Revenue
53.6% of sector revenue
795 companies earned 686.98m€ in 2025, 53.6% of Hospitality sector revenue. Revenue has grown 3.8× since 2015.
53.6% of sector revenue
323 with at most one employee
Largest employer: Budvanska Rivijera (600)
Median company 1.7% · 41% profitable
Average per employee, not per company
Revenue in € million (bars) and filing companies (below), 2015–2025
Revenue change vs 2024, companies with at least 1m€ that year
Ranked by total revenue · Showing 501–550 of 795
* 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 →
Profit excludes 4 filings with an implausible profit.
Totals include 9 sole proprietors: natural persons whose statements are shown only in aggregate, never by name. The company count excludes them. How we calculate →
The activity title is the code's title in the KD 2010 classification (NACE Rev. 2), which applies to every year shown. The registry now shows titles from the new classification for the same codes, so titles can differ.
| Year | Revenue | Companies |
|---|---|---|
| 2015 | 179,567,207€ | 353 |
| 2016 | 189,370,214€ | 394 |
| 2017 | 248,134,234€ | 448 |
| 2018 | 301,577,349€ | 510 |
| 2019 | 352,087,096€ | 555 |
| 2020 | 132,075,520€ | 607 |
| 2021 | 297,671,376€ | 614 |
| 2022 | 436,695,881€ | 674 |
| 2023 | 551,217,902€ | 759 |
| 2024 | 657,050,002€ | 818 |
| 2025 (Preliminary) | 686,980,137€ | 795 |
Employees and payroll cost per employee per month*
<0.1% |
| 8,206€ |
| No filing for 2024. |
| 266€ |
| 3.2% |
| 1 |
| 604€ |
| 503 | Villa Priscilla03174115 · Kotor | <0.1% | 8,153€ | -63.3% | -7,833€ | -96.1% | 1 | 678€ |
| 504 | Marestan03768678 · Podgorica | <0.1% | 7,503€ | No filing for 2024. | 1,177€ | 15.7% | 0 | — |
| 505 | Baia Group of Compaines03395901 · Budva | <0.1% | 7,355€ | +83.9% | -16,257€ | -221.0% | 1 | 670€ |
| 506 | Ramziya03598209 · Budva | <0.1% | 7,200€ | +23.1% | -1,684€ | -23.4% | 1 | 670€ |
| 507 | Orden Novih Pravednika03740978 · Podgorica | <0.1% | 7,055€ | No filing for 2024. | -1,698€ | -24.1% | 1 | 729€ |
| 508 | Woodpecker03756327 · Herceg Novi | <0.1% | 6,705€ | No filing for 2024. | -6,619€ | -98.7% | 1 | 706€ |
| 509 | Temko-TK03406539 · Šavnik | <0.1% | 6,437€ | -20.3% | -3,172€ | -49.3% | 1 | — |
| 510 | Eneida Group Corporation03428117 · Ulcinj | <0.1% | 6,265€ | +1,051.7% | -37,674€ | -601.3% | 2 | 1,216€ |
| 511 | Ofuma03552403 · Budva | <0.1% | 6,135€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -6,030€ | -98.3% | 1 | 926€ |
| 512 | Zeta Gradnja - Moc Bečići03467589 · Podgorica | <0.1% | 6,119€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -163,480€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | — |
| 513 | Ena Hospitality03677141 · Tivat | <0.1% | 5,523€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -53,355€ | -966.1% | 2 | 733€ |
| 514 | Apriori Consulting03307107 · Budva | <0.1% | 5,500€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -3,548€ | -64.5% | 1 | 335€ |
| 515 | Briv Hospitality03396207 · Kotor | <0.1% | 5,009€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -1,374,610€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 6 | — |
| 516 | Sef Selections03776026 · Bar | <0.1% | 4,500€ | No filing for 2024. | 803€ | 17.8% | 1 | 301€ |
| 517 | Adriatic Management Company02911060 · Budva | <0.1% | 4,139€ | +592.1% | -7,589€ | -183.4% | 2 | — |
| 518 | Talasturs02067072 · Bar | <0.1% | 4,132€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -21,497€ | -520.3% | 1 | — |
| 519 | Odnako03410781 · Herceg Novi | <0.1% | 4,120€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -5,489€ | -133.2% | 1 | 677€ |
| 520 | Nega-Tours Montenegro02399369 · Budva | <0.1% | 4,000€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -76,440€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | — |
