Energoinvest ended last year with the best business results in the last 30 years, as well as one of the largest increases in market value among domestic companies. According to preliminary data, the company achieved 19.12 million BAM in operating profit, while the total business result before tax amounted to 15.15 million BAM. Positive financial trends also spilled over to the stock exchange, and the share price of this Bosnia and Herzegovinian (BiH) company increased from 0.65 BAM to 2.69 BAM, which is a growth of around 314 percent.
With 17.66 million issued shares, the company’s market capitalization increased from approximately 11.5 million BAM to around 47.5 million BAM. In this way, in one year, Energoinvest increased its market value by about 36 million BAM, without recapitalization and sale of key assets, exclusively through the recovery of its core business and stabilization of finances. For the company’s director, Mirza Ustamujic, the business results are the result of difficult but responsible decisions, deep consolidation, and a clear long-term vision.
219 employees employed
“When I came to the company, few people believed that Energoinvest had any future at all. We were written off, neglected, and workers were in deep uncertainty,” said Ustamujic.
According to him, for years, public narratives were dominated by problems – from suspicious asset sales, unpaid salaries, to selling off what had been built by generations. Today, he says, the picture is different.
“Today we are talking about growth, employment, termination of harmful contracts, and opening of new opportunities, building strategic partnerships, and a responsible relationship towards the society in which we operate,” emphasized the director of Energoinvest.
In this BiH company, 219 workers are employed, which is 10 percent more than in 2024. 85 percent of the workforce is younger than 35.
The average net salary in Energoinvest amounts to 3.191 BAM, while the company generates 76.061 BAM per month from rent, which is an increase of 52 percent (in 2024, monthly rent income amounted to 50.043 BAM). The portion of assets that was under mortgage was reduced by 7.5 million BAM, from 72.5 to 65 million BAM.
The company explained that by repealing decisions on asset sales from 2017 and 2018, it decided to preserve strategic resources and actively resolve the legal and administrative status of real estate in BiH, Serbia, and Croatia. Contracts are being renewed at market prices, and promising and previously devastated premises are being put back into function, thereby increasing their economic value.
International portfolio
In 2025, Energoinvest rehabilitated its international portfolio in the engineering sector. As stated, in Tanzania, two long-term contracts generated losses of 20.65 million BAM, along with off-book penalties of around 2 million dollars and an active dispute with General Electric worth one million dollars. By the end of the year, the projects were closed, and old liabilities were paid, as well as taxes and charges resolved.
In Algeria, eight contracts generated a balance of -16.33 million BAM. Seven projects were closed, while the last contract in 2026 requires five million BAM only for a bank guarantee. As the company states in its report, on this market, penalties of around 3 million euros were prevented, and previously incurred liabilities were paid.
In North Macedonia, one contract lasts five years. Previous obligations in the amount of 3.25 million euros were paid, while arbitration proceedings with the local partner MEPSO are being prepared.
Last year, the gas sales price fell to 795.67 BAM/1000 standard cubic meters, which is 8.5% lower than in 2024, Forbes writes.
