NIS Group’s results for the first quarter of 2020 were hit by negative macroeconomic trends in connection with the COVID-19 pandemic. These included a dramatic fall in oil prices on world markets as the demand for oil and petroleum products collapsed because of the COVID-19 pandemic. The group’s EBITDA fell 18 percent compared to Q1 2019 to RSD 5.2bn for a net loss for the period of RSD 1.1bn. The average price for a barrel of Brent crude oil over the period was $50.30, 20 percent off the price for Q1 2019. NIS carried out investments worth RSD 7.7bn during the first three months of the year, focusing on the development of its ability to refine and produce oil and natural gas. NIS produced 319 thousand tons of oil and gas, with the Pancevo Oil Refinery processing 860,000 tons of oil and intermediate products, 44 percent more than the same period last year. Its total volume of oil products hit 778,000 tons, marking a 7 percent increase y-o-y and saw its export figures rise 63 percent.
