For years, Serbia’s largest state infrastructure projects have ended up in the hands of the same companies – from the Chinese company PowerChina and Bechtel to domestic firms such as Millennium Team and Concord West. While the state is attempting to sustain economic growth through enormous infrastructure projects, the financial results reveal who is benefiting most from public investment.
In recent years, the government has based much of its economic growth strategy on major infrastructure developments – from motorways and high-speed railways to the National Stadium, the EXPO 2027 project, the Belgrade Metro, and new residential-business complexes.
According to data from the Statistical Office of the Republic of Serbia, major fluctuations in the pace and value of construction works in Serbia can be observed over recent years.
Looking slightly further back, the sector experienced strong growth during 2023 and the beginning of 2024, before entering a period of significant slowdown and decline throughout 2024 and during the first three quarters of 2025. The largest burden of the downturn was borne by “other civil engineering works”, namely infrastructure projects, while building construction remained more stable and stayed in positive territory during several quarters.
However, in the final quarter of last year, the first more serious sign of recovery emerged.
In the fourth quarter of 2025, construction activity increased by 12.8 per cent in current prices compared with the same period of the previous year, while the increase in constant prices amounted to 10.6 per cent. The value of completed works on buildings rose by 13.3 per cent, while works on other structures increased by 8.8 per cent in constant prices.
Here is an analysis of construction companies that achieved the highest total revenues last year. However, it is important to note that not all companies have published their 2025 financial reports, meaning these rankings may subsequently be revised. Numerous construction companies generated revenues worth hundreds of millions in 2025. However, not all of them made a profit, and some even recorded substantial losses.
One such example is the state-owned company Putevi Srbije (Roads of Serbia), which generated the highest revenues, exceeding €536 million last year, representing a four per cent increase compared with 2024, when the company’s revenues stood at around €516 million. However, the net loss of Putevi Srbije rose by as much as 97 per cent, from €97.6 million to €192.2 million.
What largely connects all these companies is that they are involved in the country’s largest state infrastructure projects.
All of these firms are closely linked to projects such as EXPO 2027, the National Stadium, the Belgrade Metro, the new Sava Bridge, Belgrade Waterfront, the Morava Corridor, and similar ventures.
The same applies to PowerChina (Power Construction Corporation of China), whose revenues increased by an astonishing 123 per cent within a single year. Specifically, the company’s revenues amounted to €220.3 million in 2024, while in 2025 they surged to an extraordinary €491 million. However, despite more than doubling its revenues, the company ended last year with a net loss of €13.7 million, despite having posted a profit of €10.3 million in 2024.
PowerChina is one of the contractors involved in the construction of the National Stadium in Surčin. In addition, the same company signed a contract for the Belgrade Metro worth approximately €720 million. According to available data, the company also participated in the demolition of the Old Sava Bridge and is involved in constructing the new one. Public sources likewise mention PowerChina as a key contractor on the EXPO complex.
What is considered problematic is that the company is frequently associated with a lack of transparency, the absence of tenders, and confidential contracts.
Third on the list is Belgrade Waterfront, a subsidiary of Eagle Hills Waterfront Investment LLC from the United Arab Emirates. The company’s revenues in 2025 amounted to €477.4 million, representing a 24 per cent increase compared with the previous year. In 2024, Belgrade Waterfront’s revenue stood at €385.2 million. However, unlike the first two companies on this list, Belgrade Waterfront achieved a massive increase in profit of as much as 155 per cent.
In 2024, Belgrade Waterfront earned €64.2 million, while the company’s profit last year soared to almost €164 million. The Belgrade Waterfront development is continuously being expanded and built, so such business results are hardly surprising.
Fourth place in terms of revenues was occupied by the American company Bechtel (Bechtel Enka UK Limited Branch). Last year, the company recorded revenues of €436.2 million, representing a three per cent decline compared with the previous year, when revenues totalled €450.4 million. Nevertheless, despite the drop in revenues, the company increased its profit by as much as 76 per cent. In 2025, profit amounted to €50.1 million, compared with €28.4 million a year earlier.
The company secured the contract for the construction of the Morava Corridor. Bechtel is engaged in the design and construction of a 112-kilometre motorway linking Corridors 10 and 11. The most controversial aspect of its operations is the price of the Morava Corridor. According to Forbes Serbia, the project was initially estimated at around €900 million, but the cost later rose to approximately €2.15 billion.
Building construction
When examining data strictly related to building construction, the situation is somewhat different. At the top of that list is Belgrade Waterfront, which has already been discussed in the article. It is followed by W. D. Concord West DOO, owned by Željko Drčelić, the current president of the basketball club Red Star (Crvena Zvezda). In 2025, the company generated revenues of around €196 million, representing a 35 per cent increase compared with 2024, when total revenues stood at €145.2 million. The company’s profit last year amounted to €5.8 million, which was a 41 per cent increase compared with the previous year. In 2024, profit totalled just over €4 million.
Concord West is involved in the construction of a residential complex within the EXPO project. In addition, public reports mention that the company is part of a consortium that won the contract to build the new Tiršova 2 children’s hospital. There are also projects such as the Linear Park in Belgrade and others, but they are generally connected by one thing – Drčelić and his company continue to receive numerous major state contracts.
Third on this list is Energogroup DOO, owned by Dejan Branković. The company increased its revenues by around five per cent in 2025, reaching a total of €135 million. A year earlier, in 2024, the company’s revenues amounted to €128.3 million. However, Energogroup DOO’s profit increased by 37 per cent over the same period. In 2024, the company earned €10.3 million, while last year it earned more than €14 million. Unlike the previously mentioned companies, Energogroup primarily operates through commercial and private projects – Lidl, Microsoft, office buildings, and residential complexes.
The company itself claims to have completed more than 200 projects and to be one of the larger private contractors in Serbia.
(Danas, 13.05.2026)