In the dynamic business environment of Montenegro, the name Daniela Jovic has been synonymous with expertise, vision and leadership for years. Her impressive career, spanning the demanding audit and banking sectors, testifies to her exceptional adaptability and desire for new challenges. After successfully leading the Montenegrin branch of the audit firm Deloitte for many years, and then a significant role in Ernst & Young, where she held the positions of Associate Partner in Audit and Executive Director of the Audit Firm EY Montenegro, Danijela Jović has made a significant step forward in the banking sector. Her engagement as the Chief Executive Officer of Universal Capital Bank AD Podgorica, and then as a member of the bank's Supervisory Board, further broadened her understanding of the complex world of finance.
However, her entrepreneurial nature and desire for new perspectives led her to a new chapter in her career – joining the Vesuvius Consortium. Today, as a financial advisor and coordinator of this successful consortium, Danijela uses her rich experience and broad understanding of various industries to contribute to the further growth and development of the group. From her professional beginnings at the Institute of Economics in Belgrade, to her key role in one of the most successful Montenegrin business groups, Danijela Jović is an inspiring example of a businesswoman who continuously pushes the boundaries and contributes to the economic progress of Montenegro and the region. In an interview she gave for Bankar, we had the opportunity to learn more about her role in Vesuvius Consortium, the vision for the development of this significant group and plans for the future.
Vesuvius – Volcano has existed for a quarter of a century, and for almost a decade has been a leader in the field of organizing games of chance and as an employer employs more than 1000 workers.
How did the Vesuvius CONSORTIUM come about?
Vesuvius Consortium is a reflection of the vision of the founder, Mr. Žarko Mitrović, to connect more successful companies with the aim of strengthening the capacity for the implementation of large projects, both in Montenegro and beyond our borders. The desire is to gather an even stronger team, because people are the key resource in every successful business. Vesuvius Consortium was created by combining the business and investment interests of the companies Vesuv. doo, General Invest doo, Admiral Holding doo and Energo Finanza doo, which are residents of Montenegro, and as, in the meantime, Vesuvius Consortium has expanded its investment group, its equal members have also become partner companies Finanza Holdings Limited, Alteena Holdings Limited, Finanza Real Estate, KPF Properties and many others, which are residents of neighboring and other European countries, EU members.
This concept of the Vesuvius Consortium represents a long-term agreement between the aforementioned companies for the common goal – expanding and strengthening capacities for the implementation of new and demanding projects. Of course, all companies retain independence in the basic aspects of their business. We primarily want to share and improve human resources by joining forces (which rightfully take first place because the Consortium is aware of the importance of investing in professional, experienced and dedicated individuals and teams), then technological and financial, with the aim of implementing projects that would be too large or too expensive for a single company. In addition, the consortium provides greater negotiating power, a stronger competitive advantage and increases the quality and chances for successful performance of complex tasks in different markets, because each company brings its own specialized resources and experience, which on the other hand contributes to reducing individual risk exposure. Our goal is no longer just the Montenegrin market, Vesuvius Consortium is our preparation for successful business ventures in several areas in the countries of the region and the countries of the European Union.
You are the financial advisor and coordinator of the Vesuvius Consortium. Can you give us a more precise description of your function?
As the financial coordinator of the Vesuvius consortium, I manage, or rather establish the best balance of interests between the entities of the consortium. Through insight into their business, i.e. their current investment capacities as well as their investment "appetites", I suggest to the entities in which of the current or new projects they should participate and to what extent. I monitor the implementation of these activities from a financial perspective and coordinate the process of their profitable independence. For the sake of successful business and functioning of the system, coordination with financial institutions in the country and abroad, tax authorities and increasingly demanding regulators of various jurisdictions is also one of the most important segments of my work.
Have you previously been employed by a consortium company?
It all started with my consulting engagement in the company Vezuv – Volcano. Successfully set standards in business, clearly defined goals and the true vision of further development of the company's founder Mr. Žarko Mitrović motivated and inspired me to accept to be part of the management that shares and follows that vision of development, which is most reflected in innovations in all segments of business, investments in new technologies and the willingness and courage to persist in the position of market leader. The advantage of the company Vezuv – Volcano is also in the constant focus on providing top-notch service and adequate human resources management, which is reflected in supporting talents, educating employees and improving teamwork. But I must emphasize that even the best team, without a clearly defined vision of the owner, a coordinated strategy and specific business goals, usually goes astray and loses precious time. That is why we build our path strategically – because we know that long-term success is possible only through a clear vision, consistency and courage.
The Gaming Authority has published last year's results of its gaming revenues. Vesuvius – Volcano once again contributed the most to the Montenegrin budget?
I have already emphasized that we have been the leader of the gaming industry in Montenegro for almost a decade. This leadership is reflected in consistent compliance with legal regulations and a partnership with the state. We are continuously part of the White Tax List as a regular taxpayer. The total amount of tax liabilities paid to the Montenegrin budget in 2024 amounted to EUR 14,8 million, which is EUR 4,6 million more compared to 2023.
Based on concession fees, our contribution to the state amounted to EUR 8,8 million, the profit tax for 2023, which was paid at the end of March 2024, amounted to EUR 4,8 million, while taxes and contributions on personal income amounted to close to EUR 1 million, and other tax payments amounted to over EUR 230 thousand. This strengthens our leadership position, and our desire is to maintain this position in the coming years and continue to strengthen the company's position both in the field of business results and in the segment of social responsibility.
That's a good introduction, it's impossible not to notice that the company Vesuv - Volcano is dedicated to corporate social responsibility?
