Sarajevo Brewery reports strong export surge amid falling net profits

Total revenue from customers rose by 12.6 percent, increasing from 21.21 million marks (approx. €10.84 million) to 23.89 million marks (approx. €12.21 million). Despite this revenue growth, net profit dropped by 66 percent to 700,679 marks (approx. €358,252), down from 2.08 million marks (approx. €1.06 million) in the previous year, as total expenses grew at a faster pace of 20 percent to reach 23.56 million marks (approx. €12.05 million), with no corporate tax reported for the period.

The financial data indicates that all revenue growth originated from foreign markets, whereas domestic sales in Bosnia experienced a slight decline from 19.37 million marks (approx. €9.90 million) to 19.15 million marks (approx. €9.79 million). Export sales now account for approximately one-fifth of overall customer revenue, compared to less than one-tenth in the corresponding period of 2025.

The compression of net earnings was significantly influenced by debt servicing costs following a public bond offering on the Sarajevo Stock Exchange in late October 2025, which raised 10 million marks (approx. €5.11 million) out of a targeted 15 million marks (approx. €7.67 million). According to terms published by Capital.ba, the five-year bonds carry an annual interest rate of 6.5 percent to finance equipment modernization, distribution expansion, and market entry. Interest payments on these bonds amounted to 488,109 marks (approx. €249,566) over the nine-month period. Alongside 10.04 million marks (approx. €5.13 million) in bond liabilities, the company's long-term loans increased from 3.87 million marks (approx. €1.98 million) to 15.49 million marks (approx. €7.92 million) since the beginning of the year.

The report also frames the performance against historical operational shifts and previous earnings. The brewery, established in 1864, currently employs 241 staff members. Registry data from Akta.ba reveals that the company employed an average of 578 workers with 72.7 million marks (approx. €37.17 million) in total revenue in 2010, and 323 workers in 2019.

Furthermore, BiznisInfo.ba noted that the brewery's full-year 2025 net profit of 1.3 million marks (approx. €664,679) included 3 million marks (approx. €1.53 million) in one-off net gains from the sale of real estate, plant, and equipment. The expanding export performance remains the central highlight of the latest financial disclosure, with upcoming annual results set to demonstrate whether investments generate sufficient returns to service the heightened debt load.