Petroleum Industry of Serbia (NIIS), which is majority owned by Russia's Gazprom Neft, reported 161% rise in nine-month net profit (to RSD 20.1bn from RSD 7.7bn in the same period last year), helped by an increase in sales an improved FX result and higher EBITDA. The company said in a statement that earnings before interest, tax, depreciation and amortization (EBIDTA) jumped 53% to RSD 34.3bn from RSD 22.5bn in the same period last year due to higher crude oil prices and effects of the operational efficiency improvement (measures on EBITDA were RSD 5.1bn). The output of oil and gas in the first 9 months was 1.04 million tonnes. Compared to the same period last year, there is a 10% increase in the processing volume, which amounts to 2.6 million tonnes. During the first nine months of 2017, NIS Group achieved the total sales of petroleum products of 2.5 million tonnes, 4 percent more than year on year. The electricity output in the first three quarters of this year was 117,967 MWh, the result beating the last years by 13%.
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