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 401–450 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% |
| 55,450€ |
| +104.1% |
| -12,353€ |
| -22.3% |
| 1 |
| 733€ |
| 403 | L & J03365123 · Budva | <0.1% | 55,066€ | +9.3% | 164€ | 0.3% | 1 | 865€ |
| 404 | Osal Estate03540332 · Budva | <0.1% | 54,300€ | +29.2% | 1,460€ | 2.7% | 1 | 1,062€ |
| 405 | Hotel Lejla03414949 · Ulcinj | <0.1% | 53,631€ | -28.7% | -60,380€ | -112.6% | 3 | 524€ |
| 406 | Owl Logistik03451151 · Budva | <0.1% | 52,072€ | +1,694.3% | 9,661€ | 18.6% | 3 | 557€ |
| 407 | Ve-Gord03420434 · Podgorica | <0.1% | 51,338€ | +31.6% | 1,282€ | 2.5% | 2 | 423€ |
| 408 | Primafila03297209 · Ulcinj | <0.1% | 51,291€ | +5,029.1% | 37,267€ | 72.7% | 1 | — |
| 409 | Crown Apartmens03656519 · Budva | <0.1% | 49,424€ | +110.2% | 19,398€ | 39.2% | 1 | — |
| 410 | Prena03377288 · Budva | <0.1% | 48,204€ | +4.7% | 3,077€ | 6.4% | 1 | — |
| 411 | Bonaca Tours03224503 · Bar | <0.1% | 48,144€ | -27.0% | -6,272€ | -13.0% | 2 | 924€ |
| 412 | Adria o Zone02645947 · Budva | <0.1% | 45,148€ | -36.5% | -18,426€ | -40.8% | 1 | 4,068€ |
| 413 | Safiro Beach Resort02750244 · Podgorica | <0.1% | 44,262€ | -65.4% | -1,155,885€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | — |
| 414 | S Coast03724344 · Budva | <0.1% | 44,192€ | No filing for 2024. | 16,704€ | 37.8% | 1 | 939€ |
| 415 | Marseni. Co02907330 · Ulcinj | <0.1% | 43,784€ | +50.4% | -35,361€ | -80.8% | 4 | 664€ |
| 416 | Racha Group03731316 · Bar | <0.1% | 43,768€ | No filing for 2024. | -52,971€ | -121.0% | 0 | — |
| 417 | Maritime Adriatic Club03166902 · Podgorica | <0.1% | 42,881€ | +141.8% | 2,990€ | 7.0% | 2 | 803€ |
| 418 | B-Elite03180913 · Budva | <0.1% | 42,153€ | +15.8% | 6,429€ | 15.3% | 1 | 981€ |
| 419 | Hospitality International03548422 · Budva | <0.1% | 41,080€ | +1,346.5% | 3,498€ | 8.5% | 1 | 680€ |
| 420 | Mass Efect03035107 · Bar | <0.1% | 39,896€ | -57.4% | -47,456€ | -118.9% | 1 | 677€ |
| 421 | Zan02710773 · Ulcinj | <0.1% | 39,869€ | -47.1% | -22,802€ | -57.2% | 1 | 1,203€ |
| 422 | Hotel Ravnjak02024578 · Podgorica | <0.1% | 38,941€ | -62.5% | -49,949€ | -128.3% | 3 | 662€ |
| 423 | David M. V.02936658 · Bar | <0.1% | 38,685€ | -78.7% | -62,871€ | -162.5% | 3 | 734€ |
| 424 | Castello Group03029271 · Bar | <0.1% | 37,558€ | -27.4% | 202€ | 0.5% | 2 | 1,034€ |
| 425 | Montes Innovations03640655 · Tivat | <0.1% | 37,475€ | +1,136.4% | 432€ | 1.2% | 1 | 922€ |
| 426 | Komol Komerc-Lekić02385953 · Herceg Novi | <0.1% | 36,987€ | -19.6% | -20,456€ | -55.3% | 3 | 669€ |
