Revenue
0.7% of sector revenue
131 companies earned 8.87m€ in 2025, 0.7% of Hospitality sector revenue. Revenue has grown 2.5× since 2015.
0.7% of sector revenue
92 with at most one employee
Largest employer: Beograd (31)
Median company 3.9% · 32% profitable
Average per employee, not per company
Revenue in € million (bars) and filing companies (below), 2015–2025
Ranked by total revenue · Showing 1–50 of 131
* 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 8 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 | 3,574,016€ | 50 |
| 2016 | 4,353,170€ | 52 |
| 2017 | 4,355,155€ | 56 |
| 2018 | 4,240,876€ | 58 |
| 2019 | 4,841,623€ | 63 |
| 2020 | 2,005,547€ | 68 |
| 2021 | 4,648,866€ | 78 |
| 2022 | 5,587,851€ | 104 |
| 2023 | 6,685,748€ | 127 |
| 2024 | 8,369,684€ | 129 |
| 2025 (Preliminary) | 8,872,195€ | 131 |
The number of companies jumped most in 2022: from 78 to 104.
10.4% |
| 922,476€ |
| +0.7% |
| 154,055€ |
| 16.7% |
| 17 |
| 901€ |
| 3 | Beograd02661705 · Budva | 9.8% | 873,033€ | -1.4% | 81,170€ | 9.3% | 31 | 1,026€ |
| 4 | Bjelobor02355566 · Žabljak | 5.1% | 449,254€ | +25.7% | 10,581€ | 2.4% | 10 | 1,005€ |
| 5 | Svetionik02415232 · Budva | 4.8% | 427,557€ | -5.2% | 128,966€ | 30.2% | 2 | 509€ |
| 6 | Elektrodistribucija Srbije02657546 · Budva | 4.4% | 393,002€ | +12.9% | 38,458€ | 9.8% | 5 | 1,745€ |
| 7 | Kljajevića Luka02785323 · Pljevlja | 3.9% | 348,967€ | +44.3% | 20,530€ | 5.9% | 5 | 778€ |
| 8 | Bugrugasik02643464 · Bar | 3.8% | 338,487€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 240,335€ | 71.0% | 2 | 869€ |
| 9 | In Property03538923 · Budva | 3.4% | 304,902€ | +38.0% | 49,917€ | 16.4% | 4 | 763€ |
| 10 | Elis Soft03481417 · Podgorica | 3.3% | 291,744€ | +222.8% | 26,324€ | 9.0% | 3 | 671€ |
| 11 | Smart Choice03658171 · Budva | 2.7% | 240,973€ | +112.0% | 116,167€ | 48.2% | 5 | 534€ |
| 12 | BYD03250415 · Podgorica | 2.5% | 224,526€ | +144.1% | -2,000€ | -0.9% | 9 | 321€ |
| 13 | Luma02398559 · Herceg Novi | 2.5% | 218,359€ | +36.1% | 19,957€ | 9.1% | 6 | 1,005€ |
| 14 | Imanje Rakočević02794446 · Mojkovac | 2.3% | 206,088€ | +17.8% | 25,179€ | 12.2% | 5 | 913€ |
| 15 | Agape Act02746565 · Tivat | 2.2% | 194,497€ | -42.2% | 10,892€ | 5.6% | 2 | 1,622€ |
| 16 | MS Invest Plus02902737 · Bar | 2.1% | 184,377€ | -81.5% | -14,920€ | -8.1% | 6 | 622€ |
| 17 | Kanka03220010 · Bar | 1.7% | 150,875€ | +36.0% | -82,578€ | -54.7% | 3 | 338€ |
| 18 | Marinero Travel03455742 · Budva | 1.7% | 147,397€ | +474.5% | 9,729€ | 6.6% | 7 | 863€ |
| 19 | Freedom NT02981998 · Budva | 1.5% | 134,134€ | +74.8% | 23,099€ | 17.2% | 3 | 819€ |
| 20 | Carl Colar03414582 · Kotor | 1.5% | 130,692€ | +1,639.3% | 36,526€ | 27.9% | 2 | — |
| 21 | Immo Monte03266532 · Bar | 1.4% | 123,471€ | +465.6% | 21,987€ | 17.8% | 1 | 1,722€ |
