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 101–150 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*
0.2% |
| 1,105,943€ |
| +13.7% |
| 52,968€ |
| 4.8% |
| 23 |
| 1,114€ |
| 103 | Golden Investment Group03313140 · Nikšić | 0.2% | 1,067,521€ | +67.6% | -442,419€ | -41.4% | 17 | 1,039€ |
| 104 | Courier Eco02809940 · Bar | 0.2% | 1,043,417€ | +5.6% | 33,095€ | 3.2% | 24 | 969€ |
| 105 | Keramika Babović02338220 · Bar | 0.2% | 1,041,380€ | +16.9% | 17,327€ | 1.7% | 17 | 1,010€ |
| 106 | Hotel Splendido Management Company02834545 · Kotor | 0.1% | 994,190€ | -9.3% | -95,423€ | -9.6% | 27 | 1,407€ |
| 107 | HM Durmitor02409798 · Žabljak | 0.1% | 984,002€ | -6.4% | 4,493€ | 0.5% | 33 | 671€ |
| 108 | Euromix-Trade02714884 · Podgorica | 0.1% | 962,103€ | -19.7% | -170,617€ | -17.7% | 5 | 1,955€ |
| 109 | Otrant Star03282503 · Bar | 0.1% | 935,436€ | +3,265.6% | -271,713€ | -29.0% | 22 | 708€ |
| 110 | Regent Resort03407241 · Nikšić | 0.1% | 912,898€ | +105.2% | 210,026€ | 23.0% | 14 | 1,004€ |
| 111 | Suntime02632934 · Budva | 0.1% | 910,179€ | -1.7% | -1,526,319€ | -167.7% | 28 | 1,221€ |
| 112 | Hotel De'andros Virpazar03555330 · Bar | 0.1% | 903,977€ | +32.4% | 31,155€ | 3.4% | 34 | 1,247€ |
| 113 | Tate02918013 · Budva | 0.1% | 901,161€ | +16.2% | 211,339€ | 23.5% | 11 | 1,491€ |
| 114 | Prehrana02015811 · Pljevlja | 0.1% | 889,870€ | +3.3% | -38,614€ | -4.3% | 36 | 727€ |
| 115 | Dely Tours02772272 · Ulcinj | 0.1% | 883,007€ | +0.6% | -144,238€ | -16.3% | 9 | 915€ |
| 116 | Signum Hotel03431606 · Podgorica | 0.1% | 872,210€ | +5.4% | 38,498€ | 4.4% | 23 | 1,377€ |
| 117 | S & V - Company02381613 · Podgorica | 0.1% | 860,891€ | +83.4% | -678,194€ | -78.8% | 15 | 1,668€ |
| 118 | Stellia Hospitality DFS03438651 · Podgorica | 0.1% | 831,055€ | -5.4% | 82,771€ | 10.0% | 9 | 2,217€ |
| 119 | Info Turizm03751538 · Kotor | 0.1% | 827,424€ | No filing for 2024. | 136,795€ | 16.5% | 5 | 981€ |
| 120 | Brand Hotels03262359 · Budva | 0.1% | 794,864€ | +5.7% | 51,388€ | 6.5% | 11 | 1,342€ |
| 121 | Villa Geba Management03251691 · Budva | 0.1% | 785,181€ | -3.4% | -548,628€ | -69.9% | 19 | 2,296€ |
| 122 | Franeta Gradnja02411822 · Budva | 0.1% | 781,285€ | -5.7% | 47,668€ | 6.1% | 5 | 1,337€ |
| 123 | Export -Import VST Trend02330857 · Nikšić | 0.1% | 769,481€ | +3,862.7% | 628,847€ | 81.7% | 1 | 5,111€ |
| 124 | Intercontinental Hotels Management Montenegro03305082 · Podgorica | 0.1% | 738,201€ | +9,410.4% | 42,541€ | 5.8% | 2 | 3,436€ |
