Revenue
3.5% of Montenegro's revenue
2,701 companies earned 622.11m€ in 2025, 3.5% of all company revenue in Montenegro. It ranks 6 of 25 municipalities by revenue. Revenue has grown 3.3× since 2015.
3.5% of Montenegro's revenue
87.6 per 1,000 residents · Montenegro 57.3
Largest employer: Portonovi Hospitality Management Company (355)
Total profit: 14.92m€
Average per employee, not per company
Revenue in € million (bars) and filing companies (below), 2015–2025
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 186,748,143€ | 1,096 |
| 2016 | 238,411,668€ | 1,158 |
| 2017 | 256,635,932€ | 1,236 |
| 2018 | 330,861,351€ | 1,347 |
| 2019 | 472,263,023€ | 1,508 |
| 2020 | 281,384,588€ | 1,616 |
| 2021 | 298,013,020€ | 1,775 |
| 2022 | 478,145,632€ | 2,226 |
| 2023 | 519,343,062€ | 2,536 |
| 2024 | 586,186,307€ | 2,626 |
| 2025 (Preliminary) | 622,105,532€ | 2,701 |
The number of companies jumped most in 2022: from 1,775 to 2,226.
Companies are assigned to the municipality of their current seat for every year
Growth is measured on the same companies, which filed for both years.
Share of municipal revenue
Share in MontenegroRevenue change vs 2024, companies with at least 1m€ that year
Employees and payroll cost per employee per month*
Ranked by total revenue · Showing 1–50 of 145
* 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 →
| Employees |
|---|
| Payroll cost/emp./mo* |
|---|
| 1 | Azmont Investments02893126 · Real estate | 6.4% | 39,574,821€ | -22.9% | 7,520,630€ | 19.0% | 17 | 7,093€ |
| 2 | Portonovi Resort Management Company03067637 · Real estate | 1.2% | 7,244,660€ | -0.4% | 858,374€ | 11.8% | 150 | 1,945€ |
| 3 | Alpmont02016389 · Real estate | 0.3% | 2,041,223€ | +23.9% | 2,279€ | 0.1% | 8 | 2,716€ |
| 4 | Mješovito02008190 · Real estate | 0.3% | 1,676,857€ | +48.3% | 843,931€ | 50.3% | 9 | 2,286€ |
| 5 | Olive Coast03292606 · Real estate | 0.1% | 913,936€ | +20.1% | 159,503€ | 17.5% | 2 | 25,805€ |
| 6 | C - Vračar02008408 · Real estate | 0.1% | 769,374€ | +138.7% | -251,342€ | -32.7% | 1 | 15,317€ |
| 7 | Centar Novi03067360 · Real estate | 0.1% | 640,007€ | +2.8% | 2,128€ | 0.3% | 14 | 930€ |
| 8 | Real Estate Development03678857 · Real estate | <0.1% | 513,957€ | -36.8% | -2,849,783€ | Margin not shown: the profit cannot be reconciled with revenue and payroll (likely a revaluation or a misread filing). | 1 | — |
| 9 | Remontni Centar HN03396622 · Real estate | <0.1% | 376,337€ | -8.6% | 175,204€ | 46.6% | 5 | 901€ |
| 10 | Catalonia02421518 · Real estate | <0.1% | 300,889€ | +249.4% | 146,578€ | 48.7% | 2 | 465€ |
| 11 | PN Rent03384705 · Real estate | <0.1% | 230,109€ | +90.5% | 13,497€ | 5.9% | 2 | 1,068€ |
| 12 | Adriastar Mne02621550 · Real estate | <0.1% | 218,005€ | +3.3% | 7,636€ | 3.5% | 2 | 3,143€ |
| 13 | Luxury Rental03372669 · Real estate | <0.1% | 212,677€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 173,891€ | 81.8% | 1 | 790€ |
| 14 | Sunny MN03458016 · Real estate | <0.1% | 211,500€ | -43.7% | 1,361€ | 0.6% | 1 | 928€ |
| 15 | New Level03544915 · Real estate | <0.1% | 160,889€ | +8.7% | 17,948€ | 11.2% | 1 | 1,199€ |
| 16 | Black Dolphin03747875 · Real estate | <0.1% | 159,098€ | No filing for 2024. | 53,057€ | 33.3% | 1 | 3,943€ |
| 17 | TQM03466710 · Real estate | <0.1% | 136,990€ | +341.6% | 30,114€ | 22.0% | 2 | 1,052€ |
| 18 | Montenegro Property Group03446573 · Real estate | <0.1% | 117,349€ | -15.8% | 6,087€ | 5.2% | 1 | 1,190€ |
