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 201–250 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% |
| 370,308€ |
| +8.7% |
| -3,700€ |
| -1.0% |
| 2 |
| 630€ |
| 203 | Sea Trade02669935 · Tivat | <0.1% | 367,948€ | -74.3% | -369,619€ | -100.5% | 1 | 615€ |
| 204 | Cruiser& Partners03644375 · Ulcinj | <0.1% | 367,071€ | +1.7% | 10,707€ | 2.9% | 7 | 506€ |
| 205 | Karisma Hotels Management Montenegro03150054 · Podgorica | <0.1% | 366,071€ | +32.5% | 148,724€ | 40.6% | 3 | 4,314€ |
| 206 | Lido-Turs02072149 · Bar | <0.1% | 357,884€ | -32.2% | 12,293€ | 3.4% | 6 | 881€ |
| 207 | Melagrana03173097 · Budva | <0.1% | 356,279€ | +22.2% | 46,747€ | 13.1% | 3 | 1,589€ |
| 208 | Abd Group03555429 · Budva | <0.1% | 348,734€ | -8.2% | 11,332€ | 3.2% | 8 | 402€ |
| 209 | Centrale As03475891 · Bar | <0.1% | 348,113€ | +44.7% | -3,844€ | -1.1% | 7 | 1,592€ |
| 210 | Butua Residence02900157 · Budva | <0.1% | 348,088€ | +64.3% | 134,928€ | 38.8% | 3 | 601€ |
| 211 | Mikro-International02380471 · Budva | <0.1% | 343,634€ | -17.5% | 84,652€ | 24.6% | 7 | 927€ |
| 212 | R.H. - Promet02430266 · Bijelo Polje | <0.1% | 342,346€ | -21.1% | 52,847€ | 15.4% | 5 | 711€ |
| 213 | Hotel Palma Jaz03298027 · Budva | <0.1% | 342,007€ | +42.8% | 22,326€ | 6.5% | 6 | 530€ |
| 214 | SG Harmony03170357 · Bar | <0.1% | 341,076€ | +8.9% | 1,405€ | 0.4% | 9 | 702€ |
| 215 | Miroslav03678504 · Žabljak | <0.1% | 340,379€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 69,300€ | 20.4% | 8 | 613€ |
| 216 | Busani02685256 · Ulcinj | <0.1% | 340,147€ | -22.7% | 82,928€ | 24.4% | 6 | 685€ |
| 217 | Terminus Tours03134709 · Podgorica | <0.1% | 339,481€ | +1.8% | 14,818€ | 4.4% | 8 | 1,017€ |
| 218 | Cetinje - Belveder02379783 · Cetinje | <0.1% | 337,866€ | -17.4% | 135,434€ | 40.1% | 7 | 788€ |
| 219 | Medisport02399636 · Podgorica | <0.1% | 337,346€ | -9.8% | 51,531€ | 15.3% | 4 | 853€ |
| 220 | KLM Group03291782 · Podgorica | <0.1% | 336,628€ | -4.3% | 15,795€ | 4.7% | 8 | 994€ |
| 221 | Allure Company03498646 · Budva | <0.1% | 328,638€ | +17.8% | 36,443€ | 11.1% | 3 | 664€ |
| 222 | Niš02747618 · Bar | <0.1% | 320,000€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 271,134€ | 84.7% | 1 | 2,993€ |
| 223 | Rakovac Komerc02208784 · Budva | <0.1% | 314,276€ | -17.4% | 1,780€ | 0.6% | 9 | 1,107€ |
| 224 | Montenegro Luxury Hotels and Resorts03307166 · Kotor | <0.1% | 308,930€ | +984.4% | 127,847€ | 41.4% | 10 | — |
| 225 | Kodva03524027 · Kotor | <0.1% | 305,042€ | +2,072.5% | 40,224€ | 13.2% | 3 | 819€ |
