Revenue
5.7% of Montenegro's revenue
5,552 companies earned 1.00b€ in 2025, 5.7% of all company revenue in Montenegro. It ranks 3 of 25 municipalities by revenue. Revenue has grown 2.6× since 2015.
5.7% of Montenegro's revenue
202.3 per 1,000 residents · Montenegro 57.3
Largest employer: Budvanska Rivijera (600)
Total profit: 26.90m€
Average per employee, not per company
Revenue in € million (bars) and filing companies (below), 2015–2025
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 383,810,343€ | 1,542 |
| 2016 | 444,494,047€ | 1,746 |
| 2017 | 472,980,155€ | 1,980 |
| 2018 | 530,680,779€ | 2,746 |
| 2019 | 560,118,454€ | 3,195 |
| 2020 | 330,171,815€ | 3,435 |
| 2021 | 522,432,693€ | 3,741 |
| 2022 | 708,025,501€ | 4,710 |
| 2023 | 892,278,713€ | 5,695 |
| 2024 | 962,555,670€ | 6,029 |
| 2025 (Preliminary) | 1,004,597,030€ | 5,552 |
The number of companies jumped most in 2022: from 3,741 to 4,710.
Companies are assigned to the municipality of their current seat for every year
Growth is measured on the same companies, which filed for both years.
Share of municipal revenue
Share in MontenegroRevenue change vs 2024, companies with at least 1m€ that year
Employees and payroll cost per employee per month*
Ranked by total revenue · Showing 1–50 of 789
* 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 →
| Employees |
|---|
| Payroll cost/emp./mo* |
|---|
| 1 | Budvanska Rivijera02005328 · Hospitality | 3.0% | 29,700,564€ | +8.3% | 1,496,420€ | 5.0% | 600 | 1,325€ |
| 2 | Hotels Group Montenegro Stars02385040 · Hospitality | 2.8% | 28,406,958€ | -3.2% | 181,579€ | 0.6% | 565 | 1,894€ |
| 3 | Bellevue Hotels Group02415828 · Hospitality | 2.0% | 20,505,314€ | +8.6% | 5,380,809€ | 26.2% | 233 | 1,544€ |
| 4 | Dukley Hotel03050831 · Hospitality | 1.5% | 15,079,028€ | +9.1% | 63,505€ | 0.4% | 216 | 2,141€ |
| 5 | Beppler & Jacobson Montenegro02391082 · Hospitality | 1.3% | 13,447,043€ | -2.0% | 1,160,476€ | 8.6% | 96 | 1,308€ |
| 6 | Spencer&Hill Team03161382 · Hospitality | 0.8% | 7,659,009€ | +3.6% | 839,454€ | 11.0% | 181 | 1,302€ |
| 7 | Tara Hotel03039510 · Hospitality | 0.6% | 6,159,213€ | +16.0% | 1,789,423€ | 29.1% | 48 | 2,977€ |
| 8 | Dukley Resort & Spa Kolašin03297357 · Hospitality | 0.5% | 5,026,693€ | +6,347.5% | 266,336€ | 5.3% | 5 | 6,579€ |
| 9 | HTP Vile Oliva02624575 · Hospitality | 0.5% | 5,011,128€ | +11.6% | 1,780,074€ | 35.5% | 55 | 993€ |
| 10 | Recreatours02672375 · Hospitality | 0.4% | 4,058,847€ | -3.2% | 1,707,367€ | 42.1% | 45 | 876€ |
| 11 | Niklanović02160072 · Hospitality | 0.4% | 4,038,096€ | -4.9% | 92,698€ | 2.3% | 67 | 1,426€ |
| 12 | Sea Star Hotels03537714 · Hospitality | 0.4% | 3,650,946€ | +35.8% | 198,248€ | 5.4% | 32 | 1,651€ |
| 13 | Woow02887738 · Hospitality | 0.4% | 3,630,526€ | +47.1% | 354,718€ | 9.8% | 30 | 1,174€ |
| 14 | Zeta Film02005263 · Hospitality | 0.3% | 2,863,684€ | -91.6% | 840,690€ | 29.4% | 13 | 1,659€ |
| 15 | Centro02458195 · Hospitality | 0.3% | 2,845,531€ | +23.5% | 633,288€ | 22.3% | 37 | 1,208€ |
| 16 | Poseidon02832224 · Hospitality | 0.3% | 2,768,935€ | +0.9% | 670,601€ | 24.2% | 56 | 735€ |
| 17 | Obala Rafailovići02958813 · Hospitality | 0.3% | 2,739,063€ | +12.5% | 255,437€ | 9.3% | 41 | 801€ |
| 18 | Farro Mne03462188 · Hospitality | 0.2% | 2,476,810€ | +44.0% | 37,469€ | 1.5% | 10 | 2,355€ |
