Despite the fact that "Barska plovidba" operated in the black last year with a net comprehensive profit of 1.844.470 euros and ended the negative result they had the year before, this company still has 12,36 million accumulated losses and more than 33 million euros in debt.
This is shown by the financial report on their operations for last year, which was published on the Montenegro Stock Exchange website.
“Barska plovidba”, headed by the executive director Boris Mihailovic, It also has negative equity of 1,53 million. Although significant, this negative equity is still lower than in 2024, when it amounted to more than four million euros.
Part of the company's revenue came last July from the tender sale of a former office building for 1,75 million euros, with the procedure now being investigated by the Higher Prosecutor's Office in Podgorica, while a dispute is also being conducted in the Commercial Court. The Baranis used the money to repay an installment of 1,5 million euros to the Chinese Exim Bank, while the Government, acting as guarantor, paid an installment of the same amount to this bank at the beginning of last year on their behalf.
"Barska" certainly performed better in 2025 than in 2024, as they ended up with a loss of 2,38 million euros two years ago. They generated 7,28 million euros in sales last year, which is about 616,5 thousand better than the year before, when they had an inflow of 6,67 million euros on this basis.
Their operating costs last year were 4,78 million euros, which is 80.000 euros more than in 2024, while they spent 2,77 million euros on gross salaries, or 361,45 thousand more than the year before.
At the end of last year, the company had total debts of 33,7 million euros, of which long-term loans accounted for 17,1 million, short-term loans and borrowings for 12,07 million, and almost three million for deferred tax liabilities.
The fact that "Barska Plovidba" does not have a bright future without restructuring or investment, because it owes the state 9,5 million and Eksim Bank 25 million, was confirmed by the Government itself in the information adopted at the end of March. At that time, the final version of the Memorandum of Understanding with the Arab investor "Faminas Investment Group" was determined, with which, if it buys 22 percent of "Barska" shares from minority shareholders, negotiations would be held on key strategic issues concerning the fate of this company.
Memorandum prepared by the Ministry of Maritime Affairs, which is headed by Filip Radulović, was corrected after the Minister of Finance Novica Vuković warned that there are significant risks for the state if Radulović's proposal to give the Arabs the right to veto key strategic decisions is accepted. Vuković warned that "taking into account the ownership structure of "Barska plovidba", and from the aspect of the business environment, the opinion of the Shareholders' Assembly, the Privatization Council and the Ministry of Economic Development, and primarily the Development Bank, must be obtained.
To this day, it is not known whether the Ministry of Maritime Affairs has obtained this opinion.
The state is the majority owner of "Barska" with 52 percent of the capital, of which the Government owns 18,63 percent, Razvojna banka 16,16 percent, the Pension Fund 12,83 percent and the Employment Agency 4,28 percent. The remaining shares are held by individuals (36,18 percent), legal entities (2,76 percent), and 9,16 percent is in custody accounts with banks.
"Luka Bar" in the red by almost 1,4 million
The neighboring Bar company "Luka Bar" ended last year with a net profit of 1.397.683 euros. This company generated 14,34 million euros in sales revenue, which is almost 950 thousand less than in 2024, when they had a result of 15,29 million on the same basis.
Last year, they reduced their expenses by 743 thousand compared to the previous year, spending 5,84 million euros. “Luka Bar” paid 7,76 million euros for gross salaries, which is about 165.000 more than they allocated for these purposes two years ago. According to the report, their capital amounts to 62.073.612 euros, with 11,69 million euros in accumulated losses from previous years.
The company also has 19.392.003 debts, of which, along with other liabilities, 9,3 million relate to long-term loans, 1,47 million to short-term loans and borrowings, and 2,6 million to deferred tax liabilities.
The financial notes accompanying the financial report of the Port of Bar state that last year they had an adjustment to the value of receivables from the company Bumeks in the amount of 4,2 million euros.
"In accordance with the 2022 port services contract, a receivable from the customer Bumeks of 6,9 million euros was recorded. An assessment of the certainty of collection of the receivables at that time revealed that the amount could not be collected in full, so a decision was made to publicly sell bauxite. These goods were sold for a value of 2,74 million euros. By decision of the Board of Directors, an indirect write-off of the receivables in the total amount of 4,22 million euros was made. Bumeks sued Luka for the entire amount of the receivables, while Luka launched a counterclaim. The procedure is ongoing," the documentation states.
The Polish company is asking the court to determine that the Ports do not owe the 6,9 million euros for ore storage, and that the Port of Bar illegally conducted an out-of-court sale to collect part of the debt. The Port sold the bauxite for a second time for 2,8 million euros, after the first attempt to sell it for 4,8 million euros failed, and responded to the lawsuit with a counterclaim, seeking collection of the remaining debt of 4,1 million euros.
Luka seeks ownership of land in Sutorman
"Port of Bar", as stated in the financial notes accompanying the report, stated that it has 66.946 thousand square meters of Port Economy land and 3.715 square meters of land on Mount Sutorman for which it has a registered "right of use" in the scope of 1/1 rights.
"Luka has submitted a request to the regional unit of the Real Estate Administration in Bar to change the registration of "right of use" to "right of ownership", as well as to the Council for Privatization and Capital Projects in relation to the same, and the administrative procedure is ongoing," the document states.
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