| 125 | Fair Trade02931249 · Bar | 0.1% | 732,817€ | -3.0% | 137,977€ | 18.8% | 7 | 781€ |
| 126 | Đukica Tours02427621 · Bar | 0.1% | 717,582€ | -62.2% | 13,506€ | 1.9% | 14 | 917€ |
| 127 | Mistic Company02887657 · Herceg Novi | 0.1% | 708,722€ | +17.0% | 118,212€ | 16.7% | 18 | 734€ |
| 128 | Best Trio02864231 · Ulcinj | 0.1% | 708,591€ | -7.0% | 3,949€ | 0.6% | 12 | 873€ |
| 129 | Medini Co03095304 · Budva | 0.1% | 695,450€ | +1.5% | 200,214€ | 28.8% | 11 | 1,100€ |
| 130 | Home In Montenegro03129578 · Kotor | 0.1% | 694,549€ | -8.0% | 29,171€ | 4.2% | 4 | 1,257€ |
| 131 | Levante Real Estate03692558 · Budva | <0.1% | 683,006€ | +795.8% | 593,758€ | 86.9% | 1 | 682€ |
| 132 | Pešter Co02156598 · Budva | <0.1% | 680,191€ | +1.9% | 86,468€ | 12.7% | 11 | 837€ |
| 133 | Liza Vinci03267407 · Budva | <0.1% | 678,953€ | -11.8% | 20,242€ | 3.0% | 17 | 1,338€ |
| 134 | Hotel 192003287602 · Podgorica | <0.1% | 678,756€ | +112.4% | 1,565€ | 0.2% | 17 | 715€ |
| 135 | Overseas Assets Managment02424614 · Podgorica | <0.1% | 665,075€ | -18.6% | -654,842€ | -98.5% | 3 | 2,710€ |
| 136 | Baskethand02932121 · Bar | <0.1% | 657,121€ | -48.6% | -38,761€ | -5.9% | 32 | 738€ |
| 137 | Crna Gora02046024 · Podgorica | <0.1% | 652,621€ | +12.7% | -1,500,232€ | -229.9% | 1 | 10,646€ |
| 138 | Hippo Campus02727757 · Kotor | <0.1% | 646,359€ | +2.2% | 148,528€ | 23.0% | 15 | 883€ |
| 139 | Linear03438325 · Podgorica | <0.1% | 640,735€ | +10.8% | 53,707€ | 8.4% | 5 | 1,400€ |
| 140 | Li & Da03065430 · Budva | <0.1% | 631,373€ | +3.3% | 194,315€ | 30.8% | 4 | 1,519€ |
| 141 | Milinović02408970 · Kotor | <0.1% | 620,962€ | +9.0% | 249,013€ | 40.1% | 9 | 938€ |
| 142 | Serzman Incorporated03011526 · Kotor | <0.1% | 620,780€ | +24.0% | -189,451€ | -30.5% | 1 | 6,382€ |
| 143 | Globalunited CO.03304183 · Pljevlja | <0.1% | 614,610€ | +14.2% | 13,404€ | 2.2% | 24 | 805€ |
| 144 | Rendez-Vous02398907 · Kotor | <0.1% | 607,556€ | +13.1% | 95,293€ | 15.7% | 10 | 681€ |
| 145 | Enigma Turist02416603 · Žabljak | <0.1% | 603,763€ | +47.3% | 35,772€ | 5.9% | 7 | 1,159€ |
| 146 | Montenegro Lubricants02789230 · Kotor | <0.1% | 597,349€ | +10.6% | 32,521€ | 5.4% | 9 | 1,016€ |
| 147 | Arco-Iris02445336 · Podgorica | <0.1% | 594,719€ | +11.9% | 23,977€ | 4.0% | 15 | 1,201€ |
| 148 | 7 Hills02957841 · Podgorica | <0.1% | 589,359€ | -8.7% | 55,577€ | 9.4% | 12 | 955€ |
| 149 | Ventura02456982 · Budva | <0.1% | 588,076€ | +11.0% | 77,926€ | 13.3% | 11 | 1,096€ |
| 150 | A L B A T R o S02006154 · Ulcinj | <0.1% | 586,242€ | -25.6% | -202,494€ | -34.5% | 36 | 978€ |