| 521 | New Life Turizm03631362 · Bar | <0.1% | 3,849€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -4,315€ | -112.1% | 1 | 677€ |
| 522 | Nexis03405001 · Budva | <0.1% | 3,757€ | -82.4% | -80,029€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | — |
| 523 | Don Stars03192679 · Podgorica | <0.1% | 3,714€ | +170.7% | -30,858€ | -830.9% | 1 | — |
| 524 | Martvort03245926 · Budva | <0.1% | 3,605€ | +25,650.0% | -9,503€ | -263.6% | 1 | 677€ |
| 525 | Imt SKY Resort03240274 · Budva | <0.1% | 3,600€ | -58.5% | -4,575€ | -127.1% | 1 | 338€ |
| 526 | Heritage Hotels03333329 · Kotor | <0.1% | 3,242€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -8,039€ | -248.0% | 1 | 922€ |
| 527 | Denis - Company02761238 · Bar | <0.1% | 3,000€ | -97.8% | -14,895€ | -496.5% | 1 | 896€ |
| 528 | Smokva Bay Resort03280250 · Budva | <0.1% | 2,600€ | -73.0% | -6,620€ | -254.6% | 1 | 680€ |
| 529 | Adriatico Company02383110 · Budva | <0.1% | 2,520€ | -91.4% | -75,380€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 3 | 450€ |
| 530 | Nunnum Investment03410510 · Tivat | <0.1% | 2,500€ | +150.0% | -7,471€ | -298.8% | 1 | 619€ |
| 531 | Meridian Hoteli02411008 · Podgorica | <0.1% | 2,400€ | 0.0% | -11,270€ | -469.6% | 1 | 458€ |
| 532 | Menead Tourism03433897 · Budva | <0.1% | 2,400€ | +2,723.5% | -17,334€ | -722.3% | 2 | 675€ |
| 533 | Peace Group03627268 · Podgorica | <0.1% | 2,400€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -18,246€ | -760.3% | 2 | 456€ |
| 534 | Alp-Cengiz03577236 · Budva | <0.1% | 2,392€ | -43.5% | -23,669€ | -989.5% | 1 | 901€ |
| 535 | Crvena Glavica Investment03127001 · Podgorica | <0.1% | 2,351€ | -80.3% | -1,704,612€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 4 | — |
| 536 | Dogan-Turizm03585344 · Budva | <0.1% | 2,100€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -12,096€ | -576.0% | 1 | 670€ |
| 537 | Allianz Kapital02650606 · Budva | <0.1% | 2,089€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -15,831€ | -757.8% | 1 | 590€ |
| 538 | Montenegro Leisure03693295 · Budva | <0.1% | 1,816€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -22,717€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | 928€ |
| 539 | Mediterranean Ark03202348 · Budva | <0.1% | 1,766€ | -58.8% | -11,268€ | -638.1% | 2 | 479€ |
| 540 | Foremast03731901 · Kotor | <0.1% | 1,558€ | No filing for 2024. | -73,271€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 3 | 450€ |
| 541 | Ar Hotels03684679 · Herceg Novi | <0.1% | 1,500€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -1,898€ | -126.5% | 1 | — |
| 542 | Ar Living Montenegro03684725 · Herceg Novi | <0.1% | 1,500€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -1,891€ | -126.1% | 1 | — |
| 543 | SJR3 Chalets03633420 · Budva | <0.1% | 1,400€ | +8,135.3% | -86,100€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | 352€ |
| 544 | Vrelo DVM03595820 · Danilovgrad | <0.1% | 1,200€ | -62.0% | -1,336€ | -111.3% | 1 | — |
| 545 | Oziela03602290 · Podgorica | <0.1% | 1,170€ | -88.8% | -11,215€ | -958.5% | 1 | 678€ |
| 546 | Slovenska Aliansa02428938 · Herceg Novi | <0.1% | 1,137€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -19,264€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 2 | 394€ |
| 547 | Budvanka Vila02752263 · Budva | <0.1% | 1,000€ | -57.4% | -1,906€ | -190.6% | 1 | — |
| 548 | Newborn Hostel03761550 · Budva | <0.1% | 819€ | No filing for 2024. | -4,499€ | -549.3% | 0 | — |
| 549 | Green Club03059545 · Tivat | <0.1% | 699€ | +9,885.7% | -182,877€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 2 | 1,358€ |
| 550 | Megathrive03630706 · Budva | <0.1% | 659€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -32,941€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | 2,597€ |