Revenue
53.6% of sector revenue
795 companies earned 686.98m€ in 2025, 53.6% of Hospitality sector revenue. Revenue has grown 3.8× since 2015.
53.6% of sector revenue
323 with at most one employee
Largest employer: Budvanska Rivijera (600)
Median company 1.7% · 41% 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
Ranked by total revenue · Showing 51–100 of 795
* 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 →
Profit excludes 4 filings with an implausible profit.
Totals include 9 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 | 179,567,207€ | 353 |
| 2016 | 189,370,214€ | 394 |
| 2017 | 248,134,234€ | 448 |
| 2018 | 301,577,349€ | 510 |
| 2019 | 352,087,096€ | 555 |
| 2020 | 132,075,520€ | 607 |
| 2021 | 297,671,376€ | 614 |
| 2022 | 436,695,881€ | 674 |
| 2023 | 551,217,902€ | 759 |
| 2024 | 657,050,002€ | 818 |
| 2025 (Preliminary) | 686,980,137€ | 795 |
Employees and payroll cost per employee per month*
0.4% |
| 2,476,810€ |
| +44.0% |
| 37,469€ |
| 1.5% |
| 10 |
| 2,355€ |
| 53 | Hotel Park03610250 · Budva | 0.3% | 2,366,930€ | +24.6% | 167,703€ | 7.1% | 17 | 1,977€ |
| 54 | Comp Comerc02055384 · Nikšić | 0.3% | 2,341,959€ | -9.4% | 12,104€ | 0.5% | 58 | 1,167€ |
| 55 | Globalis03158659 · Nikšić | 0.3% | 2,328,588€ | +0.2% | 405,634€ | 17.4% | 30 | 1,474€ |
| 56 | Montenegro Warmth03667219 · Bar | 0.3% | 2,285,035€ | +259.2% | 77,771€ | 3.4% | 3 | 57,575€ |
| 57 | Gospoština Lux03037029 · Budva | 0.3% | 2,243,451€ | +10.5% | 407,346€ | 18.2% | 38 | 938€ |
| 58 | Debt Management Project i Montenegro02836688 · Nikšić | 0.3% | 2,210,333€ | +70.6% | 1,076,611€ | 48.7% | 2 | 2,011€ |
| 59 | Sas Company02425238 · Podgorica | 0.3% | 2,171,079€ | +22.7% | 568,425€ | 26.2% | 24 | 731€ |
| 60 | Amelino02396475 · Ulcinj | 0.3% | 2,130,362€ | -8.3% | 128,458€ | 6.0% | 15 | 874€ |
| 61 | Zenobia Montenegro03321118 · Podgorica | 0.3% | 2,082,998€ | +8.2% | 30,852€ | 1.5% | 59 | 1,199€ |
| 62 | Adriatic Properties02638495 · Budva | 0.3% | 2,040,746€ | +12.0% | -9,525,538€ | -466.8% | 59 | 1,682€ |
| 63 | La Perla Hospitality03295419 · Tivat | 0.3% | 2,030,704€ | -69.1% | 163,229€ | 8.0% | 13 | 2,123€ |
| 64 | Applicon Tours Montenegro03066827 · Budva | 0.3% | 1,984,150€ | +5.8% | 4,029€ | 0.2% | 4 | 3,812€ |
| 65 | Mimoza02008564 · Tivat | 0.3% | 1,982,480€ | +12.6% | -189,033€ | -9.5% | 51 | 1,323€ |
| 66 | Ruža Vjetrova02172879 · Bar | 0.3% | 1,940,741€ | +1.9% | -575,584€ | -29.7% | 43 | 1,331€ |
| 67 | Sveti Stefan Hoteli03275108 · Budva | 0.3% | 1,928,275€ | +199.7% | 1,102,665€ | 57.2% | 4 | 3,118€ |
| 68 | Kings Park Hotel03574997 · Podgorica | 0.3% | 1,892,211€ | +57.0% | 447,274€ | 23.6% | 36 | 1,089€ |
| 69 | I N C02425912 · Budva | 0.3% | 1,849,738€ | -4.6% | 209,422€ | 11.3% | 30 | 1,710€ |
| 70 | California Montenegro03058387 · Budva | 0.3% | 1,837,499€ | +4.1% | 528€ | 0.0% | 29 | 1,272€ |
| 71 | Imperiall Carević03110982 · Budva | 0.3% | 1,836,794€ | +48.5% | -155,919€ | -8.5% | 31 | 1,557€ |