That's right. The company Vezuv – Volcano has placed a strong emphasis on social responsibility in 2024. Through numerous socially responsible actions, philanthropic initiatives and individual donations, sponsorships and patronages, it has allocated more than EUR 200 thousand to support various projects and initiatives in the community. Through support in key areas such as health, sports, education, culture and ecology, we wanted not only to provide concrete material assistance, but also to raise awareness of the importance of corporate social responsibility. In 2025, our pleasure and privilege to be socially responsible will be significantly increased in terms of budget.
Vesuvius-Volcano expanding its business beyond the borders of Montenegro?
The natural sequence is to try to expand our leading position in Montenegro beyond our borders. Vezuv – Volcano belongs to those rare companies from Montenegro that did not have the prejudice to measure their potential in the markets of the region, so with the VOLCANO brand, acquiring companies in Serbia and the Republika Srpska, we are successfully present in those markets as well. We are not afraid of competition, on the contrary, it makes us better. The plan is to continue expanding, and I believe that we will soon be operating in the market of the Federation of Bosnia and Herzegovina, as well as in North Macedonia.
It is important to emphasize that Vesuvius – Volcano, as an employer, employs more than 1.000 workers, which is also an important link in the economy of Montenegro, as it significantly contributes to reducing unemployment, stabilizing the labor market, and stimulating overall economic growth.
Can you tell us about the main activities of the other companies from the Vesuvius Consortium?
Energo Finance black, Podgorica – is an SPV (Special Purpose Vehicle) established with the aim of investing in renewable - green energy sources in Montenegro through land acquisition, project development, construction and management of solar power plants and wind parks. The company currently has one solar power plant in its portfolio in the immediate vicinity of Podgorica, "Ubli 1", with an installed capacity of 5 megawatts (MW) and a projected annual production of 8.200 MWh. The power plant produces electricity, and has obtained a usage permit and a permanent operation permit. The total investment value in this project is EUR 4,8 million. Project and technical documentation for the second solar power plant "Ubli 2" with an installed capacity of 4,8 MW is being prepared.
General Invest doo, Podgorica is our company that successfully manages the boutique 5* hotel “Porto Palace” in Tivat, in the prestigious location of Porto Montenegro. Hotel “Porto Palace” is synonymous with sophistication, with an offer according to the highest quality standards and a special design of heterogeneous characteristics and layouts, and amenities such as a spa, gym, outdoor pool, restaurant and wine bar “Napa” represents a complete luxury offer for enjoyment on the first line to the sea. In the coming period, we have reserved significant funds for investments in the construction of a luxury hotel in the very center of Belgrade with over 100 accommodation capacities, an exclusive restaurant and a wellness & spa center.
Admiral Holding doo, Podgorica is a company in the construction, rental and sale of real estate and car rental sectors. Over the decades of business, as the company has developed, its portfolio has grown, and today we have projects in the field of construction as an investor, developer, and seller of residential units and mixed-use projects. The company has successfully implemented two residential projects - Lumen Homes and Sunstone Residences, and its project portfolio also includes an impressive, diversified range of real estate properties in various stages of development. It is important to emphasize the importance of the "City Park" project, which is located on the site of the former "Radoje Dakić" factory, in the immediate vicinity of the City Kvart settlement.
The excellent location will be our chance to offer a new housing concept maximally adapted to the needs of customers with innovative architectural solutions that will pay special attention to those amenities that are necessary for life in a rapidly expanding city today. Park areas, new quality and content of housing will ensure that this project, we are sure, sets new standards. The investment includes 500 housing units of various sizes, 6.500 m² of net area of business premises, 612 parking spaces and large green park areas.
We have received the approval of the Chief State Architect and are currently reviewing the main design. After obtaining the building permit, the “City Park” project will be presented to the market, which is expected to be at the end of the second quarter of 2025.
The project will be implemented in two phases, the first of which includes UP 15, which is closer to the City Kvart settlement, whose completion is expected in the second half of 2028, where 5 buildings, 265 residential units, 325 parking spaces and 3.500 m² of net area of commercial space are planned.
After that, we will begin construction of phase 2 at UP 11, where 5 buildings, 235 residential units, 287 parking spaces and 3.000 m² of net area of commercial space are also planned. As I mentioned, a large number of green areas are planned within both plots, including a central park that will be placed in the center of the square surrounded by buildings. We want this concept to be a clear signal to our market that we offer and set new standards, affirming the need for a new quality of life for our customers, which will represent a significant difference compared to similar residential units in that part of our Capital.
Are there any new projects or plans of the Vesuvius Consortium that you can present to us?
Our focus in the coming period will be on green energy. Montenegro has the potential for its production and by developing capacities in renewable sources, it can use surplus energy for export, especially to EU markets, where there is a growing demand for clean and sustainable energy. European markets, which are increasingly focusing on energy with low carbon dioxide emissions, place Montenegro in a position to use its “green” energy potential as its competitive advantage.
This was precisely the motive of the Vesuvius Consortium to consider investments in wind park projects with a total projected capacity of over 475 MW, which would improve the country's energy balance, reduce dependence on fossil fuels, ensure stability of supply and create new jobs, especially in its northern part.
All wind farms have secured urban and technical conditions and are currently in the phase of development of project documentation, with a significant number of studies in the final phase. We see this industry as a further strategic commitment of the Vesuvius Consortium, where, together with domestic and foreign partners, we want to support the further diversification of the economy of Montenegro, which, as a signatory to the Paris Agreement, is harmonizing its legislation with EU laws, which creates a stable legal framework for investors in green technologies.
( Vesuvius )