| 226 | Kalos Apartments03152197 · Budva | <0.1% | 303,338€ | -2.8% | 5,979€ | 2.0% | 5 | 747€ |
| 227 | Bureau Rad03294595 · Podgorica | <0.1% | 298,679€ | -10.7% | -202,492€ | -67.8% | 20 | 1,017€ |
| 228 | Istra Group02986221 · Bar | <0.1% | 296,070€ | +215.8% | 19,192€ | 6.5% | 2 | 1,503€ |
| 229 | Patriot Montenegro03523870 · Podgorica | <0.1% | 295,858€ | +201.0% | 98,996€ | 33.5% | 4 | 1,162€ |
| 230 | Sea Wave02753928 · Bar | <0.1% | 294,140€ | +4.1% | 17,753€ | 6.0% | 10 | 761€ |
| 231 | Belvedere Residence03121062 · Budva | <0.1% | 290,432€ | +1.3% | 58,265€ | 20.1% | 3 | 1,772€ |
| 232 | Bellezza Resort03406121 · Herceg Novi | <0.1% | 286,927€ | +0.2% | 21,843€ | 7.6% | 8 | 559€ |
| 233 | Pontos03392279 · Budva | <0.1% | 286,902€ | +7.5% | 39,559€ | 13.8% | 5 | 1,074€ |
| 234 | Azimut Lux03073041 · Budva | <0.1% | 285,660€ | -11.0% | 23,878€ | 8.4% | 3 | 2,070€ |
| 235 | L Group03031063 · Bar | <0.1% | 285,002€ | -2.9% | 10,907€ | 3.8% | 5 | 1,142€ |
| 236 | Najs02654539 · Bar | <0.1% | 285,001€ | +236.2% | 1,665€ | 0.6% | 4 | 1,233€ |
| 237 | Pribilović RST03475581 · Budva | <0.1% | 281,068€ | +7.5% | -4,233€ | -1.5% | 10 | 746€ |
| 238 | Koliba 1203764117 · Nikšić | <0.1% | 279,276€ | No filing for 2024. | 36,156€ | 12.9% | 13 | 499€ |
| 239 | Qwerty Investment02819023 · Kotor | <0.1% | 277,474€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -118,989€ | -42.9% | 4 | 654€ |
| 240 | Le Duchesse M02437163 · Budva | <0.1% | 277,236€ | -21.7% | 60,235€ | 21.7% | 2 | 1,093€ |
| 241 | Bojović Company02923670 · Žabljak | <0.1% | 276,517€ | +25.6% | 40,397€ | 14.6% | 7 | 656€ |
| 242 | Anamont02645602 · Kotor | <0.1% | 275,751€ | -22.8% | 9,027€ | 3.3% | 6 | 1,434€ |
| 243 | Max & Alex02907062 · Kotor | <0.1% | 274,444€ | -21.6% | -7,044€ | -2.6% | 7 | 1,702€ |
| 244 | Giljača02220172 · Tivat | <0.1% | 274,164€ | +7.2% | 21,809€ | 8.0% | 7 | 661€ |
| 245 | Liudmila i Maria Montenegro03325814 · Budva | <0.1% | 273,198€ | -10.5% | 38,292€ | 14.0% | 3 | 751€ |
| 246 | Val Com02884976 · Podgorica | <0.1% | 270,627€ | +11.0% | 58,922€ | 21.8% | 7 | 872€ |
| 247 | W & Grand02466376 · Budva | <0.1% | 269,180€ | -2.1% | 19,545€ | 7.3% | 7 | 1,462€ |
| 248 | Montenegrino02072785 · Tivat | <0.1% | 267,455€ | +11.7% | 5,819€ | 2.2% | 10 | 983€ |
| 249 | Alpha Gamma Group03327396 · Podgorica | <0.1% | 267,283€ | +8.8% | 71,650€ | 26.8% | 4 | 997€ |
| 250 | Vila Bojana Adriatic03728536 · Budva | <0.1% | 264,900€ | No filing for 2024. | 39,806€ | 15.0% | 4 | 538€ |