Manufacturing companies in Montenegro ranked by average monthly payroll cost per employee 2023. This 2023 ranking uses public financial statements and the published BizStats.me methodology and eligibility criteria. Only companies with at least 10 employees are ranked.
Archived list for 2023, on the same criteria as the latest one. Latest list (2025)
Public financial statements processed by BizStats.me.
| # | Company | PIB | ||||
|---|---|---|---|---|---|---|
| 1Not in the top 200 in 2022. | Adriatic 42 Manufacturing · Herceg Novi | 02700930Income statement (PDF) | 2,472€ | No meaningful percentage: the 2022 or current value is zero, negative, unknown or unreliable. | 4,883,289€ | 87 |
| 22022: rank 1 | Navar Incorporated Manufacturing · Tivat | 02346303Income statement (PDF) | 2,467€ | -14.6% | 4,590,891€ | 34 |
| 32022: rank 3 | Trebjesa Manufacturing · Nikšić | 02000989Income statement (PDF) | 2,245€ | +0.2% | 33,046,632€ | 212 |
| 42022: rank 4 | Messer Tehnogas Manufacturing · Budva | 02670208Income statement (PDF) | 2,166€ | +10.8% | 2,117,963€ | 20 |
| 52022: rank 11 | Boster Manufacturing · Nikšić | 03024873Income statement (PDF) | 2,155€ | +39.5% | 4,199,064€ | 12 |
| 62022: rank 6 | Rudo Montenegro Manufacturing · Podgorica | 02691671Income statement (PDF) | 2,075€ | +10.4% | 2,116,194€ | 18 |
| 72022: rank 5 | Uniprom Manufacturing · Nikšić | 02049520Income statement (PDF) | 2,067€ | +7.7% | 56,850,733€ | 136 |
| 82022: rank 8 | Uniprom - Metali Manufacturing · Nikšić | 02915731Income statement (PDF) | 1,840€ | +9.6% | 21,862,888€ | 36 |
| 92022: rank 17 | Mondal Industrija Manufacturing · Danilovgrad | 03103919Income statement (PDF) | 1,764€ | +44.5% | 1,736,298€ | 25 |
| 102022: rank 10 | Kone Manufacturing · Podgorica | 02958554Income statement (PDF) | 1,748€ | +9.9% | 3,645,364€ | 12 |
| 112022: rank 9 | Imlek Boka Manufacturing · Kotor | 02357950Income statement (PDF) | 1,733€ | +4.8% | 33,131,225€ | 47 |
| 122022: rank 13 | Vagar Manufacturing · Podgorica | 02107171Income statement (PDF) | 1,711€ | +30.4% | 1,139,794€ | 10 |
| 13Not in the top 200 in 2022. | Noblewood Adriatic Manufacturing · Nikšić | 03444759Income statement (PDF) | 1,709€ | No meaningful percentage: the 2022 or current value is zero, negative, unknown or unreliable. | 21,747,533€ | 168 |
| 142022: rank 14 | Hemko Manufacturing · Podgorica | 02283115Income statement (PDF) | 1,670€ | +27.4% | 1,795,805€ | 10 |
| 152022: rank 7 | Daido Metal Kotor Manufacturing · Kotor | 02013053Income statement (PDF) | 1,647€ | -3.3% | 6,765,615€ | 128 |
| 16Not in the top 200 in 2022. | Radna Soba Manufacturing · Podgorica | 02998980Income statement (PDF) | 1,616€ | +2.5% | 514,754€ | 10 |
| 17Not in the top 200 in 2022. | Montepane Manufacturing · Herceg Novi | 03479234Income statement (PDF) | 1,553€ | +198.1% | 212,321€ | 10 |
| 182022: rank 12 | Hemomont Manufacturing · Podgorica | 02204185Income statement (PDF) | 1,551€ | +8.3% | 43,376,668€ | 209 |
| 192022: rank 15 | Bread Manufacturing · Tivat | 03151409Income statement (PDF) | 1,502€ | +17.3% | 1,653,716€ | 24 |
| 202022: rank 25 | Panvel Manufacturing · Podgorica | 02075512Income statement (PDF) | 1,472€ | +40.5% | 16,972,351€ | 60 |
| 212022: rank 65 | Roto - Term Manufacturing · Pljevlja | 03226441Income statement (PDF) | 1,471€ | +88.8% | 1,840,072€ | 35 |
| 222022: rank 18 | Tara - Aerospace Manufacturing · Mojkovac | 02464691Income statement (PDF) | 1,354€ | +16.1% | 7,895,490€ | 159 |
| 232022: rank 24 | Montenegro Čeluga Manufacturing · Bar | 02935368Income statement (PDF) | 1,345€ | +26.2% | 1,041,025€ | 18 |
| 242022: rank 16 | Maljat Stone Manufacturing · Danilovgrad | 02000466Income statement (PDF) | 1,308€ | +5.1% | 2,712,150€ | 70 |