| 22 | Connect Group03390519 · Podgorica | 1.4% | 120,853€ | +70.4% | 16,389€ | 13.6% | 1 | — |
| 23 | Krays02650886 · Budva | 1.1% | 97,953€ | +0.1% | -75,482€ | -77.1% | 1 | 2,858€ |
| 24 | Kapitel03102858 · Bar | 1.0% | 90,784€ | -38.8% | -45,579€ | -50.2% | 5 | 633€ |
| 25 | Viola Di Mare03168581 · Budva | 0.8% | 72,410€ | +22.4% | -7,771€ | -10.7% | 1 | 791€ |
| 26 | Salinas Nest03528286 · Ulcinj | 0.8% | 66,891€ | +23.0% | 24,753€ | 37.0% | 3 | 410€ |
| 27 | SKY View Montenegro02902605 · Budva | 0.7% | 64,183€ | -37.1% | -23,488€ | -36.6% | 2 | 1,527€ |
| 28 | Pine Real Estate03579646 · Kolašin | 0.7% | 60,410€ | +333.5% | 13,521€ | 22.4% | 1 | 933€ |
| 29 | Karpatia03742679 · Bar | 0.6% | 56,612€ | No filing for 2024. | -2,040€ | -3.6% | 1 | 515€ |
| 30 | N.T. Communication02446545 · Herceg Novi | 0.6% | 52,335€ | +203.5% | 16,679€ | 31.9% | 1 | 1,231€ |
| 31 | Camp Lipovo03305872 | 0.6% | 51,798€ | -27.7% | 4,841€ | 9.3% | 3 | 674€ |
| 32 | Ajm Turs03465675 · Cetinje | 0.6% | 50,185€ | +25.6% | 1,979€ | 3.9% | 1 | 1,159€ |
| 33 | Agape03101592 · Tivat | 0.5% | 43,976€ | +44.9% | 3,917€ | 8.9% | 2 | 510€ |
| 34 | Arrow Montenegro03372804 · Tivat | 0.5% | 40,679€ | +127.4% | -11,307€ | -27.8% | 1 | 906€ |
| 35 | Svarog Ida03162320 · Budva | 0.4% | 37,326€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 18,808€ | 50.4% | 1 | 893€ |
| 36 | Dženy Company03420299 · Bijelo Polje | 0.4% | 31,743€ | -26.8% | -11,984€ | -37.8% | 3 | 922€ |
| 37 | Berkot02809893 · Bar | 0.3% | 29,338€ | +0.2% | 4,034€ | 13.8% | 2 | 417€ |
| 38 | Zeta Group M&M03608379 · Zeta | 0.3% | 28,770€ | +35.7% | 947€ | 3.3% | 2 | 403€ |
| 39 | Led Ledeni03130231 · Podgorica | 0.3% | 28,674€ | -1.1% | -1,335€ | -4.7% | 1 | 678€ |
| 40 | Vrhovi02947595 · Žabljak | 0.3% | 27,189€ | +7.6% | 1,704€ | 6.3% | 1 | 675€ |
| 41 | Elektromreža Srbije02789167 · Budva | 0.3% | 26,916€ | -1.6% | 9,806€ | 36.4% | 1 | 575€ |
| 42 | Sophia Residence03392708 · Podgorica | 0.3% | 26,219€ | +76.6% | -2,997€ | -11.4% | 1 | — |
| 43 | Lastochka.Mn03357503 · Bar | 0.3% | 25,315€ | +8.9% | 1,271€ | 5.0% | 1 | 1,323€ |
| 44 | Niko's Family03606333 · Ulcinj | 0.3% | 25,023€ | +45.8% | 1,504€ | 6.0% | 1 | 678€ |
| 45 | Durmitor Summit03377563 · Bijelo Polje | 0.3% | 22,930€ | +567.9% | 7,145€ | 31.2% | 1 | — |
| 46 | Wind Group Mne03489655 · Budva | 0.2% | 21,688€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 13,501€ | 62.3% | 1 | 677€ |
| 47 | 29 Palms Area03443892 · Bar | 0.2% | 20,735€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -3,534€ | -17.0% | 1 | 678€ |
| 48 | Mimax Holding Mne03383318 · Tivat | 0.2% | 20,444€ | +5.3% | -14,275€ | -69.8% | 1 | 622€ |
| 49 | Miela02837404 · Bar | 0.2% | 19,933€ | -11.4% | -3,527€ | -17.7% | 1 | 978€ |
| 50 | Cun - Cun Travel03729443 · Budva | 0.2% | 19,840€ | No filing for 2024. | 5,739€ | 28.9% | 1 | 835€ |