NewsRecord year for Montenegrin businesses despite persistent economic challenges

Record year for Montenegrin businesses despite persistent economic challenges

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The business year 2023 proved to be the most successful for many Montenegrin companies, despite the ongoing challenge of a lack of systemic and strategic management in the domestic economy. This was highlighted at a press conference where findings from the TBM economic analysis were presented, along with the second issue of the business magazine TOP BUSINESS MONTENEGRO.

Ratko Nikolić, the founder of BI Consulting, a business information provider and analytical partner of the TBM initiative, noted that in 2023, both revenues and net profits saw growth, while the structure of business activities remained largely unchanged.

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  • New companies do not significantly impact business operations or alter the economic structure. Micro-enterprises continue to be the most vulnerable group, operating at a loss in 2023, as they have over the past five years. The brief overview of the 2023 business results shows a successful year, the most successful yet for many companies, driven by a strong tourist season due to the global recovery of the tourism industry and increased domestic spending. However, these positive outcomes mask the fundamental issue of our economy – the lack of systemic and strategic management of its development, said Nikolić.

Dragan Kujović, Vice President of the Chamber of Commerce of Montenegro, emphasized that this year’s results demonstrate the additional impetus provided by this and similar projects in the successful development of business in Montenegro. – This clearly shows that the project has become recognizable, and the awards established through it are highly valued in the business community. Innovations, the digital economy, and the green agenda have already become clear directions for successful business in Montenegro, and the Chamber of Commerce will focus particularly on this segment of economic and business trends, stated Kujović.

Nikola Perišić, a member of the Board of Directors of the Montenegrin Commercial Bank responsible for the Corporate Banking Sector, expressed his satisfaction with the successful business year.

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  • We are very proud of the achievements of our clients, many of whom achieved record results in 2023. The Montenegrin Commercial Bank will continue to support projects that bring growth and prosperity to our country. We are also committed to supporting not only large companies but also smaller businesses, said Perišić.

According to Perišić, CKB understands that small businesses are the engine of economic development.

  • We believe that every great story begins with small steps. Congratulations to the award winners and to all companies that operated fairly and transparently. We at CKB are here to support and inspire each other in creating a better business environment for all of us.

Zoran Milovanović, CEO of MTEL, said that the record growth in revenue and profit last year shows that the company is on the right path.

  • The numbers speak for themselves. Being the most successful operator in a very challenging market that changes daily shows that we are ready to meet any challenge. I am proud of this recognition, which further obliges us to continue creating new products that will enrich and improve the lives of our users. Our business results correspond with user satisfaction, which particularly pleases and motivates us because the goal of MTEL is a satisfied user at all times. We continue to set trends in the telecommunications field, he said.

The Top Business Montenegro initiative completed the ranking of the most successful Montenegrin companies that submitted accurate financial reports for 2023. Based on business revenues, 21 Top Business Montenegro Awards 2024 will be presented – four by company size, fifteen for key sectors of the Montenegrin economy, and one each for the largest employer and the best newly established company. The awards ceremony will be held on June 4th at the Knjaz Estate in Podgorica.

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