Petroleum Industry of Serbia NIS (NIIS)
​ NIS (NIIS) reported RSD 12.4bn in its 6M 2017 net profit, up 4 times versus 6m 2016, or RSD 7bn for 2Q17, up 141% y/y. The result is more-less expected given the earlier announcement from the company about expected 2Q performances (as well as achieved from 1Q). Dramatic improvement was not a surprise, given the recovery in crude oil price, which drove revenues higher and impacted profitability. The company’s sales for 6M were up 32% y/y to RSD 107.4bn, while EBITDA arrived at RSD 22.5bn for the same period, up 71% y/y. Expected EBITDA for full year 2017 is at over RSD 40bn, according to the company's expectations. Positive impact on net line also arrived from RSD 4bn in FX gains. The company’s CAPEX in 6M arrived at RSD 10bn, while OCF was at RSD 18.9bn, up 121% y/y. Total indebting position towards bank has been reduced by 4% to USD 636m. Total consumption of petroleum products in the region is on the rise, due to infrastructure works and lower prices, which also drove NIS sales higher but increasing import of diesel and other motor fuels bring negative impact on the other side. Retail market share of NIS remains steady at 43%, while overall market share was down by 2pp, to 72%. Production was down in 2Q by 7% y/y, but this is lower than expected, while processing was down 6% y/y due to extraordinary high refining output in 1H 2016.
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