Revenue
1.2% of sector revenue
133 companies earned 10.98m€ in 2025, 1.2% of Transport & logistics sector revenue. Revenue has grown 13.4× since 2015.
1.2% of sector revenue
82 with at most one employee
Largest employer: Montenegro Submarine (25)
Median company -13.2% · 30% profitable
Average per employee, not per company
Revenue in € million (bars) and filing companies (below), 2015–2025
Revenue 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 133
* 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 6 sole proprietors: natural persons whose statements are shown only in aggregate, never by name. The company count excludes them. How we calculate →
The activity title is the code's title in the KD 2010 classification (NACE Rev. 2), which applies to every year shown. The registry now shows titles from the new classification for the same codes, so titles can differ.
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 822,024€ | 23 |
| 2016 | 1,052,520€ | 26 |
| 2017 | 2,016,891€ | 30 |
| 2018 | 2,851,453€ | 34 |
| 2019 | 3,673,247€ | 44 |
| 2020 | 1,602,162€ | 53 |
| 2021 | 2,494,659€ | 57 |
| 2022 | 5,754,378€ | 72 |
| 2023 | 7,115,055€ | 93 |
| 2024 | 8,135,724€ | 113 |
| 2025 (Preliminary) | 10,982,187€ | 133 |
The number of companies jumped most in 2023: from 72 to 93.
7.1% |
| 782,843€ |
| +20.9% |
| 65,815€ |
| 8.4% |
| 2 |
| 3,977€ |
| 3 | Alkima02876221 · Tivat | 6.0% | 660,471€ | +87.0% | 235,550€ | 35.7% | 6 | 721€ |
| 4 | Golden Wave Company03180212 · Kotor | 4.9% | 540,388€ | +30.1% | 71,422€ | 13.2% | 11 | 743€ |
| 5 | Vukfam03438708 · Kotor | 4.7% | 513,427€ | +62.3% | 103,150€ | 20.1% | 7 | 1,828€ |
| 6 | Balsa Group03306500 · Herceg Novi | 4.1% | 444,787€ | -15.2% | -2,786€ | -0.6% | 6 | 4,879€ |
| 7 | United Oceans03281264 · Tivat | 3.1% | 336,575€ | +7.5% | -75,093€ | -22.3% | 8 | 1,112€ |
| 8 | Đorđević-DDS02259818 · Herceg Novi | 2.8% | 308,039€ | +93.7% | 86,745€ | 28.2% | 8 | 770€ |
| 9 | Adriatic Superyacht03170667 · Bar | 2.4% | 267,220€ | +544.1% | 139,872€ | 52.3% | 2 | 993€ |
| 10 | Kotor Vip Boat03333400 · Kotor | 2.3% | 257,809€ | +19.6% | 3,490€ | 1.4% | 7 | 689€ |
| 11 | Hacunamatata02930331 · Budva | 2.1% | 233,989€ | +21.9% | -492€ | -0.2% | 8 | 779€ |
| 12 | Tourist Pul03201759 · Kotor | 2.0% | 222,876€ | +95.0% | 27,708€ | 12.4% | 8 | 859€ |
| 13 | Blue Mare Montenegro02959402 · Budva | 1.8% | 193,571€ | +198.6% | 82,732€ | 42.7% | 4 | 800€ |
| 14 | Nidas Ko03250024 · Kotor | 1.7% | 185,272€ | -21.7% | 987€ | 0.5% | 5 | 794€ |
| 15 | Rijo03298892 · Kotor | 1.6% | 171,934€ | +186.4% | -35,639€ | -20.7% | 9 | 543€ |
| 16 | Ship Travel Dado02968134 · Kotor | 1.5% | 162,286€ | +33.6% | 52,400€ | 32.3% | 4 | 678€ |
| 17 | Kotor Boat Tours03122115 · Kotor | 1.5% | 160,055€ | -13.8% | -5,708€ | -3.6% | 4 | 460€ |
| 18 | Hawaii Boat Tours03545121 · Tivat | 1.4% | 158,508€ | +174.9% | 36,289€ | 22.9% | 3 | 686€ |
| 19 | Luna Perast03318842 · Kotor | 1.4% | 155,695€ | +31.1% | 54,432€ | 35.0% | 5 | 706€ |
| 20 | Montenegro Maritime Company03328082 · Kotor | 1.4% | 150,691€ | +51.4% | 34,155€ | 22.7% | 3 | 2,001€ |
