesses in 2022, the SEE TOP 100.  This prestigious ranking is curated annually by the Bulgarian economic news and analysis agency, SeeNews.

Topping the Serbian contingent is the Serbian Oil Industry (NIS), which claimed the 10th position with revenues surpassing €4.3 billion. This marks a significant rise from its 18th place in 2021. The Serbian Power Corporation (EPS) sits at the 18th spot with earnings of €3.1 billion, while Srbijagas, having garnered €1.9 billion, resides at the 40th position. 

Other notable Serbian businesses on the list include Delhaize Serbia (76th), Tigar Tyres (80th), HBIS Group (82nd), and Telekom Srbija (86th). Making their debut on the list are YugoRosGaz at 85th and Zijin Mining in 91st place.

To put this in perspective, 10 Serbian firms were featured in 2020, while 2021 saw 12 Serbian companies being recognised.

The report’s authors highlighted that the top 100 firms in Southeast Europe reported a record 46% surge in combined revenues in 2022, despite geopolitical upheavals, rising inflation, and dwindling demand. These businesses achieved a cumulative sales figure of €223.9 billion for the year, according to the 16th edition of the ranking. Their collective profit reached €10.3 billion, marking a 61% increase from the previous year.

The latest SEE TOP 100 edition ranks the largest companies in Southeast Europe based on their total revenues for the fiscal year ending 31st December 2022. It encompasses non-financial companies registered in Albania, Bosnia and Herzegovina, Bulgaria, Croatia, North Macedonia, Moldova, Montenegro, Romania, Serbia, and Slovenia.

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Romania’s leading oil and gas producer, OMV Petrom, predominantly owned by Austria’s OMV, retained its top spot in the region for the second consecutive year. Its turnover more than doubled from the prior year, reaching €13.4 billion, with its profit tripling to €2.1 billion.

The study indicated that energy security concerns sparked by the Ukraine conflict dominated global discussions. Consequently, oil and natural gas companies experienced a particularly prosperous year. Sales from companies in this sector on the list amounted to €87 billion, which was twice as much as the second-largest sector, electric power.

Furthermore, over a quarter of all firms on the list operate within the oil and gas sector, contributing to 39% of the overall revenue of the participants.

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