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 351–400 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% |
| 89,258€ |
| +3.8% |
| 3,365€ |
| 3.8% |
| 3 |
| 540€ |
| 353 | Adriastar02952831 · Budva | <0.1% | 88,841€ | -3.6% | -293€ | -0.3% | 1 | 1,228€ |
| 354 | Školj02174553 · Budva | <0.1% | 86,813€ | -39.4% | -20,994€ | -24.2% | 3 | 731€ |
| 355 | Rijeka Travel Mne03528065 · Podgorica | <0.1% | 86,318€ | +69.3% | 6,786€ | 7.9% | 3 | 713€ |
| 356 | Empire Group03470148 · Budva | <0.1% | 86,241€ | -10.6% | 15,767€ | 18.3% | 1 | 1,916€ |
| 357 | Bony Investment03216659 · Tivat | <0.1% | 85,695€ | -11.3% | -5,508€ | -6.4% | 1 | 675€ |
| 358 | Zec J.V.A03089550 · Budva | <0.1% | 82,229€ | +263.4% | 29,446€ | 35.8% | 3 | 583€ |
| 359 | Montenegro Premier02438496 · Podgorica | <0.1% | 81,799€ | -57.1% | -508,267€ | -621.4% | 3 | 512€ |
| 360 | TSR Service03573974 · Bar | <0.1% | 80,844€ | -6.4% | -72€ | -0.1% | 1 | 5,724€ |
| 361 | Franus03152871 · Bar | <0.1% | 80,771€ | -8.4% | -25,776€ | -31.9% | 3 | 383€ |
| 362 | Villa Lev03102432 · Tivat | <0.1% | 80,117€ | -17.8% | -18,674€ | -23.3% | 3 | 523€ |
| 363 | Vudax02733056 · Cetinje | <0.1% | 79,029€ | +150.4% | 16,434€ | 20.8% | 3 | 554€ |
| 364 | Montesol02410346 · Budva | <0.1% | 78,031€ | +8.7% | 30,084€ | 38.6% | 3 | 484€ |
| 365 | Hermes Budva03154823 · Budva | <0.1% | 77,717€ | -22.9% | 9,047€ | 11.6% | 2 | 1,058€ |
| 366 | Montenegro Events02707861 · Budva | <0.1% | 77,523€ | +21.7% | 658€ | 0.8% | 5 | 661€ |
| 367 | Supera Montenegro03619010 · Podgorica | <0.1% | 76,900€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 39,896€ | 51.9% | 2 | — |
| 368 | MB Turist02268159 · Žabljak | <0.1% | 76,099€ | -62.4% | -25,976€ | -34.1% | 4 | 1,576€ |
| 369 | Frukta-Milk02313081 · Bijelo Polje | <0.1% | 75,227€ | -13.3% | 557€ | 0.7% | 5 | 686€ |
| 370 | Mujo - S Invest03383768 · Bar | <0.1% | 74,231€ | +15.9% | -17,392€ | -23.4% | 4 | 735€ |
| 371 | Montemar03217337 · Herceg Novi | <0.1% | 74,104€ | +249.1% | -11,530€ | -15.6% | 2 | — |
| 372 | Mamm03182690 · Nikšić | <0.1% | 72,792€ | +32.5% | -9,538€ | -13.1% | 2 | 1,006€ |
| 373 | KB Kosiakov03520218 · Bar | <0.1% | 72,468€ | -74.5% | -22,243€ | -30.7% | 6 | 342€ |
| 374 | Kolašin Resort & Spa03084108 · Podgorica | <0.1% | 71,297€ | +40.0% | -52,451€ | -73.6% | 3 | 944€ |
| 375 | Adria Nord03374319 · Nikšić | <0.1% | 71,222€ | +28.9% | 18,880€ | 26.5% | 1 | 675€ |
