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 151–200 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% |
| 565,023€ |
| +20.2% |
| 73,418€ |
| 13.0% |
| 3 |
| 1,784€ |
| 153 | Kadmos03071049 · Budva | <0.1% | 545,801€ | -3.4% | 102,706€ | 18.8% | 9 | 1,067€ |
| 154 | North Group03459853 · Nikšić | <0.1% | 531,945€ | +72.9% | 130,367€ | 24.5% | 5 | 1,007€ |
| 155 | Union Capital03766829 · Podgorica | <0.1% | 515,987€ | No filing for 2024. | 186,438€ | 36.1% | 22 | 514€ |
| 156 | Family Hotels Group03482375 · Budva | <0.1% | 514,840€ | +151.6% | -68,409€ | -13.3% | 7 | 1,929€ |
| 157 | Menuet03236013 · Budva | <0.1% | 506,006€ | -7.7% | 3,031€ | 0.6% | 6 | 883€ |
| 158 | Aqua Resort03303217 · Plav | <0.1% | 503,267€ | +3.6% | 36,394€ | 7.2% | 14 | 816€ |
| 159 | House Estate02667428 · Budva | <0.1% | 499,911€ | +63.0% | -40,501€ | -8.1% | 3 | 1,547€ |
| 160 | Balloon02356597 · Kotor | <0.1% | 497,957€ | +76.4% | 138,216€ | 27.8% | 8 | 1,151€ |
| 161 | Horizont Invest Property Management03639088 · Budva | <0.1% | 494,219€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 57,951€ | 11.7% | 4 | 1,979€ |
| 162 | Bošković Group02710536 · Podgorica | <0.1% | 486,072€ | +0.4% | 310€ | 0.1% | 12 | 716€ |
| 163 | Virtus Mne03092097 · Kotor | <0.1% | 479,000€ | -8.1% | 169,271€ | 35.3% | 5 | 474€ |
| 164 | MV Invest02736691 · Podgorica | <0.1% | 471,664€ | +39.2% | 57,544€ | 12.2% | 10 | 539€ |
| 165 | Braća Radanović02090031 · Kotor | <0.1% | 470,357€ | +2.2% | 112,344€ | 23.9% | 12 | 1,004€ |
| 166 | Jedinica Damjanović02662841 · Herceg Novi | <0.1% | 469,313€ | +13.9% | 20,710€ | 4.4% | 8 | 705€ |
| 167 | Lux Sunrior03346994 · Budva | <0.1% | 465,857€ | +21.3% | -17,566€ | -3.8% | 3 | 1,351€ |
| 168 | Mind Company03163571 · Tivat | <0.1% | 465,660€ | +879.7% | 309,529€ | 66.5% | 10 | 644€ |
| 169 | Palma Tours02746808 · Bar | <0.1% | 463,199€ | -20.5% | 29,187€ | 6.3% | 5 | 584€ |
| 170 | Falcon Com03008819 · Nikšić | <0.1% | 461,022€ | +1.4% | 7,704€ | 1.7% | 12 | 800€ |
| 171 | Luka's In02830744 · Berane | <0.1% | 455,262€ | +19.5% | 69,636€ | 15.3% | 9 | 1,146€ |
| 172 | Šejla Tours02796244 · Bar | <0.1% | 453,397€ | -8.7% | 5,699€ | 1.3% | 13 | 859€ |
| 173 | La Habana02843714 · Bar | <0.1% | 449,433€ | +3.9% | 98,715€ | 22.0% | 8 | 806€ |
| 174 | In Style02415062 · Tivat | <0.1% | 437,364€ | -2.8% | -29,726€ | -6.8% | 10 | 1,065€ |
| 175 | Alexandar02820064 · Podgorica | <0.1% | 434,273€ | +19.3% | 45,043€ | 10.4% | 12 | 1,017€ |
