Revenue
7.3% of Montenegro's revenue
3,730 companies earned 1.28b€ in 2025, 7.3% of all company revenue in Montenegro. It ranks 4 of 18 sectors by revenue. Revenue has grown 4.4× since 2015.
7.3% of Montenegro's revenue
1,317 with at most one employee
Largest employer: Budvanska Rivijera (600)
Total profit: 40.50m€
Average per employee, not per company
Revenue in € million (bars) and filing companies (below), 2015–2025
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 293,412,112€ | 1,514 |
| 2016 | 326,915,110€ | 1,760 |
| 2017 | 408,696,660€ | 1,996 |
| 2018 | 478,761,075€ | 2,271 |
| 2019 | 555,265,409€ | 2,491 |
| 2020 | 259,902,954€ | 2,701 |
| 2021 | 541,241,109€ | 2,889 |
| 2022 | 805,288,344€ | 3,220 |
| 2023 | 1,029,042,003€ | 3,598 |
| 2024 | 1,186,045,662€ | 3,784 |
| 2025 (Preliminary) | 1,281,069,991€ | 3,730 |
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 1–50 of 3,730
* 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 354 sole proprietors: 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* |
|---|
| 1 | Luštica Development02744597 · Tivat | 7.1% | 90,337,909€ | +13.0% | 574,487€ | 0.6% | 116 | 5,223€ |
| 2 | Portonovi Hospitality Management Company03067661 · Herceg Novi | 3.2% | 41,291,910€ | +9.0% | 1,976,372€ | 4.8% | 355 | 2,340€ |
| 3 | Budvanska Rivijera02005328 · Budva | 2.3% | 29,700,564€ | +8.3% | 1,496,420€ | 5.0% | 600 | 1,325€ |
| 4 | Hotels Group Montenegro Stars02385040 · Budva | 2.2% | 28,406,958€ | -3.2% | 181,579€ | 0.6% | 565 | 1,894€ |
| 5 | Carine02094754 · Podgorica | 1.8% | 22,538,339€ | -1.0% | 1,986,795€ | 8.8% | 250 | 1,044€ |
| 6 | Bellevue Hotels Group02415828 · Budva | 1.6% | 20,505,314€ | +8.6% | 5,380,809€ | 26.2% | 233 | 1,544€ |
| 7 | Krolbay03266567 · Podgorica | 1.3% | 16,361,754€ | +3.7% | -1,297,369€ | -7.9% | 269 | 2,010€ |
| 8 | Dukley Hotel03050831 · Budva | 1.2% | 15,079,028€ | +9.1% | 63,505€ | 0.4% | 216 | 2,141€ |
| 9 | Karisma Hotels Adriatic Montenegro03134687 · Podgorica | 1.1% | 14,022,817€ | +31.4% | 2,427,586€ | 17.3% | 160 | 1,441€ |
| 10 | Beppler & Jacobson Montenegro02391082 · Budva | 1.0% | 13,447,043€ | -2.0% | 1,160,476€ | 8.6% | 96 | 1,308€ |
| 11 | Panevivo02762404 · Podgorica | 1.0% | 12,898,430€ | +8.4% | 626,102€ | 4.9% | 286 | 1,182€ |
| 12 | Vektra Boka02008238 · Herceg Novi | 0.9% | 11,669,514€ | +17,747.7% | -7,388,116€ | -63.3% | 10 | 2,313€ |
| 13 | Hotel Crna Gora02820331 · Podgorica | 0.9% | 11,172,720€ | -1.8% | 1,694,328€ | 15.2% | 185 | 1,485€ |
| 14 | Recreatours02672227 · Bar | 0.9% | 10,998,058€ | +3.8% | 5,034,199€ | 45.8% | 118 | 943€ |
| 15 | Nemesis02636603 · Danilovgrad | 0.8% | 10,508,526€ | -1.2% | 505,656€ | 4.8% | 285 | 931€ |
| 16 | LB Hotels Management03201309 · Tivat | 0.7% | 9,192,466€ | +8.5% | -1,870,926€ | -20.4% | 195 | 1,832€ |
| 17 | Lazure Montenegro03158390 · Herceg Novi | 0.7% | 9,115,697€ | +17.7% | 191,065€ | 2.1% | 204 | 1,557€ |
| 18 | Adriatic Catering02971917 · Tivat | 0.7% | 9,038,959€ | +64.4% | 447,397€ | 4.9% | 123 | 1,794€ |
| 19 | Montenegro Hotels02859866 · Herceg Novi | 0.6% | 7,685,259€ | +6.2% | 1,095,953€ | 14.3% | 110 | 1,916€ |