| 376 | Fordewind Nik03577384 · Herceg Novi | <0.1% | 70,854€ | +971.6% | 14,456€ | 20.4% | 2 | 616€ |
| 377 | Mia Angela03445828 · Ulcinj | <0.1% | 70,468€ | +22.8% | 871€ | 1.2% | 2 | 707€ |
| 378 | DAJ.ME03130070 · Kolašin | <0.1% | 69,861€ | +20.3% | -18,189€ | -26.0% | 2 | 698€ |
| 379 | Bluemountion03603334 · Tivat | <0.1% | 69,854€ | +1.5% | -21,520€ | -30.8% | 1 | 1,585€ |
| 380 | Bela Roza03059553 · Tivat | <0.1% | 69,702€ | +16.1% | -242,155€ | -347.4% | 5 | 933€ |
| 381 | Vujanović02193027 · Nikšić | <0.1% | 69,436€ | +17.6% | -4,313€ | -6.2% | 1 | 927€ |
| 382 | Naj - Company02757915 · Podgorica | <0.1% | 69,257€ | +87.3% | 4,685€ | 6.8% | 2 | 577€ |
| 383 | Dubravuška02769069 · Kotor | <0.1% | 69,112€ | -14.5% | -36,671€ | -53.1% | 2 | 741€ |
| 384 | M&N Holiday Resort03638367 · Ulcinj | <0.1% | 68,449€ | +160.7% | -24,590€ | -35.9% | 4 | 716€ |
| 385 | Mažijanik Hotel03669670 · Nikšić | <0.1% | 68,351€ | +600.3% | -2,813€ | -4.1% | 2 | 945€ |
| 386 | Menex03443183 · Rožaje | <0.1% | 67,290€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 14,113€ | 21.0% | 2 | 885€ |
| 387 | MNRC03518566 · Podgorica | <0.1% | 66,569€ | +9.0% | -5,035€ | -7.6% | 3 | 506€ |
| 388 | Srećan Žar02706687 · Budva | <0.1% | 66,400€ | -0.1% | -42,497€ | -64.0% | 1 | 3,447€ |
| 389 | Dajti Company03709396 · Ulcinj | <0.1% | 66,220€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | 8,625€ | 13.0% | 2 | — |
| 390 | Yeshill03242986 · Budva | <0.1% | 65,071€ | -24.5% | -12,295€ | -18.9% | 2 | 1,175€ |
| 391 | Zlatni do02205688 · Kolašin | <0.1% | 62,896€ | -1.6% | 150€ | 0.2% | 3 | 758€ |
| 392 | Montebook Inc03426688 · Tivat | <0.1% | 62,620€ | +1,092.8% | -18,023€ | -28.8% | 1 | 678€ |
| 393 | Woodland03142167 · Podgorica | <0.1% | 61,963€ | -20.1% | 3,934€ | 6.3% | 3 | 654€ |
| 394 | Obala Radovića03169537 · Bar | <0.1% | 60,410€ | -10.0% | 1,708€ | 2.8% | 2 | 1,131€ |
| 395 | Vila Kukoljac02410729 · Herceg Novi | <0.1% | 60,188€ | -23.3% | -5,344€ | -8.9% | 4 | 754€ |
| 396 | Siniz Grupa02786125 · Budva | <0.1% | 60,000€ | -27.7% | 18,744€ | 31.2% | 2 | 514€ |
| 397 | Mejd02217317 · Podgorica | <0.1% | 58,963€ | -4.7% | 5,321€ | 9.0% | 2 | 1,471€ |
| 398 | Zvjezdana Dolina03222853 · Podgorica | <0.1% | 57,984€ | -6.0% | 1,089€ | 1.9% | 1 | 1,268€ |
| 399 | La Barca03388352 · Budva | <0.1% | 57,535€ | +11.5% | -19,761€ | -34.3% | 1 | 678€ |
| 400 | Bem02910560 · Bijelo Polje | <0.1% | 56,882€ | -52.1% | -19,477€ | -34.2% | 2 | 595€ |