Revenue
1.28b€4.4× since 2015
7.3% of Montenegro's revenue
Hospitality
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.
Nationwide · 2025
Year
Overview
Companies
3,730+2,216 since 2015
1,317 with at most one employee
Employees
25,1422.7× since 2015
Largest employer: Budvanska Rivijera (600)
Profit margin
3.2%2.9 pts below average
Total profit: 40.50m€
This sector 3.2%Montenegro: 6.1%
Payroll cost/emp./mo*
1,171€6% below average
Average per employee, not per company
This sector 1,171€Montenegro: 1,242€
Revenue and companies since 2015
FinalPreliminary
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 |
What changed in 2025
Growth is measured on the same companies, which filed for both years.
- Revenue, same companies (3,330)
- 1.14b€ → 1.23b€
- Employees, same companies
- 21,782 → 23,447
- Payroll cost per employee, same companies
- 1,088€ → 1,207€
- Filed for 2025, not for 2024
- 400 companies · 54.45m€
- Filed for 2024, not for 2025
- 454 companies, 49.78m€ in 2024
Activities in this sector
53.6%
- Companies
- 795
- Employees
- 10,206
- Revenue
- 686,980,137€
- Companies
- 1,822
- Employees
- 10,988
- Revenue
- 462,546,922€
6.7%
- Companies
- 629
- Employees
- 2,531
- Revenue
- 85,370,487€
1.4%
- Companies
- 157
- Employees
- 582
- Revenue
- 18,350,321€
0.7%
- Companies
- 131
- Employees
- 267
- Revenue
- 8,872,195€
0.6%
- Companies
- 66
- Employees
- 274
- Revenue
- 8,226,867€
- Companies
- 95
- Employees
- 213
- Revenue
- 7,436,331€
- Companies
- 35
- Employees
- 81
- Revenue
- 3,286,731€
Total
- Companies
- 3,730
- Employees
- 25,142
- Revenue
- 1,281,069,991€
Where they are and who is growing
Revenue by municipality
Share of the sector's revenue
- Budva 302.41m€23.6%
- Podgorica 295.79m€23.1%
- Tivat 178.38m€13.9%
- Herceg Novi 141.87m€11.1%
- Kotor 80.63m€6.3%
- Bar 76.99m€6.0%
- Ulcinj 45.23m€3.5%
- Other municipalities (18) 118.04m€9.2%
- No municipality in the registry 41.73m€3.3%
Fastest growing
Revenue change vs 2024, companies with at least 1m€ that year
- Amfoods3.37m€ → 6.03m€+79.2%
- Imperium1.08m€ → 1.92m€+78.4%
- Roštiljijada Mne2.32m€ → 3.88m€+67.1%
- Adriatic Catering5.50m€ → 9.04m€+64.4%
- Walter BBQ Crna Gora1.83m€ → 2.93m€+60.1%
Largest employers
Employees and payroll cost per employee per month*
- 6001,325€
- 5651,894€
- 3552,340€
- 2861,182€
- 285931€
All companies (3,730)
Ranked by total revenue · Showing 751–800 of 3,730
- 751Monte Twins03636186 · BudvaRevenue share<0.1%
- Revenue
- 290,425€
- Revenue change 2024→2025
- +601.3%
- Profit
- -53,018€
- Margin
- -18.3%
- Employees
- 10
- Payroll cost/emp./mo*
- 858€
- 752Sweet BO&MI03259072 · Herceg NoviRevenue share<0.1%
- Revenue
- 290,076€
- Revenue change 2024→2025
- +11.7%
- Profit
- 3,699€
- Margin
- 1.3%
- Employees
- 10
- Payroll cost/emp./mo*
- 735€
- 753As Saranda02896214 · UlcinjRevenue share<0.1%
- Revenue
- 289,738€
- Revenue change 2024→2025
- +4.2%
- Profit
- 39,219€
- Margin
- 13.5%
- Employees
- 8
- Payroll cost/emp./mo*
- 577€
- 754La Dolce Vita Hospitality Group03527778 · KotorRevenue share<0.1%