| 72 | Trend Korali02774852 · Bar | 0.3% | 1,805,148€ | +518.0% | 1,234,511€ | 68.4% | 6 | 979€ |
| 73 | R-Hotels03393186 · Budva | 0.3% | 1,747,241€ | +41.9% | 403,164€ | 23.1% | 24 | 1,026€ |
| 74 | Amfitrita02174294 · Ulcinj | 0.3% | 1,725,805€ | -6.8% | 373,642€ | 21.7% | 43 | 582€ |
| 75 | Olive Invest02965887 · Tivat | 0.2% | 1,638,014€ | -8.1% | -1,079,353€ | -65.9% | 50 | 1,482€ |
| 76 | Petrohotel02326175 · Budva | 0.2% | 1,604,650€ | -2.9% | 19,700€ | 1.2% | 30 | 1,177€ |
| 77 | General Invest03176258 · Podgorica | 0.2% | 1,574,659€ | +69.9% | -796,075€ | -50.6% | 37 | 1,055€ |
| 78 | Top Hill02786818 · Budva | 0.2% | 1,525,819€ | -5.9% | -89,989€ | -5.9% | 13 | 4,058€ |
| 79 | Mamula Hotel Operating Company03396592 · Tivat | 0.2% | 1,517,004€ | -37.3% | -705,027€ | -46.5% | 10 | 3,338€ |
| 80 | Taša02758725 · Pljevlja | 0.2% | 1,466,202€ | +1.7% | 102,085€ | 7.0% | 44 | 725€ |
| 81 | Šolcomp02294516 · Podgorica | 0.2% | 1,414,708€ | -21.3% | 283,900€ | 20.1% | 35 | 1,192€ |
| 82 | Hotel Pljevlja02782944 · Pljevlja | 0.2% | 1,378,282€ | +15.6% | 177,204€ | 12.9% | 32 | 878€ |
| 83 | Byblos03403831 · Budva | 0.2% | 1,359,240€ | +13.7% | 215,160€ | 15.8% | 12 | 1,481€ |
| 84 | Comodoro02706881 · Kotor | 0.2% | 1,356,828€ | +16.0% | 172,275€ | 12.7% | 24 | 1,378€ |
| 85 | Pio02456010 · Ulcinj | 0.2% | 1,345,390€ | +2.3% | 7,132€ | 0.5% | 51 | 1,018€ |
| 86 | Gradska Cetinje03257207 · Cetinje | 0.2% | 1,319,658€ | -18.1% | 61,053€ | 4.6% | 38 | 1,203€ |
| 87 | Becovic Menagement Group02440059 · Ulcinj | 0.2% | 1,315,812€ | -4.4% | -677,894€ | -51.5% | 27 | 1,933€ |
| 88 | Shilo M03160785 · Budva | 0.2% | 1,295,411€ | -2.9% | 17,382€ | 1.3% | 28 | 1,456€ |
| 89 | Sunraf Beach Properties03156745 · Budva | 0.2% | 1,282,409€ | -41.1% | -235,158€ | -18.3% | 8 | 845€ |
| 90 | Manor Hotels03381145 · Tivat | 0.2% | 1,272,396€ | +6.9% | 52,128€ | 4.1% | 24 | 1,340€ |
| 91 | Fancy Montenegro02780917 · Budva | 0.2% | 1,256,575€ | +13.1% | 127,643€ | 10.2% | — | — |
| 92 | Zen Management03233049 · Tivat | 0.2% | 1,234,619€ | +85.3% | 142,283€ | 11.5% | 14 | 1,690€ |
| 93 | Gufo02140845 · Podgorica | 0.2% | 1,209,401€ | +16.3% | 47,940€ | 4.0% | 11 | 1,214€ |
| 94 | Avanglion - CG02399644 · Budva | 0.2% | 1,200,413€ | +65.7% | 248,495€ | 20.7% | 15 | 1,214€ |
| 95 | Hemera02863600 · Podgorica | 0.2% | 1,185,464€ | -2.6% | 17,189€ | 1.4% | 30 | 1,252€ |
| 96 | Praxis02955113 · Budva | 0.2% | 1,184,238€ | +12.3% | -93,780€ | -7.9% | 29 | 1,258€ |
| 97 | September Hotels02856484 · Tivat | 0.2% | 1,173,467€ | +29.5% | 50,032€ | 4.3% | 33 | 966€ |
| 98 | Bip Hotels03032612 · Podgorica | 0.2% | 1,155,705€ | -30.2% | -287,411€ | -24.9% | 23 | 822€ |
| 99 | Fontana Centar03161617 · Budva | 0.2% | 1,149,760€ | -19.2% | -285,521€ | -24.8% | 35 | 1,195€ |
| 100 | Jo-Pe-La03065286 · Budva | 0.2% | 1,144,342€ | -2.4% | 398,696€ | 34.8% | 15 | 856€ |