| 19 | Agencija za Gazdovanje Gradskom Lukom Herceg Novi02910179 · Real estate | <0.1% | 116,033€ | +9.6% | -10,241€ | -8.8% | 6 | 1,353€ |
| 20 | SF Company03459632 · Real estate | <0.1% | 104,866€ | -11.3% | -260,161€ | -248.1% | 1 | 678€ |
| 21 | Montecristo02435497 · Real estate | <0.1% | 96,142€ | -21.0% | -5,817€ | -6.1% | 3 | 785€ |
| 22 | Forte Mare02647184 · Real estate | <0.1% | 68,223€ | +179.2% | -3,376€ | -4.9% | 4 | 673€ |
| 23 | Property HN03481476 · Real estate | <0.1% | 63,859€ | -29.1% | 6,726€ | 10.5% | 1 | 677€ |
| 24 | Inter Nos02629909 · Real estate | <0.1% | 57,643€ | +256.1% | 22,568€ | 39.2% | 2 | 677€ |
| 25 | Progres Mne02813262 · Real estate | <0.1% | 55,017€ | -35.1% | -142,837€ | -259.6% | 2 | 393€ |
| 26 | Area Group03372855 · Real estate | <0.1% | 52,692€ | +44.2% | -29,450€ | -55.9% | 2 | 597€ |
| 27 | Rivijera02428563 · Real estate | <0.1% | 50,513€ | -34.8% | -14,433€ | -28.6% | 5 | 736€ |
| 28 | Boka Bay Residences03662861 · Real estate | <0.1% | 49,421€ | +620.1% | -22,527€ | -45.6% | 2 | 639€ |
| 29 | Aooo03185923 · Real estate | <0.1% | 49,143€ | +719.7% | 13,514€ | 27.5% | 1 | — |
| 30 | Ferienanlage Luhmann/Riesenberg/ Sander-Beuermann02867656 · Real estate | <0.1% | 41,882€ | +16.3% | -8,255€ | -19.7% | 1 | 925€ |
| 31 | Boka Rock03325997 · Real estate | <0.1% | 41,581€ | +15.2% | -13,807€ | -33.2% | 1 | 852€ |
| 32 | Olive Stonehouse03736555 · Real estate | <0.1% | 35,566€ | No filing for 2024. | 4,216€ | 11.9% | 1 | 757€ |
| 33 | Balsa Real Estate03699692 · Real estate | <0.1% | 35,100€ | +869.6% | -11,412€ | -32.5% | 1 | 3,569€ |
| 34 | Jugodrvo-Holding02643359 · Real estate | <0.1% | 34,282€ | +4.1% | -208€ | -0.6% | 4 | 480€ |
| 35 | Topla MN Company03655962 · Real estate | <0.1% | 34,206€ | +312.1% | 12,264€ | 35.9% | 2 | 724€ |
| 36 | MNM Investments03286525 · Real estate | <0.1% | 34,020€ | +227.1% | 18,208€ | 53.5% | 1 | 678€ |
| 37 | South Kross Company03128989 · Real estate | <0.1% | 30,729€ | +50.8% | -58,585€ | -190.7% | 1 | 2,075€ |
| 38 | Ulazi Boke03487857 · Real estate | <0.1% | 30,262€ | -9.1% | -129€ | -0.4% | 2 | 1,033€ |
| 39 | JB Concept Habitat Mne03286584 · Real estate | <0.1% | 28,993€ | -59.6% | -37,803€ | -130.4% | 2 | 1,116€ |
| 40 | Happy Montenegro03263886 · Real estate | <0.1% | 28,750€ | +187.5% | 15,654€ | 54.4% | 1 | 831€ |
| 41 | Interfast Mne03473503 · Real estate | <0.1% | 28,141€ | -6.7% | -21,767€ | -77.3% | 1 | — |
| 42 | Maxima Co02978245 · Real estate | <0.1% | 27,932€ | +3.6% | -12,051€ | -43.1% | 2 | 671€ |
| 43 | Lutovac - Info02842408 · Real estate | <0.1% | 26,496€ | -7.5% | 102€ | 0.4% | 2 | 1,014€ |
| 44 | Dunav Invest03424731 · Real estate | <0.1% | 23,775€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -1,073€ | -4.5% | 1 | 925€ |
| 45 | Adria Developments02636301 · Real estate | <0.1% | 22,299€ | -0.1% | -120,304€ | -539.5% | 1 | 1,722€ |
| 46 | First Realty03433099 · Real estate | <0.1% | 21,645€ | +37.0% | -1,984€ | -9.2% | 2 | 753€ |
| 47 | Montenegro-Dom02806169 · Real estate | <0.1% | 20,310€ | -12.0% | 372€ | 1.8% | 4 | 407€ |
| 48 | Renting With Heart03677176 · Real estate | <0.1% | 20,000€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -5,720€ | -28.6% | 1 | 2,031€ |
| 49 | Ivon Blue03470075 · Real estate | <0.1% | 17,711€ | -66.9% | -53,397€ | -301.5% | 1 | 377€ |
| 50 | MMP Real Estate03376826 · Real estate | <0.1% | 17,524€ | -40.5% | -15,005€ | -85.6% | 1 | 677€ |