- Revenue
- 289,588€
- Revenue change 2024→2025
- -3.6%
- Profit
- 42,615€
- Margin
- 14.7%
- Employees
- 6
- Payroll cost/emp./mo*
- 980€
- 755Monaco Co02708710 · BudvaRevenue share<0.1%
- Revenue
- 289,583€
- Revenue change 2024→2025
- +5.4%
- Profit
- 12,496€
- Margin
- 4.3%
- Employees
- 6
- Payroll cost/emp./mo*
- 767€
- 756Inter-Mar02896427 · PodgoricaRevenue share<0.1%
- Revenue
- 288,866€
- Revenue change 2024→2025
- +17.5%
- Profit
- 12,371€
- Margin
- 4.3%
- Employees
- 5
- Payroll cost/emp./mo*
- 788€
- 757Final Touch03433595 · PodgoricaRevenue share<0.1%
- Revenue
- 288,529€
- Revenue change 2024→2025
- -36.7%
- Profit
- -12,100€
- Margin
- -4.2%
- Employees
- 12
- Payroll cost/emp./mo*
- 566€
- 758Respect-S Mne03408558 · BudvaRevenue share<0.1%
- Revenue
- 288,413€
- Revenue change 2024→2025
- +99.4%
- Profit
- 31,028€
- Margin
- 10.8%
- Employees
- 11
- Payroll cost/emp./mo*
- 655€
- 759Goga Steak03606066 · UlcinjRevenue share<0.1%
- Revenue
- 288,393€
- Revenue change 2024→2025
- +30.4%
- Profit
- 57,497€
- Margin
- 19.9%
- Employees
- 6
- Payroll cost/emp./mo*
- 691€
- 760NN Relax02756951 · BudvaRevenue share<0.1%
- Revenue
- 288,132€
- Revenue change 2024→2025
- +4.4%
- Profit
- 87,577€
- Margin
- 30.4%
- Employees
- 8
- Payroll cost/emp./mo*
- 783€
- 761Triumphe02647940 · TivatRevenue share<0.1%
- Revenue
- 287,714€
- Revenue change 2024→2025
- +11.8%
- Profit
- 31,067€
- Margin
- 10.8%
- Employees
- 9
- Payroll cost/emp./mo*
- 949€
- 762Cicmil02953129 · PlužineRevenue share<0.1%
- Revenue
- 286,987€
- Revenue change 2024→2025
- -3.7%
- Profit
- 59,697€
- Margin
- 20.8%
- Employees
- 6
- Payroll cost/emp./mo*
- 702€
- 763Bellezza Resort03406121 · Herceg NoviRevenue share<0.1%
- Revenue
- 286,927€
- Revenue change 2024→2025
- +0.2%
- Profit
- 21,843€
- Margin
- 7.6%
- Employees
- 8
- Payroll cost/emp./mo*
- 559€
- 764Pontos03392279 · BudvaRevenue share<0.1%
- Revenue
- 286,902€
- Revenue change 2024→2025
- +7.5%
- Profit
- 39,559€
- Margin
- 13.8%
- Employees
- 5
- Payroll cost/emp./mo*
- 1,074€
- 765Mijušković Company02330253 · NikšićRevenue share<0.1%
- Revenue
- 286,307€
- Revenue change 2024→2025
- +2.2%
- Profit
- 24,449€
- Margin
- 8.5%
- Employees
- 8
- Payroll cost/emp./mo*
- 705€
- 766Azimut Lux03073041 · BudvaRevenue share<0.1%
- Revenue
- 285,660€
- Revenue change 2024→2025
- -11.0%
- Profit
- 23,878€
- Margin
- 8.4%
- Employees
- 3
- Payroll cost/emp./mo*
- 2,070€
- 767L Group03031063 · BarRevenue share<0.1%
- Revenue
- 285,002€
- Revenue change 2024→2025
- -2.9%
- Profit
- 10,907€
- Margin
- 3.8%
- Employees
- 5
- Payroll cost/emp./mo*
- 1,142€
- 768Najs02654539 · BarRevenue share<0.1%
- Revenue
- 285,001€
- Revenue change 2024→2025
- +236.2%
- Profit
- 1,665€
- Margin
- 0.6%
- Employees
- 4
- Payroll cost/emp./mo*
- 1,233€
- 769Aprom03023206 · RožajeRevenue share<0.1%
- Revenue
- 284,988€
- Revenue change 2024→2025
- +43.6%
- Profit
- 6,501€
- Margin
- 2.3%
- Employees
- 11
- Payroll cost/emp./mo*
- 885€