| 427 | Atelier Group03430529 · Ulcinj | <0.1% | 36,105€ | +11.8% | 12,266€ | 34.0% | 1 | 1,020€ |
| 428 | Fasamo02680017 · Podgorica | <0.1% | 36,000€ | -80.6% | -5,061€ | -14.1% | 1 | 1,245€ |
| 429 | Palacio Del Mar03365549 · Budva | <0.1% | 35,876€ | -13.7% | -23,654€ | -65.9% | 3 | 1,463€ |
| 430 | Casa Hotels Management03692230 · Herceg Novi | <0.1% | 35,357€ | -41.1% | 13,069€ | 37.0% | 2 | 549€ |
| 431 | Art Hills02893924 · Cetinje | <0.1% | 34,758€ | +62.1% | -18,767€ | -54.0% | 1 | 676€ |
| 432 | Sommer03631656 · Ulcinj | <0.1% | 34,167€ | -3.2% | -14,501€ | -42.4% | 1 | 858€ |
| 433 | Alta02381192 · Budva | <0.1% | 33,543€ | +44.6% | 45€ | 0.1% | 2 | 675€ |
| 434 | MBR02990202 · Tivat | <0.1% | 33,481€ | -61.9% | -44,599€ | -133.2% | 1 | 542€ |
| 435 | Salina03082270 · Ulcinj | <0.1% | 32,677€ | +14.4% | -1,682€ | -5.1% | 1 | 1,829€ |
| 436 | Pop02717174 · Herceg Novi | <0.1% | 32,660€ | -10.9% | -14,914€ | -45.7% | 2 | 561€ |
| 437 | Uca Alan03570592 · Budva | <0.1% | 32,248€ | -3.3% | -14,413€ | -44.7% | 3 | 743€ |
| 438 | Pronto02225549 · Podgorica | <0.1% | 30,848€ | -82.5% | -40,239€ | -130.4% | 3 | 914€ |
| 439 | HVK02739534 · Podgorica | <0.1% | 30,039€ | -2.0% | 2,845€ | 9.5% | 1 | 511€ |
| 440 | Montenegro Nomad03370712 · Žabljak | <0.1% | 29,516€ | +0.1% | -3,920€ | -13.3% | 2 | 774€ |
| 441 | Lumani Group03477126 · Bar | <0.1% | 29,323€ | +1.5% | 428€ | 1.5% | 2 | — |
| 442 | Segment Plus03657884 · Budva | <0.1% | 29,314€ | No meaningful percentage: the 2024 or current value is zero, negative, unknown or unreliable. | -15,543€ | -53.0% | 4 | — |
| 443 | High View Consulting03461041 · Budva | <0.1% | 28,800€ | +1.4% | 721€ | 2.5% | 3 | 664€ |
| 444 | Silk Resort & Spa03079546 · Podgorica | <0.1% | 28,498€ | +8.8% | -622,430€ | Margin not shown: it is beyond ±1,000% because revenue is too small for a meaningful ratio. | 1 | — |
| 445 | Benita03222098 · Ulcinj | <0.1% | 27,773€ | -12.4% | 3,502€ | 12.6% | 2 | 947€ |
| 446 | Aurora Innovations03640078 · Tivat | <0.1% | 27,521€ | +808.3% | 746€ | 2.7% | 1 | 922€ |
| 447 | BB Eventus03295320 · Plužine | <0.1% | 26,121€ | +11.7% | -10,552€ | -40.4% | 2 | 675€ |
| 448 | Citadel Group02774844 · Podgorica | <0.1% | 25,000€ | 0.0% | -35,465€ | -141.9% | 1 | 1,125€ |
| 449 | Boban Tours02781905 · Bar | <0.1% | 24,585€ | -48.6% | -16,378€ | -66.6% | 1 | 675€ |
| 450 | Sleep'n Cruise03401944 · Podgorica | <0.1% | 23,970€ | +299.5% | 411€ | 1.7% | 1 | 675€ |