Revenue
932.57m€2.4× since 2015
5.3% of Montenegro's revenue
Energy, water & waste
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.
Nationwide · 2025
Year
Overview
Companies
270+127 since 2015
146 with at most one employee
Employees
9,747+30% since 2015
Largest employer: Crnogorski Elektrodistributivni Sistem (1,751)
Profit margin
-5.5%11.6 pts below average
Total profit: -51.55m€
This sector -5.5%Montenegro: 6.1%
Payroll cost/emp./mo*
1,516€22% above average
Average per employee, not per company
This sector 1,516€Montenegro: 1,242€
Revenue and companies since 2015
FinalPreliminary
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 |
What changed in 2025
Growth is measured on the same companies, which filed for both years.
- Revenue, same companies (251)
- 907.17m€ → 922.59m€
- Employees, same companies
- 9,379 → 9,482
- Payroll cost per employee, same companies
- 1,500€ → 1,515€
- Filed for 2025, not for 2024
- 19 companies · 9.98m€
- Filed for 2024, not for 2025
- 14 companies, 639,071€ in 2024
Activities in this sector
48.1%
- Companies
- 128
- Employees
- 1,480
- Revenue
- 448,679,522€
16.1%
- Companies
- 6
- Employees
- 1,776
- Revenue
- 150,281,992€
12.3%
- Companies
- 7
- Employees
- 371
- Revenue
- 115,110,661€
- Companies
- 25
- Employees
- 2,320
- Revenue
- 79,691,445€
- Companies
- 33
- Employees
- 2,595
- Revenue
- 68,166,642€
- Companies
- 18
- Employees
- 937
- Revenue
- 29,450,301€
2.3%
- Companies
- 13
- Employees
- 22
- Revenue
- 21,714,063€
1.1%
- Companies
- 16
- Employees
- 68
- Revenue
- 10,082,660€
3700
Sewerage- Companies
- 9
- Employees
- 59
- Revenue
- 5,003,056€
0.3%
- Companies
- 2
- Employees
- 35
- Revenue
- 2,415,562€
- Companies
- 1
- Employees
- 32
- Revenue
- 918,511€
- Companies
- 7
- Employees
- 39
- Revenue
- 670,841€
- Companies
- 5
- Employees
- 13
- Revenue
- 383,811€
Total
- Companies
- 270
- Employees
- 9,747
- Revenue
- 932,569,067€
Where they are and who is growing
Revenue by municipality
Share of the sector's revenue
- Nikšić 431.95m€46.3%
- Podgorica 348.64m€37.4%
- Budva 29.27m€3.1%
- Bar 20.48m€2.2%
- Tivat 14.03m€1.5%
- Herceg Novi 13.95m€1.5%
- Kotor 10.80m€1.2%
- Other municipalities (17) 61.72m€6.6%
Fastest growing
Revenue change vs 2024, companies with at least 1m€ that year
- Hidroenergija Montenegro2.61m€ → 4.32m€+65.8%
- Komunalno4.21m€ → 6.02m€+43.2%
- Vodovod i Kanalizacija2.60m€ → 3.53m€+35.7%
- Vodovod i Kanalizacija13.14m€ → 17.20m€+30.9%
- Vodovod2.45m€ → 3.19m€+30.2%
Largest employers
Employees and payroll cost per employee per month*
- 1,7511,852€
- 1,1702,032€
- 6451,143€
- 5461,115€
- 3532,288€
All companies (270)
Ranked by total revenue · Showing 1–50 of 270
- 1Elektroprivreda Crne Gore02002230 · NikšićRevenue share43.9%
- 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€
- 2Crnogorski Elektrodistributivni Sistem03099873 · PodgoricaRevenue share15.4%
- 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€
- 3Crnogorski Elektroprenosni Sistem02751372 · PodgoricaRevenue share10.3%
- 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€
- 4Green Energy System03479226 · PodgoricaRevenue share2.0%
- Revenue
- 19,085,568€
- Revenue change 2024→2025
- +1,544.7%
- Profit
- 68,124€
- Margin
- 0.4%
- Employees
- 1
- Payroll cost/emp./mo*
- 2,348€
- 5Terna Crna Gora02845237 · PodgoricaRevenue share2.0%
- Revenue
- 19,083,650€
- Revenue change 2024→2025
- +4.0%
- Profit
- 8,396,630€
- Margin
- 44.0%
- Employees
- 13
- Payroll cost/emp./mo*
- 3,658€
- 6Vodovod i Kanalizacija02015641 · PodgoricaRevenue share1.8%
- Revenue
- 17,204,122€
- Revenue change 2024→2025
- +30.9%
- Profit
- 917,493€
- Margin
- 5.3%
- Employees
- 546
- Payroll cost/emp./mo*
- 1,115€
- 7Mozura Wind Park02724391 · PodgoricaRevenue share1.3%
- Revenue
- 12,026,005€
- Revenue change 2024→2025
- +5.4%
- Profit
- 1,404,856€
- Margin
- 11.7%
- Employees
- 3
- Payroll cost/emp./mo*
- 2,233€
- 8Čistoća02407493 · PodgoricaRevenue share1.1%
- Revenue
- 10,405,774€
- Revenue change 2024→2025
- +19.2%
- Profit
- -1,692,914€
- Margin
- -16.3%
- Employees
- 645
- Payroll cost/emp./mo*
- 1,143€
- 9Komunalno02005719 · BudvaRevenue share1.0%
- Revenue
- 9,666,060€
- Revenue change 2024→2025
- No filing for 2024.