- 770Indigo CO.03001733 · PodgoricaRevenue share<0.1%
- Revenue
- 284,862€
- Revenue change 2024→2025
- +41.2%
- Profit
- 22,271€
- Margin
- 7.8%
- Employees
- 6
- Payroll cost/emp./mo*
- 1,165€
- 771Noa It03603326 · PodgoricaRevenue share<0.1%
- Revenue
- 284,677€
- Revenue change 2024→2025
- +16.5%
- Profit
- 15,326€
- Margin
- 5.4%
- Employees
- 6
- Payroll cost/emp./mo*
- 923€
- 772GJC Montenegro03551407 · PodgoricaRevenue share<0.1%
- Revenue
- 284,137€
- Revenue change 2024→2025
- +34.3%
- Profit
- -41,278€
- Margin
- -14.5%
- Employees
- 10
- Payroll cost/emp./mo*
- 838€
- 773Misherri03245764 · UlcinjRevenue share<0.1%
- Revenue
- 283,947€
- Revenue change 2024→2025
- +1.1%
- Profit
- -20,539€
- Margin
- -7.2%
- Employees
- 7
- Payroll cost/emp./mo*
- 845€
- 774Muranka03349586 · BudvaRevenue share<0.1%
- Revenue
- 282,203€
- Revenue change 2024→2025
- +457.9%
- Profit
- 39,214€
- Margin
- 13.9%
- Employees
- 7
- Payroll cost/emp./mo*
- 674€
- 775Leod03261514 · UlcinjRevenue share<0.1%
- Revenue
- 281,525€
- Revenue change 2024→2025
- +6.9%
- Profit
- 75,750€
- Margin
- 26.9%
- Employees
- 30
- Payroll cost/emp./mo*
- —
- 776Pribilović RST03475581 · BudvaRevenue share<0.1%
- Revenue
- 281,068€
- Revenue change 2024→2025
- +7.5%
- Profit
- -4,233€
- Margin
- -1.5%
- Employees
- 10
- Payroll cost/emp./mo*
- 746€
- 777Friend4event03317919 · TivatRevenue share<0.1%
- Revenue
- 281,067€
- Revenue change 2024→2025
- +28.5%
- Profit
- 28,756€
- Margin
- 10.2%
- Employees
- 3
- Payroll cost/emp./mo*
- 1,468€
- 778Petrami02972689 · BudvaRevenue share<0.1%
- Revenue
- 280,136€
- Revenue change 2024→2025
- +15.7%
- Profit
- 475€
- Margin
- 0.2%
- Employees
- 7
- Payroll cost/emp./mo*
- 926€
- 779Admiral02075440 · Herceg NoviRevenue share<0.1%
- Revenue
- 279,531€
- Revenue change 2024→2025
- +5.1%
- Profit
- 2,153€
- Margin
- 0.8%
- Employees
- 12
- Payroll cost/emp./mo*
- 914€
- 780Koliba 1203764117 · NikšićRevenue share<0.1%
- Revenue
- 279,276€
- Revenue change 2024→2025
- No filing for 2024.
- Profit
- 36,156€
- Margin
- 12.9%
- Employees
- 13
- Payroll cost/emp./mo*
- 499€
- 781SKY RS03404684 · BudvaRevenue share<0.1%
- Revenue
- 278,379€
- Revenue change 2024→2025
- -1.3%
- Profit
- 20,739€
- Margin
- 7.4%
- Employees
- 12
- Payroll cost/emp./mo*
- 664€
- 782Rejna03091732 · UlcinjRevenue share<0.1%
- Revenue
- 278,131€
- Revenue change 2024→2025
- +10.1%
- Profit
- 2,477€
- Margin
- 0.9%
- Employees
- 8
- Payroll cost/emp./mo*
- 844€
- 783Elmurst03356868 · NikšićRevenue share<0.1%
- Revenue
- 278,044€
- Revenue change 2024→2025
- +62.7%
- Profit
- 24,096€
- Margin
- 8.7%
- Employees
- 6
- Payroll cost/emp./mo*
- 739€
- 784Mondo Ivović02768399 · Herceg NoviRevenue share<0.1%
- Revenue
- 277,940€
- Revenue change 2024→2025
- -0.5%
- Profit
- 25,953€
- Margin
- 9.3%
- Employees
- 3
- Payroll cost/emp./mo*
- 1,619€
- 785Qwerty Investment02819023 · KotorRevenue share<0.1%
- Revenue
- 277,474€
- Revenue change 2024→2025
- No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable.
