"Poliex" net profit 15,3 million euros

The chemical and military industry "Poliex" from Berane achieved a net profit of 15,3 million euros last year, which is a significantly better result than in 2024, when they had a profit of 4,3 million euros.

The company's operating income amounted to 30,2 million euros, with about one million euros remaining. This means that net profit is almost half of total income.

Operating expenses were 10,3 million euros, and salary expenses were another 2,5 million. The company also had tax expenses of 3,4 million euros, as well as accounting income of 1,7 million euros from changes in revaluation reserves.

According to the balance sheet, “Poliex” has retained earnings at the end of the year totaling 22,4 million euros. The company claims loans worth 19 million euros from related parties.

It was also stated that they had working capital of 39,8 million euros, and advances received at the end of the year were worth 36,5 million euros.

The chemical industry "Poliex" was privatized in early 2015, when the majority state-owned share package was sold for 138,5 thousand euros, with an investment obligation of half a million euros, to a consortium consisting of the Serbian state-owned company "Prva Iskra - Namenska" and Slavko Vujisic from Podgorica. Vujisić was the director of the company from the period when it was state-owned, just before privatization.

Vujisić now owns 82,8 percent of the shares, while the state-owned Serbian military factory "Prva Iskra - Namenska" still owns 0,52 percent. The remaining 17 percent of the shares are owned by several individuals, current and former employees, and buyers of shares on the stock exchange.

Last year, the Montenegro Stock Exchange published an audit report on the financial statements of "Poliex" for 2024, which stated that the auditor refrained from giving an opinion because he did not receive documentation from the company prepared in accordance with accounting standards and that he could not determine the accuracy of several items due to various irregularities he discovered.

This is the third year in a row that the auditor has refrained from issuing an opinion on the company's financial statements, as it cannot confirm their accuracy based on the data provided. The audit report for 2025 has not yet been published.

According to the company's website, they are engaged in the production of military chemical agents, commercial and military explosives, hand grenades, thermobaric weapons, drone grenades, explosives and rocket fuel, as well as various services such as demining, explosives disposal and research activities in the military industry. According to the audit report for 2024, most of the production was sold to Turkey, the Czech Republic, Ukraine, China, but also to various partners around the world.

The company initiated procedures last year to obtain permits to manufacture drones.