- Profit
- 41,743€
- Margin
- 0.4%
- Employees
- 247
- Payroll cost/emp./mo*
- 1,647€
- 10Deponija02653907 · PodgoricaRevenue share1.0%
- Revenue
- 9,582,152€
- Revenue change 2024→2025
- +21.0%
- Profit
- 1,946,946€
- Margin
- 20.3%
- Employees
- 210
- Payroll cost/emp./mo*
- 1,400€
- 11Regionalni Vodovod Crnogorsko Primorje02090198 · BudvaRevenue share1.0%
- Revenue
- 9,581,872€
- Revenue change 2024→2025
- +6.1%
- Profit
- 1,512,676€
- Margin
- 15.8%
- Employees
- 80
- Payroll cost/emp./mo*
- 2,149€
- 12Komunalne Djelatnosti02002752 · BarRevenue share1.0%
- Revenue
- 9,334,729€
- Revenue change 2024→2025
- +8.2%
- Profit
- 453,296€
- Margin
- 4.9%
- Employees
- 344
- Payroll cost/emp./mo*
- 1,267€
- 13Centar za Reciklažu02635879 · NikšićRevenue share0.8%
- Revenue
- 7,571,462€
- Revenue change 2024→2025
- -41.8%
- Profit
- 18,046€
- Margin
- 0.2%
- Employees
- 39
- Payroll cost/emp./mo*
- 1,232€
- 14Vodovod i Kanalizacija02005573 · BudvaRevenue share0.8%
- Revenue
- 7,016,701€
- Revenue change 2024→2025
- -14.4%
- Profit
- -2,104,205€
- Margin
- -30.0%
- Employees
- 249
- Payroll cost/emp./mo*
- 1,473€
- 15Vodovod i Kanalizacija02054779 · BarRevenue share0.7%
- Revenue
- 6,605,759€
- Revenue change 2024→2025
- +6.3%
- Profit
- 10,714€
- Margin
- 0.2%
- Employees
- 175
- Payroll cost/emp./mo*
- 1,147€
- 16Komunalno Kotor02013274 · KotorRevenue share0.7%
- Revenue
- 6,295,238€
- Revenue change 2024→2025
- +5.1%
- Profit
- 36,086€
- Margin
- 0.6%
- Employees
- 236
- Payroll cost/emp./mo*
- 1,234€
- 17Komunalno02000857 · NikšićRevenue share0.6%
- Revenue
- 6,022,538€
- Revenue change 2024→2025
- +43.2%
- Profit
- 411,975€
- Margin
- 6.8%
- Employees
- 159
- Payroll cost/emp./mo*
- 1,227€
- 18Vodovod i Kanalizacija02293196 · Herceg NoviRevenue share0.6%
- Revenue
- 6,011,734€
- Revenue change 2024→2025
- -2.5%
- Profit
- -317,559€
- Margin
- -5.3%
- Employees
- 171
- Payroll cost/emp./mo*
- 1,514€
- 19Čistoća02293200 · Herceg NoviRevenue share0.6%
- Revenue
- 5,603,006€
- Revenue change 2024→2025
- +7.1%
- Profit
- 382,835€
- Margin
- 6.8%
- Employees
- 194
- Payroll cost/emp./mo*
- 1,534€
- 20Vodovod i Kanalizacija02033143 · NikšićRevenue share0.5%
- Revenue
- 4,859,607€
- Revenue change 2024→2025
- +0.2%
- Profit
- -249,631€
- Margin
- -5.1%
- Employees
- 189
- Payroll cost/emp./mo*
- 1,230€
- 21Komunalno02295440 · TivatRevenue share0.5%
- Revenue
- 4,550,720€
- Revenue change 2024→2025
- +10.8%
- Profit
- 128,158€
- Margin
- 2.8%
- Employees
- 178
- Payroll cost/emp./mo*
- 1,283€
- 22Vodovod i Kanalizacija Kotor02013312 · KotorRevenue share0.5%
- Revenue
- 4,371,067€
- Revenue change 2024→2025
- +11.9%
- Profit
- 366,945€
- Margin
- 8.4%
- Employees
- 102
- Payroll cost/emp./mo*
- 1,237€
- 23Hidroenergija Montenegro02665956 · BeraneRevenue share0.5%
- Revenue
- 4,320,838€
- Revenue change 2024→2025
- +65.8%
- Profit
