Revenue
5.3% of Montenegro's revenue
270 companies earned 932.57m€ in 2025, 5.3% of all company revenue in Montenegro. It ranks 6 of 18 sectors by revenue. Revenue has grown 2.4× since 2015.
5.3% of Montenegro's revenue
146 with at most one employee
Largest employer: Crnogorski Elektrodistributivni Sistem (1,751)
Total profit: -51.55m€
Average per employee, not per company
Revenue in € million (bars) and filing companies (below), 2015–2025
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 393,186,262€ | 143 |
| 2016 | 434,943,628€ | 153 |
| 2017 | 516,473,539€ | 172 |
| 2018 | 582,782,947€ | 177 |
| 2019 | 626,645,954€ | 180 |
| 2020 | 658,297,078€ | 180 |
| 2021 | 788,403,616€ | 191 |
| 2022 | 986,262,751€ | 228 |
| 2023 | 959,641,768€ | 248 |
| 2024 | 907,808,957€ | 265 |
| 2025 (Preliminary) | 932,569,067€ | 270 |
Growth is measured on the same companies, which filed for both years.
Share of the sector's revenue
Revenue change vs 2024, companies with at least 1m€ that year
Employees and payroll cost per employee per month*
Ranked by total revenue · Showing 51–100 of 270
* 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 →
Totals include 1 sole proprietor: natural persons whose statements are shown only in aggregate, never by name. The company count excludes them. How we calculate →
| Employees |
|---|
| Payroll cost/emp./mo* |
|---|
| 51 | Komunalne Usluge-Gradac02019680 · Mojkovac | 0.2% | 1,455,918€ | +19.7% | 282,718€ | 19.4% | 67 | 1,085€ |
| 52 | Hydro Bistrica02998513 · Podgorica | 0.2% | 1,429,182€ | +43.2% | 607,662€ | 42.5% | 10 | 974€ |
| 53 | Mhe Vrbnica03004856 · Podgorica | 0.1% | 1,350,173€ | +4.4% | 76,525€ | 5.7% | 3 | 1,847€ |
| 54 | Vodovod i Kanalizacija02361833 · Berane | 0.1% | 1,317,122€ | +46.5% | 62,071€ | 4.7% | 62 | 1,068€ |
| 55 | Small Hydro Power Plant Kutska02999188 · Andrijevica | 0.1% | 1,289,600€ | +4.1% | 524,807€ | 40.7% | 9 | 1,858€ |
| 56 | Komunalno/Komunale03283135 · Tuzi | 0.1% | 1,102,043€ | -4.3% | 6,918€ | 0.6% | 63 | 1,127€ |
| 57 | Kosanović02718812 · Nikšić | 0.1% | 1,095,223€ | +373.5% | 689,287€ | 62.9% | 4 | 1,062€ |
| 58 | Komunalno02776138 · Rožaje | 0.1% | 1,088,532€ | +4.9% | -90,400€ | -8.3% | 81 | 979€ |
| 59 | Luštica Bay Electricity Company03223108 · Tivat | 0.1% | 1,018,391€ | +40.5% | 114,368€ | 11.2% | 4 | 3,709€ |
| 60 | Vodovod i Kanalizacija Tuzi03399702 · Tuzi | 0.1% | 1,004,416€ | +40.0% | 110,992€ | 11.1% | 48 | 1,019€ |
| 61 | Komunalno02788730 · Kolašin | 0.1% | 950,962€ | -11.1% | 37,338€ | 3.9% | 30 | 1,371€ |
| 62 | Ekomedika02777762 · Podgorica | <0.1% | 930,204€ | -3.8% | 37,615€ | 4.0% | 16 | 2,094€ |
| 63 | Komunalne Djelatnosti02028468 · Plav | <0.1% | 922,972€ | -4.2% | 39,140€ | 4.2% | 53 | 972€ |
| 64 | Energogas02364735 · Podgorica | <0.1% | 918,511€ | -43.7% | -303,654€ | -33.1% | 32 | 1,052€ |
| 65 | Nu Energy and Investment03365379 · Podgorica | <0.1% | 893,425€ | +8,121,945.5% | -418,949€ | -46.9% | 6 | 3,399€ |
| 66 | Igma Energy02992612 · Andrijevica | <0.1% | 891,369€ | +10.3% | 233,097€ | 26.2% | 5 | 2,253€ |
| 67 | Berza Električne Energije03150313 · Podgorica | <0.1% | 871,324€ | -17.3% | 159,627€ | 18.3% | 7 | 2,994€ |
| 68 | Komunalno Plužine02010348 · Plužine | <0.1% | 850,179€ | +0.4% | 18,749€ | 2.2% | 34 | 1,092€ |
