The five largest retail companies in Montenegro – Voli Trade, IDEA CG, Hard Discount Laković, Domaća Trgovina and Megapromet – collectively generated over €1.1 billion in revenue in 2024. This marks an increase of €87 million, or 8.52%, compared to the previous year.
Their combined profit rose to €36.5 million, up by €3.63 million or 11.04% from €32.9 million in 2023.
Voli Trade led in total revenue, achieving €368.9 million, a 3.5% growth from the previous year. IDEA CG followed with €286.9 million, posting an 11.8% revenue increase after its merger with Franca. Hard Discount Laković reported €260 million (up 9.8%), Domaća Trgovina €138.9 million (up 12.5%), and Megapromet €53.6 million (up 10%).
In terms of net profit, Voli Trade again led with €16.3 million, followed by Hard Discount Laković (€11.3 million), IDEA CG (€4.71 million), Domaća Trgovina (€2.35 million), and Megapromet (€1.84 million). IDEA CG recorded the largest relative profit growth of 28.33%, while Laković had the highest absolute increase of €1.42 million.
Voli Trade maintained the largest share of both total revenues and total profits among the top five.
Total expenses for these companies reached €1.08 billion in 2024, an 8.25% increase from the previous year. Domaća Trgovina had the largest percentage increase in expenses (12.66%), while IDEA CG and Hard Discount Laković also reported double-digit growth. Voli Trade had the highest absolute expenses but showed a modest growth of 3.54%.
Employment across the five companies rose by 576 workers, from 7,668 in 2023 to 8,244 in 2024 (a 7.51% increase). IDEA CG now employs the most workers, including those from Franca after the merger, with an increase of 141 employees. Hard Discount Laković recorded the highest employment growth rate at 17.89%, adding 243 workers through the opening of new locations.
For comparison, 2023 figures for IDEA CG include the combined results of IDEA and Franca, allowing for an accurate year-over-year comparison.
Profit per employee in 2024 highlights operational efficiency: Hard Discount Laković led with €7,069 per employee, followed by Voli Trade (€6,897), Megapromet (€4,978), Domaća Trgovina (€1,778), and IDEA CG (€1,823). Revenue per employee was also highest at Hard Discount Laković (€162,000), followed by Voli Trade (€155,000), Megapromet (€145,000), IDEA CG (€111,000), and Domaća Trgovina (€104,000).
In terms of salaries, the five companies spent €92.06 million on wages and benefits in 2024, nearly €20 million more than in 2023 – a 26.8% increase. The average gross salary and benefits per employee rose by 17.94%, from €789.03 in 2023 to €930.64 in 2024. IDEA CG paid the highest total wage amount (€29.6 million), while Megapromet had the largest relative wage cost growth (37%). Megapromet also paid the highest average gross salary (€1,084.11).
The average net profit margin across the five companies increased slightly to 3.30% in 2024 from 3.22% in 2023. Voli Trade and Hard Discount Laković maintained margins above 4%, while IDEA CG and Domaća Trgovina had margins below 2%. Megapromet improved its margin from 3.04% to 3.42%.
EBITDA for the top five retail chains exceeded €93.3 million in 2024, a growth of almost 15%. Voli Trade led with €38.3 million, followed by Hard Discount Laković (€21.3 million), IDEA CG (€19.96 million), Domaća Trgovina (€10.06 million), and Megapromet (€3.35 million). IDEA CG achieved the highest EBITDA growth rate (69%) following its acquisition and integration of Franca.
When examining return on assets (ROA) and return on equity (ROE), Megapromet led with a ROE of 36.76%, indicating strong profitability relative to its equity. Hard Discount Laković posted the highest ROA at 9.13%. Voli Trade demonstrated balanced performance with a ROA of 7.00% and a ROE of 21.79%. IDEA CG had a ROE of 23.81% post-restructuring, while Domaća Trgovina recorded the lowest ratios with a ROA of 2.83% and a ROE of 9.63%.
Overall, the analysis shows that Montenegro’s retail sector remains stable and profitable, with an average revenue growth of 8.52% and an even higher profit growth of 11.04%. All five companies operated positively. Voli Trade remains dominant, but IDEA CG is emerging as a stronger player following its acquisition of Franca.
The sector also experienced nearly parallel growth in revenues and expenses, a significant increase in wage costs, and signs of market consolidation.
The future of the Montenegrin retail market will likely depend on further mergers, foreign investments, and digitalization, potentially leading to even greater competitiveness and sustainability.