| 176 | PG Tourist03493130 · Podgorica | <0.1% | 431,211€ | +140.2% | 27,280€ | 6.3% | 9 | 867€ |
| 177 | Philia02694247 · Podgorica | <0.1% | 429,702€ | +25.6% | 110,361€ | 25.7% | 9 | 1,243€ |
| 178 | Ekokrstac02645815 · Mojkovac | <0.1% | 425,261€ | -0.9% | 57,194€ | 13.4% | 11 | 741€ |
| 179 | Vučje02770156 · Nikšić | <0.1% | 424,845€ | +105.5% | -50,297€ | -11.8% | 8 | 1,171€ |
| 180 | Maris03167976 · Ulcinj | <0.1% | 424,525€ | -15.3% | 101,770€ | 24.0% | 3 | 720€ |
| 181 | Đulamerović Group03298540 · Bar | <0.1% | 419,502€ | +1.2% | 6,328€ | 1.5% | 21 | 486€ |
| 182 | Bobot02888629 · Šavnik | <0.1% | 409,173€ | +41.4% | 84,437€ | 20.6% | 10 | 843€ |
| 183 | Urbing02310694 · Podgorica | <0.1% | 408,956€ | +49.0% | 133,326€ | 32.6% | 3 | 2,546€ |
| 184 | Sveti Georgije03006948 · Cetinje | <0.1% | 407,822€ | -28.1% | 1,684€ | 0.4% | 7 | 1,489€ |
| 185 | Admiral Montenegro02685736 · Budva | <0.1% | 400,370€ | -22.6% | -113,265€ | -28.3% | 8 | 1,201€ |
| 186 | Oblun03317749 · Podgorica | <0.1% | 395,211€ | +2,638.6% | 42,804€ | 10.8% | 12 | 813€ |
| 187 | Real Estate & Co02049490 · Ulcinj | <0.1% | 394,598€ | -24.7% | 39,478€ | 10.0% | 7 | 1,143€ |
| 188 | Opera Jaz03138194 · Budva | <0.1% | 392,210€ | +93.7% | 107,699€ | 27.5% | 4 | 810€ |
| 189 | Asb Estate Management03616380 · Nikšić | <0.1% | 391,326€ | +13.5% | 21,770€ | 5.6% | 9 | 928€ |
| 190 | Lobo Budva03744302 · Budva | <0.1% | 390,758€ | No filing for 2024. | 33,639€ | 8.6% | 3 | 765€ |
| 191 | Imperial02798581 · Bar | <0.1% | 390,587€ | +13.2% | 41,413€ | 10.6% | 4 | 934€ |
| 192 | Mišeluk03560449 · Herceg Novi | <0.1% | 387,444€ | +35.7% | 71,942€ | 18.6% | 9 | 931€ |
| 193 | Trustgroup02673835 · Budva | <0.1% | 383,427€ | -12.6% | 29,034€ | 7.6% | 4 | 1,067€ |
| 194 | Hasanaga Company02814757 · Ulcinj | <0.1% | 382,920€ | +7.1% | 11,307€ | 3.0% | 12 | 653€ |
| 195 | Thill03323005 · Bar | <0.1% | 382,632€ | +22.9% | 117,424€ | 30.7% | 7 | 1,871€ |
| 196 | MSK-Group03602125 · Nikšić | <0.1% | 381,252€ | +22.8% | 17,973€ | 4.7% | 12 | 1,100€ |
| 197 | Boka Gardens03090337 · Kotor | <0.1% | 378,395€ | -7.5% | 48,879€ | 12.9% | 2 | 8,091€ |
| 198 | Velika Plaža02018357 · Ulcinj | <0.1% | 375,271€ | -4.9% | 8,097€ | 2.2% | 6 | 1,564€ |
| 199 | Laurisima03227898 · Podgorica | <0.1% | 375,069€ | -0.2% | 48,205€ | 12.9% | 5 | 1,882€ |
| 200 | Harblue03381196 · Budva | <0.1% | 374,722€ | -15.4% | 30,004€ | 8.0% | 10 | 527€ |