Montenegro’s Retail Leaders See Profit Surge In 2023

By Branislav Pekic
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Montenegro’s Retail Leaders See Profit Surge In 2023

Montenegro's top five retail chains collectively surpassed €1 billion in revenue in 2023, while profit grew 61% year on year to €31.4 million, according to local portal Investitor.

According to financial statements submitted to Montenegro's tax administration, market leader Voli generated revenue of €356.23 million and a net profit of €15.6 million. This translates to a 14% increase in revenue and a 34% growth in profit compared to 2022.

Voli's success further consolidates its position as Montenegro's largest private company by revenue.

Top Retailers

HD Laković, another domestic player, emerged second in terms of revenue and profit. The company achieved a revenue of €266.86 million in 2023 (up 20% compared with 2022) and a net profit of €9.9 million, marking a 77% increase compared to the preceding year.

Idea CG, formerly known as Mercator CG, occupied the third position in terms of both revenue and profit. Operating under the regional group Fortenova, the company reported €183.59 million in revenue last year (up 25.9% compared with 2022). It transitioned from a net loss of nearly €1 million in 2022 to a positive net result of €1.9 million in 2023.


Domača trgovina, managing the City and Conto brand markets, also witnessed a positive year. Domestic revenue grew by 22% to €123 million, while net profit saw an 88% increase to reach €2.2 million.

Franca Marketi, which merged with Idea CG at the end of 2023, concluded its final year as a separate entity with a revenue of €72.4 million (-19.7%). The company's profit declined by 20% to €1.7 million in 2023.

Price Caps On Over 500 Items

To combat rising prices, the Montenegrin government announced plans to limit profit margins on over 500 essential items.

Prime Minister Milojko Spajić emphasised that while this won't completely halt inflation, it will directly reduce the cost of every day goods for citizens.

Spajić highlighted an exemption for smaller retailers under 600 square metres to avoid undue strain on their operations.

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