Telekom Srbija is no longer the most profitable company in Serbia, being replaced by the locally-owned multinational oil and gas conglomerate NIS.
According to data published by Novosti, the incumbent telco posted a profit of RSD15.16 billion (€125.8 million) in 2016, or around RSD1.5 billion less than a year.
First-placed NIS, though seeing its profit fall by RSD23 million in 2016, still made one in excess of RSD16 billion. Meanwhile, Telenor’s profit in 2016 was RSD8.9 billion, or around RSD700 million less than a year earlier.