- Profit
- -118,989€
- Margin
- -42.9%
- Employees
- 4
- Payroll cost/emp./mo*
- 654€
- 786Le Duchesse M02437163 · BudvaRevenue share<0.1%
- Revenue
- 277,236€
- Revenue change 2024→2025
- -21.7%
- Profit
- 60,235€
- Margin
- 21.7%
- Employees
- 2
- Payroll cost/emp./mo*
- 1,093€
- 787Lirex02987970 · BarRevenue share<0.1%
- Revenue
- 277,159€
- Revenue change 2024→2025
- -0.9%
- Profit
- 116€
- Margin
- 0.0%
- Employees
- 10
- Payroll cost/emp./mo*
- 898€
- 788Bojović Company02923670 · ŽabljakRevenue share<0.1%
- Revenue
- 276,517€
- Revenue change 2024→2025
- +25.6%
- Profit
- 40,397€
- Margin
- 14.6%
- Employees
- 7
- Payroll cost/emp./mo*
- 656€
- 789Eho03720365 · KotorRevenue share<0.1%
- Revenue
- 276,111€
- Revenue change 2024→2025
- No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable.
- Profit
- -99,064€
- Margin
- -35.9%
- Employees
- 9
- Payroll cost/emp./mo*
- 1,429€
- 790Lutovac Limited03071529 · BeraneRevenue share<0.1%
- Revenue
- 275,988€
- Revenue change 2024→2025
- +58.7%
- Profit
- 73,191€
- Margin
- 26.5%
- Employees
- 4
- Payroll cost/emp./mo*
- 1,133€
- 791Dedivanaj03173534 · TuziRevenue share<0.1%
- Revenue
- 275,967€
- Revenue change 2024→2025
- +43.9%
- Profit
- 10,351€
- Margin
- 3.8%
- Employees
- 7
- Payroll cost/emp./mo*
- 874€
- 792Anamont02645602 · KotorRevenue share<0.1%
- Revenue
- 275,751€
- Revenue change 2024→2025
- -22.8%
- Profit
- 9,027€
- Margin
- 3.3%
- Employees
- 6
- Payroll cost/emp./mo*
- 1,434€
- 793R-D Company CT03106578 · CetinjeRevenue share<0.1%
- Revenue
- 274,951€
- Revenue change 2024→2025
- +1.1%
- Profit
- -27,677€
- Margin
- -10.1%
- Employees
- 8
- Payroll cost/emp./mo*
- 642€
- 794Max & Alex02907062 · KotorRevenue share<0.1%
- Revenue
- 274,444€
- Revenue change 2024→2025
- -21.6%
- Profit
- -7,044€
- Margin
- -2.6%
- Employees
- 7
- Payroll cost/emp./mo*
- 1,702€
- 795Giljača02220172 · TivatRevenue share<0.1%
- Revenue
- 274,164€
- Revenue change 2024→2025
- +7.2%
- Profit
- 21,809€
- Margin
- 8.0%
- Employees
- 7
- Payroll cost/emp./mo*
- 661€
- 796Del Sol03358445 · KotorRevenue share<0.1%
- Revenue
- 274,103€
- Revenue change 2024→2025
- +44.6%
- Profit
- 42,777€
- Margin
- 15.6%
- Employees
- 3
- Payroll cost/emp./mo*
- 2,129€
- 797PTM Club03241602 · BarRevenue share<0.1%
- Revenue
- 273,577€
- Revenue change 2024→2025
- -3.6%
- Profit
- 9,799€
- Margin
- 3.6%
- Employees
- 6
- Payroll cost/emp./mo*
- 795€
- 798Liudmila i Maria Montenegro03325814 · BudvaRevenue share<0.1%
- Revenue
- 273,198€
- Revenue change 2024→2025
- -10.5%
- Profit
- 38,292€
- Margin
- 14.0%
- Employees
- 3
- Payroll cost/emp./mo*
- 751€
- 799Domestic03281329 · PodgoricaRevenue share<0.1%
- Revenue
- 271,801€
- Revenue change 2024→2025
- +23.7%
- Profit
- 17,459€
- Margin
- 6.4%
- Employees
- 8
- Payroll cost/emp./mo*
- 874€
- 800Punta Mala03519929 · BudvaRevenue share<0.1%
- Revenue
- 271,711€
- Revenue change 2024→2025
- -15.4%
- Profit
- -12,935€
- Margin
- -4.8%
- Employees
- 7
- Payroll cost/emp./mo*
- 874€
* 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 →
Restaurants, bars and non-hotel accommodation in Montenegro ranked by revenue 2025 →
Source: Tax Administration / CRPSCurrency: EUR