Jugopetrol, Montenegro’s fuel distributor, increased net profit 72.2% to 15.16 million euros in January–September 2026, according to its nine-month results reported from Podgorica. The company attributed the increase to higher fuel sales, stronger aviation demand and growth in marine fuel supplies, with tourism-related transport and international mobility supporting the market.
Sales revenue reached 307 million euros, up 110.7 million euros, or 56.4%, from the corresponding period of 2025. The operating result rose to 17.98 million euros from 10.36 million euros, while profit before tax increased to 17.78 million euros from 10.30 million euros.
Fuel sales in the third quarter of 2026 were 11% higher than in the same period a year earlier. Over the first nine months, domestic retail fuel volumes rose 5%, and sales to privately operated filling stations increased 8%. Aviation fuel sales grew 24%; Jugopetrol linked the increase to additional airline routes and more flights serving Montenegro’s airports.
Fuel sales to ships and yachts climbed 43%, supported by changes in excise treatment affecting supplies to private yachts. Jugopetrol operated 52 fuel stations and service locations, including four dedicated to yacht-related fuel supplies.
The 56.4% revenue increase does not necessarily indicate an equivalent rise in physical fuel consumption, as fuel prices and the composition of sales can substantially affect turnover. Management identified market uncertainty and fuel-price volatility as factors that encouraged some customers to increase inventories.
Jugopetrol’s earnings remain exposed to international petroleum prices, taxation changes, tourism activity and the costs of maintaining fuel inventories. Continued growth in aviation and marine sales could support profitability, while future margins will depend on fuel-market conditions and whether demand persists beyond Montenegro’s peak tourism season.
