The Belgrade Waterfront Company recorded a profit of €163.5 million last year, increasing its business performance by as much as 155 per cent in just one year, according to Nova Ekonomija.
The company’s strong financial results were driven primarily by apartment buyers, given the significant increase in demand for property in that part of the city.
Belgrade Waterfront is partly owned by the Serbian government, which holds a 33 per cent stake. The remaining 67 per cent is owned by the United Arab Emirates-based company Eagle Hills Waterfront Investment.
According to the company’s financial statements, operating revenue last year amounted to almost 54 billion dinars, or approximately €460 million. A year earlier, the company had recorded revenues of 43.5 billion dinars. Revenue from domestic sales totalled 56.5 billion dinars in 2025. As stated in the notes accompanying the financial statements, the largest share of this revenue relates to the sale of real estate that was completed and handed over during 2025.
In 2024, revenue from property sales amounted to 33.7 billion dinars.
However, property sales were not the company’s only source of income. The published documentation shows that advances received by the company in 2025 amounted to 59.6 billion dinars, equivalent to around €507.8 million. As explained in the report, these funds represent payments received for apartments that have not yet been completed.
Not only did Belgrade Waterfront continue to sell properties successfully, but it also continued to build. The notes to the accounts state that the increase in the value of work in progress and finished products during the previous year amounted to 27.3 billion dinars. In other words, the company invested this amount in the construction of new developments.
In addition, Belgrade Waterfront paid dividends totalling 11.7 billion dinars in 2025. Just one year earlier, in 2024, this expense was significantly lower, amounting to 4.7 billion dinars. Based on its ownership stake, Serbia should have received approximately 3.8 billion dinars from the dividend distribution.
Belgrade Waterfront also has an outstanding liability to the City of Belgrade amounting to 19.4 billion dinars, or approximately €165 million. This relates to assessed charges for the development of construction land.
After all revenues are added together and all expenses deducted, the company’s net profit for 2025 amounted to almost 19.2 billion dinars, or €163.5 million.
Just one year earlier, Belgrade Waterfront reported a profit of 7.5 billion dinars. In other words, over the course of a single year, the company increased its profit by as much as 155 per cent.
(Biznis.rs, 17.06.2026)