| 252022: rank 37 | Tring Manufacturing · Podgorica | 02281899Income statement (PDF) | 1,302€ | +40.0% | 2,859,824€ | 22 |
| 262022: rank 23 | Una Manufacturing · Tivat | 02053489Income statement (PDF) | 1,264€ | +17.5% | 4,895,640€ | 56 |
| 27Not in the top 200 in 2022. | Elit M.M.R Manufacturing · Nikšić | 03222233Income statement (PDF) | 1,251€ | +303.5% | 1,046,323€ | 25 |
| 282022: rank 31 | Poliex Manufacturing · Berane | 02035057Income statement (PDF) | 1,244€ | +26.2% | 7,205,194€ | 80 |
| 292022: rank 42 | SKY Sat Manufacturing · Herceg Novi | 02056151Income statement (PDF) | 1,237€ | +37.4% | 2,344,110€ | 21 |
| 302022: rank 21 | Termoelektro-Mont Manufacturing · Podgorica | 02303124Income statement (PDF) | 1,218€ | +7.5% | 1,262,194€ | 35 |
| 312022: rank 79 | Sloga Manufacturing · Rožaje | 02044927Income statement (PDF) | 1,198€ | +66.9% | 1,754,295€ | 12 |
| 322022: rank 28 | Studio Mouse Manufacturing · Podgorica | 02373203Income statement (PDF) | 1,196€ | +16.8% | 998,496€ | 17 |
| 33No filing for 2022. | Epcg-Željezara Nikšić Manufacturing · Nikšić | 03530272Income statement (PDF) | 1,167€ | No filing for 2022. | 1,153,688€ | 252 |
| 342022: rank 34 | Bonesa Manufacturing · Bar | 02251531Income statement (PDF) | 1,092€ | +15.2% | 21,037,986€ | 40 |
| 352022: rank 47 | Braća Despot Manufacturing · Podgorica | 02631962Income statement (PDF) | 1,069€ | +22.5% | 710,714€ | 11 |
| 362022: rank 38 | Ćatić Co Manufacturing · Bijelo Polje | 02339137Income statement (PDF) | 1,055€ | +13.6% | 8,040,583€ | 40 |
| 372022: rank 45 | Water Group Manufacturing · Kolašin | 02437805Income statement (PDF) | 1,046€ | +19.1% | 5,858,844€ | 76 |
| 382022: rank 50 | SNJ Gornič Manufacturing · Cetinje | 02268132Income statement (PDF) | 1,037€ | +20.9% | 1,158,661€ | 15 |
| 392022: rank 59 | Red Commerce Manufacturing · Podgorica | 02391678Income statement (PDF) | 1,031€ | +27.3% | 17,370,666€ | 55 |
| 402022: rank 39 | DR - Trade Manufacturing · Podgorica | 02125790Income statement (PDF) | 1,025€ | +10.6% | 1,691,687€ | 17 |
| 412022: rank 41 | Montecco Inc Manufacturing · Danilovgrad | 02306689Income statement (PDF) | 1,009€ | +9.4% | 13,808,906€ | 85 |
| 422022: rank 32 | Enterijeri - SNV Manufacturing · Nikšić | 03093387Income statement (PDF) | 1,007€ | +3.6% | 713,931€ | 11 |
| 432022: rank 58 | Trunz Montenegro Manufacturing · Bijelo Polje | 03317684Income statement (PDF) | 993€ | +21.4% | 495,334€ | 17 |
| 442022: rank 114 | Lim Manufacturing · Bijelo Polje | 02428407Income statement (PDF) | 985€ | +50.6% | 1,390,124€ | 14 |
| 45Not in the top 200 in 2022. | Agro Mont Manufacturing · Nikšić | 02377861Income statement (PDF) | 984€ | +89.6% | 13,991,872€ | 39 |
| 462022: rank 22 | Prento Yacht Assistant Manufacturing · Tivat | 02753685Income statement (PDF) | 973€ | -10.0% | 1,160,671€ | 13 |
| 472022: rank 46 | Goranović Manufacturing · Nikšić | 02109301Income statement (PDF) | 967€ | +10.4% | 32,756,898€ | 204 |
| 482022: rank 82 | Golbi Manufacturing · Podgorica | 02311160Income statement (PDF) | 961€ | +36.3% | 1,638,420€ | 13 |
| 492022: rank 35 | Don Don Manufacturing · Danilovgrad | 02757257Income statement (PDF) | 948€ | +1.2% | 5,148,481€ | 35 |
| 502022: rank 29 | Stratus Manufacturing · Podgorica | 02076195Income statement (PDF) | 934€ | -8.2% | 6,560,742€ | 51 |
Showing 1–50 · top 50 of 274 companies
* 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 →
This ranking contains 50 records for 2023, ordered by average monthly payroll cost per employee after applying data-quality eligibility rules.
The leading record is "ADRIATIC 42" D.O.O. HERCEG NOVI; placement is determined by average monthly payroll cost per employee, never by payment.
The source, coverage, minimum thresholds and ranking rules are documented in the public methodology. Methodology