- 1,241,758€
- Margin
- 28.7%
- Employees
- 8
- Payroll cost/emp./mo*
- 2,045€
- 24Čistoća02731657 · PljevljaRevenue share0.4%
- Revenue
- 4,073,740€
- Revenue change 2024→2025
- +3.0%
- Profit
- -66,476€
- Margin
- -1.6%
- Employees
- 207
- Payroll cost/emp./mo*
- 1,080€
- 25Komunalne Djelatnosti02877538 · UlcinjRevenue share0.4%
- Revenue
- 4,057,760€
- Revenue change 2024→2025
- +6.8%
- Profit
- 762,480€
- Margin
- 18.8%
- Employees
- 179
- Payroll cost/emp./mo*
- 1,142€
- 26Vodovod i Kanalizacija02295407 · TivatRevenue share0.4%
- Revenue
- 3,701,379€
- Revenue change 2024→2025
- +14.7%
- Profit
- 38,813€
- Margin
- 1.0%
- Employees
- 61
- Payroll cost/emp./mo*
- 1,628€
- 27Vodovod i Kanalizacija02877449 · UlcinjRevenue share0.4%
- Revenue
- 3,533,066€
- Revenue change 2024→2025
- +35.7%
- Profit
- -166,777€
- Margin
- -4.7%
- Employees
- 115
- Payroll cost/emp./mo*
- 1,204€
- 28Komunalno - Lim02004003 · Bijelo PoljeRevenue share0.4%
- Revenue
- 3,423,575€
- Revenue change 2024→2025
- +25.8%
- Profit
- 70,781€
- Margin
- 2.1%
- Employees
- 145
- Payroll cost/emp./mo*
- 1,254€
- 29Vodovod02343762 · PljevljaRevenue share0.3%
- Revenue
- 3,188,842€
- Revenue change 2024→2025
- +30.2%
- Profit
- 775,629€
- Margin
- 24.3%
- Employees
- 115
- Payroll cost/emp./mo*
- 1,183€
- 30PM Power02790203 · TivatRevenue share0.3%
- Revenue
- 3,090,236€
- Revenue change 2024→2025
- +17.6%
- Profit
- 257,227€
- Margin
- 8.3%
- Employees
- 4
- Payroll cost/emp./mo*
- 5,093€
- 31Kronor02737752 · PodgoricaRevenue share0.3%
- Revenue
- 2,620,985€
- Revenue change 2024→2025
- +28.8%
- Profit
- 949,857€
- Margin
- 36.2%
- Employees
- 20
- Payroll cost/emp./mo*
- 1,386€
- 32Simes Inženjering02319977 · PodgoricaRevenue share0.3%
- Revenue
- 2,585,748€
- Revenue change 2024→2025
- -48.6%
- Profit
- 228,370€
- Margin
- 8.8%
- Employees
- 37
- Payroll cost/emp./mo*
- 875€
- 33Zeta Energy02794624 · DanilovgradRevenue share0.3%
- Revenue
- 2,447,360€
- Revenue change 2024→2025
- +4.2%
- Profit
- 1,097,416€
- Margin
- 44.8%
- Employees
- 14
- Payroll cost/emp./mo*
- 3,692€
- 34Hemosan02160102 · BarRevenue share0.3%
- Revenue
- 2,415,562€
- Revenue change 2024→2025
- +21.1%
- Profit
- 317,483€
- Margin
- 13.1%
- Employees
- 34
- Payroll cost/emp./mo*
- 1,564€
- 35Vodovod i Kanalizacija-Cetinje02029928 · CetinjeRevenue share0.3%
- Revenue
- 2,383,011€
- Revenue change 2024→2025
- +8.9%
- Profit
- -236,210€
- Margin
- -9.9%
- Employees
- 63
- Payroll cost/emp./mo*
- 1,347€
- 36Small Hydro Power Plant Mojanska02999153 · AndrijevicaRevenue share0.2%
- Revenue
- 2,197,691€
- Revenue change 2024→2025
- +3.2%
- Profit
- 797,574€
- Margin
- 36.3%
- Employees
- 14
- Payroll cost/emp./mo*
- 2,520€
- 37Ve-Ro Recycling03022404 · PodgoricaRevenue share0.2%
- Revenue
- 2,141,911€
- Revenue change 2024→2025
- -18.7%
- Profit
- 627€
- Margin
- 0.0%
- Employees
- 1