| 69 | Za Odvođenje i Prečišćavanje Otpadnih Voda za Opštine Kotor i03211398 · Tivat | <0.1% | 818,948€ | +10.2% | 103,283€ | 12.6% | 12 | 1,704€ |
| 70 | Čevo Solar03454983 · Podgorica | <0.1% | 794,595€ | +30.6% | 171,816€ | 21.6% | 7 | 1,683€ |
| 71 | Vodovod i Kanalizacija02776146 · Rožaje | <0.1% | 773,032€ | +13.8% | 4,671€ | 0.6% | 42 | 1,149€ |
| 72 | Kappa Star Recycling Montenegro03102882 · Nikšić | <0.1% | 727,281€ | -10.7% | 15,598€ | 2.1% | 5 | 1,898€ |
| 73 | LB Marina One Operations03218155 · Tivat | <0.1% | 715,588€ | +28.0% | 215,269€ | 30.1% | 12 | 2,283€ |
| 74 | Vigrad Montenegro Co02976650 · Podgorica | <0.1% | 711,877€ | -32.0% | 130,374€ | 18.3% | 8 | 1,287€ |
| 75 | Vjetro Park Bijela03476634 · Podgorica | <0.1% | 680,637€ | +3,545.4% | -1,291,317€ | -189.7% | 1 | 313€ |
| 76 | Grijanje02760592 · Pljevlja | <0.1% | 641,861€ | +4.3% | -11,911€ | -1.9% | 33 | 1,129€ |
| 77 | Titanium03151662 · Nikšić | <0.1% | 638,977€ | -4.9% | 4,620€ | 0.7% | 2 | 675€ |
| 78 | Energo Finanzza03565858 · Podgorica | <0.1% | 625,410€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 64,063€ | 10.2% | 2 | 2,269€ |
| 79 | Sveti Nikola02158477 · Nikšić | <0.1% | 602,758€ | +3.8% | 17,110€ | 2.8% | 7 | 644€ |
| 80 | Đekić02081750 · Podgorica | <0.1% | 576,993€ | +30.4% | 151,505€ | 26.3% | 3 | 819€ |
| 81 | Vodovod i Kanalizacija02788748 · Kolašin | <0.1% | 571,748€ | +20.9% | 43,122€ | 7.5% | 28 | 1,086€ |
| 82 | Vodovod i Kanalizacija03017940 · Andrijevica | <0.1% | 564,824€ | -5.6% | -32,383€ | -5.7% | 36 | 911€ |
| 83 | Komunalno02083213 · Andrijevica | <0.1% | 554,850€ | +12.0% | 7,755€ | 1.4% | 39 | 896€ |
| 84 | M5 Company03152499 · Danilovgrad | <0.1% | 490,766€ | +29.5% | 131,512€ | 26.8% | 6 | 1,241€ |
| 85 | Komunalne Djelatnosti02660601 · Šavnik | <0.1% | 488,539€ | +3.9% | 1,492€ | 0.3% | 30 | 1,077€ |
| 86 | Nord Energy03058158 · Andrijevica | <0.1% | 421,688€ | +4.0% | 256,246€ | 60.8% | 6 | 373€ |
| 87 | Eurobusiness - Budva03344045 · Budva | <0.1% | 405,000€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -18,006€ | -4.4% | 2 | 548€ |
| 88 | Hidroenergija Andrijevica03028046 · Andrijevica | <0.1% | 402,497€ | +16.6% | 92,741€ | 23.0% | 4 | 1,310€ |
| 89 | Invicta02763273 · Podgorica | <0.1% | 394,114€ | +59.9% | -155,042€ | -39.3% | 3 | 1,392€ |
| 90 | Toi Toi03059782 · Budva | <0.1% | 384,598€ | +50.2% | 129,658€ | 33.7% | 2 | 2,805€ |
| 91 | MK Energy03433994 · Podgorica | <0.1% | 368,634€ | +111,946.8% | -170,939€ | -46.4% | 1 | 6,284€ |
| 92 | Max - Corp Mne03350410 · Budva | <0.1% | 364,685€ | +2,106.3% | 49,426€ | 13.6% | 1 | 1,099€ |
| 93 | MM System02904519 · Nikšić | <0.1% | 362,711€ | +72.1% | 43,711€ | 12.1% | 9 | 661€ |
| 94 | Otkup Katalizatora Mile03312046 · Podgorica | <0.1% | 355,160€ | +135.4% | 21,384€ | 6.0% | 2 | 678€ |
| 95 | Synergy02836670 · Podgorica | <0.1% | 347,496€ | +24.4% | 36,340€ | 10.5% | 4 | 1,191€ |
| 96 | BB Hidro02978636 · Podgorica | <0.1% | 333,742€ | +22.5% | 127,777€ | 38.3% | 3 | 941€ |
| 97 | Komunalna Djelatnost03077373 · Petnjica | <0.1% | 312,839€ | -5.7% | 64,158€ | 20.5% | 15 | 958€ |
| 98 | S&E Tehnica02955946 · Bar | <0.1% | 310,343€ | +34.2% | 82,816€ | 26.7% | 5 | 1,032€ |
| 99 | Benergo03069753 · Berane | <0.1% | 294,554€ | +17.6% | 126,554€ | 43.0% | 9 | 1,117€ |
| 100 | Eco Green Renewable Energy03621952 · Podgorica | <0.1% | 272,863€ | +490.6% | 70,450€ | 25.8% | 3 | 2,144€ |