| 19 | Hotel Park03610250 · Hospitality | 0.2% | 2,366,930€ | +24.6% | 167,703€ | 7.1% | 17 | 1,977€ |
| 20 | Bello Porto02627248 · Hospitality | 0.2% | 2,254,203€ | +9.2% | 23,718€ | 1.1% | 30 | 1,442€ |
| 21 | Gospoština Lux03037029 · Hospitality | 0.2% | 2,243,451€ | +10.5% | 407,346€ | 18.2% | 38 | 938€ |
| 22 | Laganini03155820 · Hospitality | 0.2% | 2,242,523€ | +6.4% | 513,533€ | 22.9% | 33 | 1,378€ |
| 23 | Adriatic Properties02638495 · Hospitality | 0.2% | 2,040,746€ | +12.0% | -9,525,538€ | -466.8% | 59 | 1,682€ |
| 24 | Mediteran Grupa02753103 · Hospitality | 0.2% | 2,017,670€ | -14.7% | 242,568€ | 12.0% | 40 | 1,149€ |
| 25 | Applicon Tours Montenegro03066827 · Hospitality | 0.2% | 1,984,150€ | +5.8% | 4,029€ | 0.2% | 4 | 3,812€ |
| 26 | Porto Budva Company02447746 · Hospitality | 0.2% | 1,964,967€ | +7.9% | 305,223€ | 15.5% | 35 | 1,008€ |
| 27 | Sveti Stefan Hoteli03275108 · Hospitality | 0.2% | 1,928,275€ | +199.7% | 1,102,665€ | 57.2% | 4 | 3,118€ |
| 28 | I N C02425912 · Hospitality | 0.2% | 1,849,738€ | -4.6% | 209,422€ | 11.3% | 30 | 1,710€ |
| 29 | California Montenegro03058387 · Hospitality | 0.2% | 1,837,499€ | +4.1% | 528€ | 0.0% | 29 | 1,272€ |
| 30 | Imperiall Carević03110982 · Hospitality | 0.2% | 1,836,794€ | +48.5% | -155,919€ | -8.5% | 31 | 1,557€ |
| 31 | R-Hotels03393186 · Hospitality | 0.2% | 1,747,241€ | +41.9% | 403,164€ | 23.1% | 24 | 1,026€ |
| 32 | Medusa Company03392465 · Hospitality | 0.2% | 1,711,569€ | +18.5% | 259,161€ | 15.1% | 24 | 1,214€ |
| 33 | Ktitor Budva Company02785196 · Hospitality | 0.2% | 1,676,856€ | -7.3% | 33,270€ | 2.0% | 36 | 880€ |
| 34 | Duomo MN03558096 · Hospitality | 0.2% | 1,608,153€ | +43.8% | 103,583€ | 6.4% | 28 | 1,678€ |
| 35 | Petrohotel02326175 · Hospitality | 0.2% | 1,604,650€ | -2.9% | 19,700€ | 1.2% | 30 | 1,177€ |
| 36 | Top Hill02786818 · Hospitality | 0.2% | 1,525,819€ | -5.9% | -89,989€ | -5.9% | 13 | 4,058€ |
| 37 | Tadra-Commerce02066408 · Hospitality | 0.1% | 1,377,164€ | -1.3% | 83,051€ | 6.0% | 26 | 1,461€ |
| 38 | KM Comerce02873222 · Hospitality | 0.1% | 1,367,149€ | +1.6% | 404,459€ | 29.6% | 20 | 821€ |
| 39 | SVK03463443 · Hospitality | 0.1% | 1,359,951€ | +277.8% | 351,571€ | 25.9% | 38 | 828€ |
| 40 | Byblos03403831 · Hospitality | 0.1% | 1,359,240€ | +13.7% | 215,160€ | 15.8% | 12 | 1,481€ |
| 41 | Morski Talas03158888 · Hospitality | 0.1% | 1,302,791€ | -7.0% | 243,281€ | 18.7% | 22 | 1,063€ |
| 42 | Shilo M03160785 · Hospitality | 0.1% | 1,295,411€ | -2.9% | 17,382€ | 1.3% | 28 | 1,456€ |
| 43 | Sunraf Beach Properties03156745 · Hospitality | 0.1% | 1,282,409€ | -41.1% | -235,158€ | -18.3% | 8 | 845€ |
| 44 | Vadjon02400758 · Hospitality | 0.1% | 1,258,573€ | -0.5% | 268,017€ | 21.3% | 16 | 1,369€ |
| 45 | Fancy Montenegro02780917 · Hospitality | 0.1% | 1,256,575€ | +13.1% | 127,643€ | 10.2% | — | — |
| 46 | Shanghai02914859 · Hospitality | 0.1% | 1,256,566€ | -11.2% | 48,877€ | 3.9% | 21 | 2,060€ |
| 47 | Avanglion - CG02399644 · Hospitality | 0.1% | 1,200,413€ | +65.7% | 248,495€ | 20.7% | 15 | 1,214€ |
| 48 | Praxis02955113 · Hospitality | 0.1% | 1,184,238€ | +12.3% | -93,780€ | -7.9% | 29 | 1,258€ |
| 49 | Fontana Centar03161617 · Hospitality | 0.1% | 1,149,760€ | -19.2% | -285,521€ | -24.8% | 35 | 1,195€ |
| 50 | Jo-Pe-La03065286 · Hospitality | 0.1% | 1,144,342€ | -2.4% | 398,696€ | 34.8% | 15 | 856€ |