Montenegro businesses.
Explore official company financials, employment and salary data from public filings.
2025 market snapshot
In 2025, 35,707 companies earned 17.65b€ with 186,648 employees. Companies that filed for both years earned 9.6% more revenue than in 2024.
Year
Market revenue · 2025
17.65b€
+9.6% · same companies (As reported (all filers): +10.5%)
Total profit · 2025
1.08b€
+5.6% · same companies (As reported (all filers): +10.2% Profit excludes 22 filings with an implausible profit.)
Total employees · 2025
186,648
+5.4% · same companies (As reported (all filers): +5.9% Excludes 760 companies with no employee count in one of the years.)
Companies · 2025
35,707
+1.6%
Top 10 companies · 2025
13.9%
Share of total revenue
Totals include 1,640 sole proprietors: natural persons whose statements are shown only in aggregate, never by name. The company count excludes them. How we calculate →
Total market trend
Use the left and right arrow keys to move between years; the value shows on the chart.
| Year | Revenue |
|---|---|
| 2015 | 6.53b€ |
| 2016 | 7.21b€ |
| 2017 | 8.28b€ |
| 2018 | 9.04b€ |
| 2019 | 9.59b€ |
| 2020 | 8.27b€ |
| 2021 | 9.90b€ |
| 2022 | 12.56b€ |
| 2023 | 14.64b€ |
| 2024 | 15.92b€ |
| 2025 | 17.57b€ (selected year, preliminary) |
Revenue · 2015–2025 · EUR · Source: Tax Administration / CRPS
Dashed: 2025 preliminary
Who is growing and hiring
Biggest gains and drops →Fastest growing
Revenue change vs 2024, companies with at least 1m€ that year
- Nivel1.48m€ → 18.58m€+1,152.9%
- China Road & Bridge Corporation4.15m€ → 40.01m€+864.2%
- Ventura Partners3.58m€ → 20.23m€+465.5%
- Volvox Materials&Construction6.26m€ → 33.25m€+431.4%
- Fidija-Invest1.11m€ → 5.40m€+385.8%
Largest employers
Employees and payroll cost per employee per month*
- 2,4261,094€
- 2,4061,143€
- 1,7511,852€
- 1,724961€
- 1,4401,139€
Largest companies by revenue (top 25)
- 1Elektroprivreda Crne Gore02002230 · Energy, water & waste · Nikšić
- Revenue
- 409,699,890€
- Revenue change 2024→2025
- -6.0%
- Profit
- -92,121,426€
- Margin
- -22.5%
- Employees
- 1,170
- Payroll cost/emp./mo*
- 2,032€
- Revenue/employee
- 350,171€
- 2Voli Trade02227312 · Trade · Podgorica
- Revenue
- 390,143,159€
- Revenue change 2024→2025
- +5.8%
- Profit
- 16,066,500€
- Margin
- 4.1%
- Employees
- 2,406
- Payroll cost/emp./mo*
- 1,143€
- Revenue/employee
- 162,154€
- 3Hard Discount Laković02739500 · Trade · Podgorica
- Revenue
- 294,229,601€
- Revenue change 2024→2025
- +13.1%
- Profit
- 12,537,202€
- Margin
- 4.3%
- Employees
- 1,724
- Payroll cost/emp./mo*
- 961€
- Revenue/employee
- 170,667€
- 4Idea - CG02793962 · Trade · Podgorica
- Revenue
- 275,741,990€
- Revenue change 2024→2025
- -3.9%
- Profit
- 1,373,027€
- Margin
- 0.5%
- Employees
- 2,426
- Payroll cost/emp./mo*
- 1,094€
- Revenue/employee
- 113,661€
- 5Jugopetrol02013258 · Trade · Podgorica
- Revenue
- 251,470,488€
- Revenue change 2024→2025
- -2.2%
- Profit
- 9,370,773€
- Margin
- 3.7%
- Employees
- 107
- Payroll cost/emp./mo*
- 2,937€
- Revenue/employee
- 2,350,191€
- 6Mtel02655284 · Technology · Podgorica
- Revenue
- 183,440,058€
- Revenue change 2024→2025
- +76.8%
- Profit
- 76,703,936€
- Margin
- 41.8%
- Employees
- 559
- Payroll cost/emp./mo*
- 2,217€
- Revenue/employee
- 328,158€
- 7Montefarm02017105 · Trade · Podgorica
- Revenue
- 181,800,827€
- Revenue change 2024→2025
- +8.8%
- Profit
- 353,449€
- Margin
- 0.2%
- Employees
- 561
- Payroll cost/emp./mo*
- 1,380€
- Revenue/employee
- 324,066€
- 8Domaća Trgovina02440261 · Trade · Podgorica
- Revenue
- 161,367,790€
- Revenue change 2024→2025
- +16.2%
- Profit
- 4,103,964€
- Margin
- 2.5%
- Employees
- 1,440
- Payroll cost/emp./mo*
- 1,139€
- Revenue/employee
- 112,061€
- 9Glosarij02118912 · Trade · Podgorica
- Revenue
- 159,843,713€
- Revenue change 2024→2025
- +10.2%
- Profit
- 7,648,423€
- Margin
- 4.8%
- Employees
- 183
- Payroll cost/emp./mo*
- 1,986€
- Revenue/employee
- 873,463€
- 10Bar-Kod02289334 · Trade · Podgorica
- Revenue
- 145,278,300€
- Revenue change 2024→2025
- +14.0%
- Profit
- 4,326,327€
- Margin
- 3.0%
- Employees
- 441
- Payroll cost/emp./mo*
- 1,369€
- Revenue/employee
- 329,429€
- 11Crnogorski Elektrodistributivni Sistem03099873 · Energy, water & waste · Podgorica
