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 301–350 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% |
| 159,211€ |
| +31.6% |
| -86,013€ |
| -54.0% |
| 3 |
| 675€ |
| 303 | NND Company02754045 · Kotor | <0.1% | 158,535€ | +9.9% | 938€ | 0.6% | 5 | 751€ |
| 304 | P & T Glomazić03433935 · Plužine | <0.1% | 150,128€ | +44.7% | 16,603€ | 11.1% | 3 | 814€ |
| 305 | Villa Pietra03740633 · Budva | <0.1% | 149,867€ | No filing for 2024. | -122,364€ | -81.6% | 4 | 355€ |
| 306 | Entopya Company03615863 · Budva | <0.1% | 148,538€ | +16.2% | 1,095€ | 0.7% | 0 | — |
| 307 | Gru Company03239764 · Bar | <0.1% | 144,493€ | -9.0% | 13,970€ | 9.7% | 2 | 1,429€ |
| 308 | La Regina Di Monte03379256 · Cetinje | <0.1% | 137,581€ | +1.4% | 6,179€ | 4.5% | 3 | 991€ |
| 309 | Kerber Hotels03143732 · Podgorica | <0.1% | 133,627€ | +342,533.3% | -14,319€ | -10.7% | 5 | 1,025€ |
| 310 | Boka Di Mare03102033 · Herceg Novi | <0.1% | 130,520€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 18,361€ | 14.1% | 4 | 781€ |
| 311 | Risan Bay Resort03761134 · Budva | <0.1% | 130,181€ | No filing for 2024. | -34,206€ | -26.3% | 5 | 701€ |
| 312 | Hun03294650 · Kotor | <0.1% | 128,765€ | +16.3% | -12,154€ | -9.4% | 2 | 928€ |
| 313 | Pierina03266753 · Budva | <0.1% | 128,685€ | +93.4% | 5,839€ | 4.5% | 3 | 645€ |
| 314 | MM Sistems02431823 · Berane | <0.1% | 126,611€ | +8.8% | 33,890€ | 26.8% | 4 | 1,259€ |
| 315 | Star of Montenegro02303833 · Ulcinj | <0.1% | 126,192€ | +2.2% | 53,499€ | 42.4% | 3 | 1,417€ |
| 316 | Merlin Montenegro03288552 | <0.1% | 125,818€ | -23.9% | -3,934€ | -3.1% | 4 | 719€ |
| 317 | Halibas03157008 · Ulcinj | <0.1% | 124,570€ | -23.1% | -20,069€ | -16.1% | 3 | 599€ |
| 318 | Infohvala03309509 · Budva | <0.1% | 123,680€ | -4.6% | -8,175€ | -6.6% | 4 | 802€ |
| 319 | Puerta Del Sol02705532 · Budva | <0.1% | 123,594€ | -11.4% | 14,802€ | 12.0% | 5 | 737€ |
| 320 | Hotel S03356795 · Berane | <0.1% | 122,388€ | +6.6% | 8,574€ | 7.0% | 5 | 924€ |
| 321 | Monteagro02312999 · Podgorica | <0.1% | 121,745€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -4,850€ | -4.0% | 3 | 564€ |
| 322 | Saičić-Tours02329930 · Budva | <0.1% | 120,585€ | -17.9% | 8,846€ | 7.3% | 3 | 948€ |
| 323 | Scandinavian Home03148530 · Ulcinj | <0.1% | 119,884€ | -17.7% | -26,407€ | -22.0% | 6 | — |
| 324 | Lion Investment Montenegro03143074 · Bar | <0.1% | 115,340€ | +78.3% | -42,537€ | -36.9% | 1 | 1,256€ |