- Payroll cost/emp./mo*
- 1,530€
- 38Bistrica02004011 · Bijelo PoljeRevenue share0.2%
- Revenue
- 2,058,340€
- Revenue change 2024→2025
- +27.9%
- Profit
- 4,843€
- Margin
- 0.2%
- Employees
- 71
- Payroll cost/emp./mo*
- 1,541€
- 39Vodovod i Kanalizacija02877864 · DanilovgradRevenue share0.2%
- Revenue
- 1,980,341€
- Revenue change 2024→2025
- +29.7%
- Profit
- 210,429€
- Margin
- 10.6%
- Employees
- 65
- Payroll cost/emp./mo*
- 1,342€
- 40Portonovi Electricity Distribution Company03121585 · Herceg NoviRevenue share0.2%
- Revenue
- 1,966,557€
- Revenue change 2024→2025
- +2.1%
- Profit
- 206,939€
- Margin
- 10.5%
- Employees
- 4
- Payroll cost/emp./mo*
- 4,373€
- 41Moneti SS03609758 · ZetaRevenue share0.2%
- Revenue
- 1,948,546€
- Revenue change 2024→2025
- +30.9%
- Profit
- 110,139€
- Margin
- 5.7%
- Employees
- 6
- Payroll cost/emp./mo*
- 618€
- 42Komunalno02004887 · CetinjeRevenue share0.2%
- Revenue
- 1,910,203€
- Revenue change 2024→2025
- +12.3%
- Profit
- -857,181€
- Margin
- -44.9%
- Employees
- 85
- Payroll cost/emp./mo*
- 1,439€
- 43Komunalno i Vodovod02048221 · ŽabljakRevenue share0.2%
- Revenue
- 1,894,339€
- Revenue change 2024→2025
- +17.2%
- Profit
- 202,793€
- Margin
- 10.7%
- Employees
- 42
- Payroll cost/emp./mo*
- 1,583€
- 44Komunalno02361825 · BeraneRevenue share0.2%
- Revenue
- 1,842,049€
- Revenue change 2024→2025
- +27.8%
- Profit
- -168,094€
- Margin
- -9.1%
- Employees
- 144
- Payroll cost/emp./mo*
- 928€
- 45Javno Komunalno Preduzeće03617017 · ZetaRevenue share0.2%
- Revenue
- 1,759,189€
- Revenue change 2024→2025
- +535.3%
- Profit
- 382,689€
- Margin
- 21.8%
- Employees
- 56
- Payroll cost/emp./mo*
- 1,018€
- 46Otpadne Vode03304388 · BudvaRevenue share0.2%
- Revenue
- 1,743,432€
- Revenue change 2024→2025
- +10.1%
- Profit
- 7,759€
- Margin
- 0.4%
- Employees
- 28
- Payroll cost/emp./mo*
- 1,890€
- 47Možura02736381 · BarRevenue share0.2%
- Revenue
- 1,720,403€
- Revenue change 2024→2025
- -10.5%
- Profit
- 231,719€
- Margin
- 13.5%
- Employees
- 38
- Payroll cost/emp./mo*
- 1,620€
- 48Marex Technology03586324 · PodgoricaRevenue share0.2%
- Revenue
- 1,603,637€
- Revenue change 2024→2025
- +12.8%
- Profit
- 122,300€
- Margin
- 7.6%
- Employees
- 1
- Payroll cost/emp./mo*
- 9,081€
- 49Noa Energy Trade Montenegro03637557Revenue share0.2%
- Revenue
- 1,598,534€
- Revenue change 2024→2025
- No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable.
- Profit
- -39,191€
- Margin
- -2.5%
- Employees
- 1
- Payroll cost/emp./mo*
- 920€
- 50Komunalno02875985 · DanilovgradRevenue share0.2%
- Revenue
- 1,552,509€
- Revenue change 2024→2025
- +23.6%
- Profit
- 48,633€
- Margin
- 3.1%
- Employees
- 36
- Payroll cost/emp./mo*
- 1,938€
* 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 →
Energy, water & waste companies in Montenegro ranked by revenue 2025 →
Source: Tax Administration / CRPSCurrency: EUR