Even under complex global economic conditions, the economy of the Republic of Serbia demonstrated resilience throughout 2024, maintaining stability and profitability, which was largely influenced by the positive results of real sector consolidated groups.
As notable participants in the real sector, consolidated groups generated total revenues of RSD 5,928,235 million, while total expenses amounted to RSD 5,607,189 million, resulting in a positive net result of RSD 255,121 million. Net profit was recorded by 605 consolidated groups encompassing 1,961 subsidiary and associated legal entities, whereas 117 groups, with 356 consolidated entities, reported a net loss.
Consolidated groups operated with business assets worth RSD 7,841,798 million and a total capital of RSD 3,599,824 million. They held RSD 3,484,092 million in equity financing, while total liabilities amounted to RSD 4,354,283 million, indicating continued reliance on borrowed funds. The equity ratio stood at 44.4%, and the overall indebtedness ratio at 1.25. Total accumulated losses amounted to RSD 853,738 million, of which RSD 112,309 million exceeded the value of capital.
Their contribution to the national economy is underscored by the fact that consolidated accounted for 29.5% of total revenues and expenses, achieving 24.0% of net profit and 11.4% of net loss of all companies in Serbia. They also engaged 30.7% of business assets and 31.4% of capital, while generating one-fifth of total losses. At the same time, they employed slightly more than a quarter of the entire workforce in the economy.
The most successful in 2024 was EPS AD BEOGRAD, which stood out as the most profitable, achieving the highest net profit and the highest operating revenues, while also utilizing the most valuable financial capacities and accumulating the largest overall losses. High profitability was also recorded by NIS A.D. NOVI SAD and JP SRBIJAGAS NOVI SAD, ranking second and third, respectively, with strong operating revenues and substantial business assets and capital. A noteworthy net profit was also achieved by last year’s loss-maker, ALCO INVESTMENT DOO BEOGRAD, which ranked fourth, while COCA-COLA HBC - SRBIJA DOO ZEMUN completed the top five.
The analysis covers the operations of 722 consolidated groups, within which parent companies controlled 2,317 subsidiary and associated legal entities. These groups employed a total of 337,046 workers.
The leading group by number of controlled entities remained DELTA HOLDING DOO BEOGRAD, with 69 subsidiaries, 22 of which are based abroad. A large scope of consolidation was also noted in the groups MPZ-AGRAR DOO NOVI SAD and MPZ AGRAR DVA DOO NOVI SAD, with 44 and 42 subsidiaries, respectively. GALENS INVEST DOO NOVI SAD consolidated 28 entities (five abroad), while MILŠPED DOO BEOGRAD consolidated 22 entities (15 abroad).
The publication “Annual Report on the Performance of the Real Sector Consolidated Groups in 2024” is based on data from consolidated annual financial statements for 2023 and 2024 submitted to the Agency in accordance with accounting regulations.
The report includes an overview of consolidated groups’ performance at the aggregate level, an analysis of the business characteristics of leading groups based on key financial indicators, and rankings of the top 20 groups by operating revenues, net profit, business assets, capital, as well as those with the highest net loss and total loss.
The Annual Report on the Performance of the Real Sector Consolidated Groups in 2024 is published within the section Financial Statements – Publications / Annual Reports on the Performance of Legal Entities, Entrepreneurs and Consolidated Groups.