| 325 | JM & Co03094740 · Kotor | <0.1% | 114,775€ | -3.3% | -21,610€ | -18.8% | 6 | 770€ |
| 326 | Bukovik Sutomore03049078 · Bar | <0.1% | 114,635€ | +26.3% | 10,753€ | 9.4% | 2 | 723€ |
| 327 | M10M03307379 · Podgorica | <0.1% | 113,858€ | +125.8% | -16,257€ | -14.3% | 5 | 499€ |
| 328 | Max Prestige02421151 · Budva | <0.1% | 112,206€ | -24.8% | -58,713€ | -52.3% | 6 | 752€ |
| 329 | Miško Tours03243923 · Bar | <0.1% | 111,007€ | +132.6% | 3,424€ | 3.1% | 5 | 691€ |
| 330 | Vivon03723828 · Budva | <0.1% | 110,959€ | No filing for 2024. | -58,345€ | -52.6% | 2 | 2,599€ |
| 331 | Porto Sole02910535 · Bar | <0.1% | 109,249€ | +41.0% | 19,943€ | 18.3% | 2 | 803€ |
| 332 | WL Job03091295 · Ulcinj | <0.1% | 108,954€ | +8.6% | 35,803€ | 32.9% | 2 | 525€ |
| 333 | Avangard Hotels & Restaurants03163814 · Danilovgrad | <0.1% | 108,174€ | -23.6% | -621€ | -0.6% | 6 | 738€ |
| 334 | Koncept02779790 · Podgorica | <0.1% | 107,752€ | +8.7% | 12,004€ | 11.1% | 3 | 828€ |
| 335 | Intel02343592 · Budva | <0.1% | 106,112€ | -35.6% | 53€ | 0.0% | 3 | 1,374€ |
| 336 | Marinus03438376 · Ulcinj | <0.1% | 104,610€ | -35.5% | -22,666€ | -21.7% | 6 | 728€ |
| 337 | Best Sunset03324869 · Bar | <0.1% | 103,310€ | -18.9% | 12,191€ | 11.8% | 2 | 587€ |
| 338 | Ideal - Visitor03113345 · Podgorica | <0.1% | 101,110€ | -8.2% | 724€ | 0.7% | 3 | 458€ |
| 339 | Ellena Group02292408 · Herceg Novi | <0.1% | 100,406€ | -13.3% | 3,377€ | 3.4% | 3 | 669€ |
| 340 | Šekularac Company02790858 · Bar | <0.1% | 99,672€ | +2.9% | 5,792€ | 5.8% | 3 | 984€ |
| 341 | Rabbit02372509 · Bar | <0.1% | 97,785€ | -5.6% | -15,304€ | -15.7% | 6 | 674€ |
| 342 | Dis Gold03128865 · Pljevlja | <0.1% | 97,607€ | -15.3% | 2,214€ | 2.3% | 6 | 675€ |
| 343 | Liria-Hotel02910144 · Tuzi | <0.1% | 95,472€ | -15.1% | -24,975€ | -26.2% | 5 | 610€ |
| 344 | Div Montenegro03236200 · Budva | <0.1% | 95,041€ | -13.7% | 3,216€ | 3.4% | 2 | 1,256€ |
| 345 | RBR International02807084 · Budva | <0.1% | 94,989€ | +820.3% | -9,406€ | -9.9% | 2 | 1,151€ |
| 346 | Timm Group03205339 · Gusinje | <0.1% | 94,225€ | -25.9% | 8,843€ | 9.4% | 2 | 521€ |
| 347 | Ambiente&Co03259790 · Ulcinj | <0.1% | 94,165€ | -19.3% | -1,633€ | -1.7% | 4 | 535€ |
| 348 | Din-Iman03151921 · Bijelo Polje | <0.1% | 93,662€ | +80.3% | 17,871€ | 19.1% | 4 | 553€ |
| 349 | Braniv02437350 · Budva | <0.1% | 91,359€ | +17.0% | 7,769€ | 8.5% | 4 | 633€ |
| 350 | Aleksandra02437732 · Bar | <0.1% | 90,752€ | +5.5% | -5,837€ | -6.4% | 3 | 745€ |