- Revenue
- 143,491,220€
- Revenue change 2024→2025
- +8.7%
- Profit
- 2,473,524€
- Margin
- 1.7%
- Employees
- 1,751
- Payroll cost/emp./mo*
- 1,852€
- Revenue/employee
- 81,948€
- 12S Press +02983486 · Trade · Podgorica
- Revenue
- 117,421,904€
- Revenue change 2024→2025
- +17.5%
- Profit
- 843,075€
- Margin
- 0.7%
- Employees
- 201
- Payroll cost/emp./mo*
- 1,358€
- Revenue/employee
- 584,189€
- 13Crnogorska Komercijalna Banka02239108 · Finance & insurance
- Revenue
- 114,451,000€
- Revenue change 2024→2025
- +2.0%
- Profit
- 55,045,000€
- Margin
- 48.1%
- Employees
- —
- Payroll cost/emp./mo*
- —
- Revenue/employee
- —
- 14Ina - Crna Gora02305054 · Trade · Podgorica
- Revenue
- 113,646,187€
- Revenue change 2024→2025
- +18.2%
- Profit
- 1,003,995€
- Margin
- 0.9%
- Employees
- 142
- Payroll cost/emp./mo*
- 1,904€
- Revenue/employee
- 800,325€
- 15Plus03024938 · Trade · Podgorica
- Revenue
- 104,939,098€
- Revenue change 2024→2025
- +20.7%
- Profit
- 4,079,422€
- Margin
- 3.9%
- Employees
- 34
- Payroll cost/emp./mo*
- 2,765€
- Revenue/employee
- 3,086,444€
- 16Crnogorski Elektroprenosni Sistem02751372 · Energy, water & waste · Podgorica
- Revenue
- 96,027,011€
- Revenue change 2024→2025
- -4.7%
- Profit
- 20,989,630€
- Margin
- 21.9%
- Employees
- 353
- Payroll cost/emp./mo*
- 2,288€
- Revenue/employee
- 272,031€
- 17Bemax02643448 · Construction · Podgorica
- Revenue
- 94,355,961€
- Revenue change 2024→2025
- +13.5%
- Profit
- 2,927,476€
- Margin
- 3.1%
- Employees
- 134
- Payroll cost/emp./mo*
- 2,398€
- Revenue/employee
- 704,149€
- 18Crnogorski Telekom02289377 · Technology · Podgorica
- Revenue
- 94,305,603€
- Revenue change 2024→2025
- +2.9%
- Profit
- 7,704,422€
- Margin
- 8.2%
- Employees
- 465
- Payroll cost/emp./mo*
- 2,357€
- Revenue/employee
- 202,808€
- 19Meso-Promet02063344 · Manufacturing · Bijelo Polje
- Revenue
- 91,859,972€
- Revenue change 2024→2025
- +5.6%
- Profit
- 3,694,867€
- Margin
- 4.0%
- Employees
- 637
- Payroll cost/emp./mo*
- 857€
- Revenue/employee
- 144,207€
- 20Luštica Development02744597 · Hospitality · Tivat
- Revenue
- 90,337,909€
- Revenue change 2024→2025
- +13.0%
- Profit
- 574,487€
- Margin
- 0.6%
- Employees
- 116
- Payroll cost/emp./mo*
- 5,223€
- Revenue/employee
- 778,775€
- 21Okov02226782 · Trade · Podgorica
- Revenue
- 87,842,560€
- Revenue change 2024→2025
- +11.1%
- Profit
- 12,932,593€
- Margin
- 14.7%
- Employees
- 559
- Payroll cost/emp./mo*
- 1,278€
- Revenue/employee
- 157,142€
- 22Kips02047403 · Trade · Podgorica
- Revenue
- 85,717,779€
- Revenue change 2024→2025
- -4.5%
- Profit
- 6,933,247€
- Margin
- 8.1%
- Employees
- 449
- Payroll cost/emp./mo*
- 1,234€
- Revenue/employee
- 190,908€
- 23PM 4.103269981 · Construction · Tivat
- Revenue
- 84,638,358€
- Revenue change 2024→2025
- +388,220.6%
- Profit
- 10,960,607€
- Margin
- 12.9%
- Employees
- 123
- Payroll cost/emp./mo*
- 1,817€
- Revenue/employee
- 688,117€
- 24Megapromet02365928 · Trade · Budva
- Revenue
- 72,840,843€
- Revenue change 2024→2025
- +35.7%
- Profit
- 1,988,222€
- Margin
- 2.7%
- Employees
- 402
- Payroll cost/emp./mo*
- 1,250€
- Revenue/employee
- 181,196€
- 25Vezuv02297060 · Arts & entertainment · Podgorica
- Revenue
- 72,234,228€
- Revenue change 2024→2025
- +13.6%
- Profit
- 28,173,079€
- Margin
- 39.0%
- Employees
- 634
- Payroll cost/emp./mo*
- 902€
- Revenue/employee
- 113,934€
* Avg payroll cost per employee per month = wages, wage compensation and other personnel expenses from the income statement (AOP 211: net wages, taxes and contributions on wages including the employer's, and other personnel expenses) / employees / 12. It is not an employee's gross or net salary; reporting errors can move it significantly, and values below 300€ a month are not shown. How we calculate →
Market concentration
Share of total revenue
In 2025, the 100 largest companies earned 39.3% of total revenue.
- Top 10 companies13.9%2.5b€
- Ranks 11–10025.4%4.5b€
- Ranks 101–1,00033.1%5.8b€
- The other 25,808 companies27.6%4.9b€
- Top 5 companies
- 9.2%
- Top 10 companies
- 13.9%
- Top 20 companies
- 19.9%
- Top 100 companies
- 39.3%
- Top 1,000 companies
- 72.4%
Data as of 1 Nov 2026