The Port of Bar ended last year with a net profit of 1,1 million euros, which is about 300 thousand euros better than in 2023. The accumulated loss of this state-owned company at the end of the year amounted to 12 million, two million less than it was the year before.
Data from the financial statements and management reports of the Port of Bar, published on the Montenegro Stock Exchange website, indicate that the company is recovering from losses from the previous period, even though a storm destroyed part of the port's machinery and infrastructure in early July last year. Damage from the storm was estimated at 35 million euros.
Last year, the Port of Bar had sales revenue worth 15,3 million euros, which is about two hundred thousand more than in 2023, as well as other operating income of 1,7 million euros, or 630 thousand more.
Operating expenses amounted to 6,6 million, which was 1,7 million lower than the previous year. Expenses for salaries, benefits and other personal expenses were 7,6 million euros, which was 1,2 million higher.
The operating result was 2,3 million, which is about 2023 million higher than in 533. The company had financial expenses of 1,8 thousand euros, so the result before taxes was 700 million euros. Current and previously deferred taxes amounted to almost 1,1 billion euros, so a net profit of XNUMX million euros was achieved.
The company has long-term liabilities and provisions of 9,1 million euros, which is a decrease of 2023 million euros compared to 1,6. Short-term provisions and liabilities amounted to 3,1 million euros at the end of last year and are 700 thousand higher than the year before.
Reduced number of workers
The state owns 78,5 percent of the Port of Bar, while the remaining 21,5 percent is owned by citizens, workers and other investors who bought them on the stock exchange. 8,3 citizens own shares in this company.
The company had 543 employees at the end of last year, five fewer than at the end of 2023. Of that number, 466 were under employment contracts, which is 41 more, while the number of those hired through employment agencies decreased from 112 to 40. The number of those hired under temporary contracts increased from 11 at the end of 2023 to 37 as of December last year.
Drop in transshipment
Last year, 1,84 million tons of cargo were transshipped at the Port of Bar, which is 65 thousand tons or three percent less than in 2023. The Port's business plan envisaged the transshipment of 2,3 million tons of cargo, but 80 percent of that plan was achieved.
The decline occurred in bulk cargo, which was transshipped by 1,46 million tons, a decrease of eight percent. Liquid cargo was transshipped by 270 thousand tons, an increase of 11 percent, and general cargo by 101 thousand, an increase of 59 percent.
The management report stated that last year an error was detected in the calculation of tax depreciation for 2023, so a correction was made, which increased the tax amount by 96 thousand euros.
The Port's total receivables from customers of its services at the end of last year amounted to 3,95 million euros, which is 440 thousand more than at the end of 2023. Regularly due receivables amount to 3,5 million euros, which is 178 thousand more than at the end of XNUMX.
By decision of the Port Shareholders' Assembly in June last year, the total accumulated losses from previous years, 23,4 million euros, were reduced by the previous retained earnings of 8,5 million euros.
Total liabilities 15,5 million
The company's total liabilities at the end of last year amounted to 15,5 million euros, of which 9,15 million (59 percent) relate to long-term liabilities, 3,14 million to short-term liabilities, 2,7 million to deferred tax liabilities and 521 thousand to accrued income and expenses.
The liquidity ratio at the end of last year was 1,68, which indicates that the company can settle all its short-term liabilities with available cash 1,68 times.
The financial stability ratio is 0,94, or less than one, indicating that the company must use a small portion of long-term sources to finance short-term assets. The debt ratio is 0,16, meaning that assets are six times greater than total liabilities.
Five credits active
The Port of Bar has five active loans, with all remaining liabilities, including interest, amounting to 7,5 million euros.
The remaining debt with interest to Adiko Bank amounts to 495 thousand euros, on three loans to the state-owned Development Bank (former Investment and Development Fund) the remaining debt amounts to 4,87 million euros, while the remaining obligations towards the loan from NLB Bank amount to 2,18 million euros.
4,3 million invested in infrastructure and machinery
Last year, the Port of Bar made investments of 4,3 million euros. Of these investments, 2,38 million euros were financed from current operations, 1,9 million euros from loans, and 22 thousand from a donation from the European Union.
The total investments that have been initiated are estimated at 8,5 million euros, of which almost one million euros relate to port infrastructure, 2,9 million to port superstructure, 4,5 million to mechanization and 90 thousand euros to environmental protection.
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