The combined total profit of the five largest retail chains in Montenegro amounted to €19.4 million in 2022, a 122% increase on the €8.7 million they collectively reported in 2021.
Revenues across the top five operators also increased in the same period, by 25%, from €677.5 million to €846.8 million, according to data published by local portal Bankar.me.
At the same time, expenses also increased, but at a lower rate (+23%) – from €667.9 million to €825.0 million.
Voli Leads The Way
Voli Trade was the most profitable retailer in Montenegro for the year, reporting a net profit of €11.6 million (+117% year-on-year) and net revenue of €312.4 million (+22%) for the year.
The company operates 57 supermarkets across the country, as well as one discount store (Naši diskont).
In second place, Hard Diskont Laković (HDL) achieved a net profit of €5.6 million (+17%) and net revenue of €197.1 million (+18%).
Third placed Supermarketi Franca ended 2022 with a net profit of €2.2 million (+88%) and net revenue of €90.2 million (+23%). The retailer operates 68 stores in 23 cities and towns across Montenegro.
Domaća trgovina, which operates 63 stores under the Aroma, City and Conto banners, recorded a net profit of €991,000 (+323%), while net revenue increased 29% to €100.9 million.
Lastly, Mercator-CG was the only retailer to end the business year 2022 with a loss, of €997,000, but its losses have been significantly reduced in recent years, according to the data.
The company’s turnover reached €146.1 million, up by 41% from €103.5 million. Mercator-CG operates 126 stores in 21 Montenegrin municipalities.
Read More: Mercator Expands In Montenegro With Franca Marketi Acquisition
© 2023 European Supermarket Magazine – your source for the latest Retail news. Article by Branislav Pekic. Click subscribe to sign up to ESM: European Supermarket Magazine.