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 fo...