| 20 | Spencer&Hill Team03161382 · Budva | 0.6% | 7,659,009€ | +3.6% | 839,454€ | 11.0% | 181 | 1,302€ |
| 21 | Igalo02008173 · Herceg Novi | 0.5% | 6,827,117€ | +4.6% | 1,226,398€ | 18.0% | 130 | 1,308€ |
| 22 | Jadran02013177 · Kotor | 0.5% | 6,691,562€ | +16.0% | 1,415,715€ | 21.2% | 79 | 2,158€ |
| 23 | Tara Hotel03039510 · Budva | 0.5% | 6,159,213€ | +16.0% | 1,789,423€ | 29.1% | 48 | 2,977€ |
| 24 | Amfoods03490220 · Podgorica | 0.5% | 6,032,928€ | +79.2% | 780,151€ | 12.9% | 99 | 1,156€ |
| 25 | Primorje02008637 · Tivat | 0.5% | 5,967,887€ | +58.7% | 1,911,561€ | 32.0% | 57 | 2,428€ |
| 26 | DP Hotel Facility03168409 · Kotor | 0.5% | 5,804,549€ | +9.3% | 149,763€ | 2.6% | 127 | 1,122€ |
| 27 | Goodfellas Co02835096 · Podgorica | 0.4% | 5,719,974€ | +30.4% | 533,577€ | 9.3% | 52 | 1,221€ |
| 28 | Uniprom Hoteli02915022 · Nikšić | 0.4% | 5,702,132€ | +3.3% | 171,059€ | 3.0% | 144 | 1,326€ |
| 29 | Filan Company02381311 · Podgorica | 0.4% | 5,340,434€ | +15.6% | 92,707€ | 1.7% | 95 | 1,685€ |
| 30 | Dukley Resort & Spa Kolašin03297357 · Budva | 0.4% | 5,026,693€ | +6,347.5% | 266,336€ | 5.3% | 5 | 6,579€ |
| 31 | HTP Vile Oliva02624575 · Budva | 0.4% | 5,011,128€ | +11.6% | 1,780,074€ | 35.5% | 55 | 993€ |
| 32 | Čelebić City02844222 · Podgorica | 0.4% | 4,998,185€ | +21.5% | 1,171,637€ | 23.4% | 94 | 1,114€ |
| 33 | Milo&Chayse03346242 · Tivat | 0.4% | 4,775,022€ | +27.6% | 1,216,391€ | 25.5% | 40 | 1,485€ |
| 34 | Argos02693259 · Ulcinj | 0.4% | 4,723,667€ | +7.5% | 80,994€ | 1.7% | 133 | 813€ |
| 35 | Talija Company02695138 · Herceg Novi | 0.4% | 4,713,165€ | +10.4% | 345,798€ | 7.3% | 101 | 1,296€ |
| 36 | TCP Hotel Opco03091520 · Podgorica | 0.4% | 4,618,037€ | -52.6% | -49,171€ | -1.1% | 96 | 1,448€ |
| 37 | Queen Hotel03559629 · Podgorica | 0.3% | 4,122,679€ | +15.1% | -158,110€ | -3.8% | 29 | 1,725€ |
| 38 | Recreatours02672375 · Budva | 0.3% | 4,058,847€ | -3.2% | 1,707,367€ | 42.1% | 45 | 876€ |
| 39 | Niklanović02160072 · Budva | 0.3% | 4,038,096€ | -4.9% | 92,698€ | 2.3% | 67 | 1,426€ |
| 40 | Fjord02014912 · Kotor | 0.3% | 3,932,644€ | -10.5% | -261,920€ | -6.7% | 94 | 1,504€ |
| 41 | Roštiljijada Mne03230511 · Podgorica | 0.3% | 3,882,362€ | +67.1% | 644,896€ | 16.6% | 75 | 725€ |
| 42 | Kastel02465787 · Podgorica | 0.3% | 3,821,430€ | +2.0% | 824,264€ | 21.6% | 55 | 1,244€ |
| 43 | Sea Star Hotels03537714 · Budva | 0.3% | 3,650,946€ | +35.8% | 198,248€ | 5.4% | 32 | 1,651€ |
| 44 | Woow02887738 · Budva | 0.3% | 3,630,526€ | +47.1% | 354,718€ | 9.8% | 30 | 1,174€ |
| 45 | Perla02332841 · Herceg Novi | 0.3% | 3,623,578€ | +3.9% | 501,105€ | 13.8% | 75 | 1,141€ |
| 46 | Mibost-Joketić02218089 · Kotor | 0.3% | 3,445,526€ | +14.4% | 385,955€ | 11.2% | 48 | 1,246€ |
| 47 | SVS 0803250938 · Podgorica | 0.3% | 3,435,159€ | -2.0% | 480,613€ | 14.0% | 31 | 851€ |
| 48 | Ljetopis Stars03075176 | 0.3% | 3,421,429€ | +9.5% | -52,132€ | -1.5% | 69 | 1,600€ |
| 49 | HTP Aurel02928671 · Podgorica | 0.3% | 3,291,869€ | +54.0% | 109,154€ | 3.3% | 39 | 1,381€ |
| 50 | Sato02924919 · Bar | 0.2% | 3,051,839€ | +20.8% | 483,666€ | 15.8% | 56 | 690€ |