| 21 | M Team03032655 · Kotor | 1.3% | 146,816€ | +178.8% | 67,988€ | 46.3% | 2 | 959€ |
| 22 | Montesail03696545 · Herceg Novi | 1.2% | 128,904€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -18,278€ | -14.2% | 2 | 909€ |
| 23 | Kormoran Virpazar03189309 · Bar | 1.1% | 120,043€ | +63.4% | 5,891€ | 4.9% | 3 | 501€ |
| 24 | Adriatic Charter03644294 · Podgorica | 1.1% | 119,356€ | +552.3% | 29,466€ | 24.7% | 1 | 558€ |
| 25 | Sea Tours03294803 · Tivat | 1.0% | 110,116€ | +30.6% | -30,625€ | -27.8% | 7 | 387€ |
| 26 | Argo Navis Destinations03423352 · Kotor | 0.9% | 99,753€ | +64.4% | 10,888€ | 10.9% | 2 | 966€ |
| 27 | Voyager Speed Boat03651045 · Kotor | 0.9% | 98,182€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 63,255€ | 64.4% | 1 | 996€ |
| 28 | Poseidon Group03514099 · Kotor | 0.9% | 93,980€ | +193.6% | 35,160€ | 37.4% | 5 | 483€ |
| 29 | Montenegro Wild Boat03258246 · Herceg Novi | 0.8% | 90,139€ | +9.8% | 10,484€ | 11.6% | 3 | 588€ |
| 30 | SEA&SUN Adventures03394468 · Kotor | 0.8% | 89,530€ | +81.5% | 9,638€ | 10.8% | 3 | 756€ |
| 31 | Bonaca Travel03723399 · Kotor | 0.7% | 81,354€ | No filing for 2024. | 22,332€ | 27.5% | 0 | — |
| 32 | Gaviteo03421414 · Tivat | 0.7% | 80,342€ | -10.2% | 13,960€ | 17.4% | 1 | — |
| 33 | Seaspark03511375 · Podgorica | 0.6% | 71,190€ | +37.2% | -44,806€ | -62.9% | 2 | 1,369€ |
| 34 | Bellatrix Yachting03304671 · Kotor | 0.6% | 67,676€ | -19.7% | 5,186€ | 7.7% | 1 | 1,221€ |
| 35 | Sea Dog Tours03638553 · Kotor | 0.6% | 64,648€ | -46.0% | 22,222€ | 34.4% | 1 | 775€ |
| 36 | Compass & Co03528103 · Kotor | 0.5% | 58,552€ | +114.4% | -12,226€ | -20.9% | 2 | 640€ |
| 37 | Dare To Dream03314375 · Kotor | 0.5% | 50,958€ | +5.5% | -26,628€ | -52.3% | 6 | 625€ |
| 38 | Golden Hour03736938 · Herceg Novi | 0.5% | 50,792€ | No filing for 2024. | 19,354€ | 38.1% | 1 | 1,786€ |
| 39 | Sunshine Charting03063160 · Tivat | 0.4% | 47,377€ | +53.5% | -23,858€ | -50.4% | 1 | 578€ |
| 40 | Tide and Wave03540758 · Kotor | 0.4% | 45,861€ | -3.6% | 12,459€ | 27.2% | 1 | 1,370€ |
| 41 | Goal03459888 · Podgorica | 0.3% | 34,990€ | +922.5% | -41,233€ | -117.8% | 1 | 675€ |
| 42 | Ship Travel Bjelila03631737 · Tivat | 0.3% | 33,627€ | +16.0% | 4,854€ | 14.4% | 1 | 717€ |
| 43 | Seateam03546535 · Budva | 0.3% | 30,458€ | -16.6% | -8,732€ | -28.7% | 2 | 380€ |
| 44 | Vila 3M02464349 · Herceg Novi | 0.3% | 30,372€ | -43.8% | -9,750€ | -32.1% | 1 | 338€ |
| 45 | Seabros03639932 · Herceg Novi | 0.3% | 29,500€ | +4.0% | -622€ | -2.1% | 2 | 1,115€ |
| 46 | Sailor03678709 · Podgorica | 0.3% | 29,497€ | +181.5% | 1,632€ | 5.5% | 1 | 1,098€ |
| 47 | Djina Company03639428 · Herceg Novi | 0.3% | 29,000€ | +3.8% | 8,541€ | 29.5% | 1 | 1,363€ |
| 48 | Indigo Charter03659534 · Podgorica | 0.3% | 28,916€ | +86.7% | -3,744€ | -12.9% | 1 | 959€ |
| 49 | SKY & Sand Speed Boat03757196 · Kotor | 0.3% | 28,787€ | No filing for 2024. | 3,254€ | 11.3% | 1 | — |
| 50 | Barbeta Taxi Boat03551784 · Kotor | 0.2% | 24,986€ | +22.7% | 1,933€ | 7.7% | 1 | 1,254€ |