Bosnia and Herzegovina’s Largest Companies: Moderate Growth and Structural Challenges
Bosnia and Herzegovina’s economy continues to grow at a moderate pace, constrained by structural challenges, labour shortages and weak investment. Economic growth slowed to 2.4% in 2025, while the country’s 100 largest companies generated a combined turnover of €18.66 billion, equivalent to 63.3% of GDP. Trade and energy remain the dominant sectors, with supermarket chain Bingo topping the rankings in revenue, net profit and employment.
By Naida Kurdija*
Bosnia and Herzegovina’s economy continues to move through a period of moderate growth, with structural challenges limiting the pace at which the country can close the gap with more developed European economies.
After the transition period following the war, the economy was hit by a series of external shocks, including the global financial crisis, the COVID-19 pandemic and, more recently, the consequences of the war in Ukraine, particularly through higher energy and food prices and inflationary pressures.
Official data show that real GDP growth in Bosnia and Herzegovina reached 2.4% in 2025, following growth of around 3.2% in 2024, according to official data from Agency for Statistics of Bosnia and Herzegovina. The country’s GDP at current prices reached approximately US$32.6 billion in 2025, according to World Bank data.
In 2025, Bosnia and Herzegovina’s real GDP growth was mainly driven by trade, transport and accommodation/food service activities, while public administration, education and health services, as well as net taxes on products, also provided significant contributions.
The relatively modest growth rate reflects deeper structural constraints. Weak investment, slower industrial production, demographic decline and the continued emigration of the working-age population are among the factors affecting the country’s long-term growth potential. The structure of the economy remains strongly dependent on services, trade and consumption, while manufacturing and exports remain essential for generating foreign-exchange earnings and employment.
The World Bank has also pointed to labour shortages in some sectors alongside persistently high unemployment and low labour-force participation, particularly among women, young people and older workers.
At the same time, Bosnia and Herzegovina’s two entities, the Federation of BiH and Republika Srpska, show somewhat different economic structures and dynamics, making the overall national picture a combination of different regional trends. For companies, the environment therefore remains a mixture of opportunities and constraints. Rising wages and labour shortages are increasing pressure on employers, but they are also encouraging investment in productivity, technology and new business models.
Companies with strong export orientation, efficient operations and the ability to attract and retain skilled workers are particularly important for the country’s future economic performance.
Experts warn that over the longer term, Bosnia and Herzegovina’s challenge is not simply to achieve higher annual GDP growth, but to create the conditions for more sustainable and productivity-driven growth. Stronger investment, higher-value manufacturing, digitalisation, better use of the available workforce and closer integration with European markets will be crucial if the country is to turn moderate economic growth into faster improvements in living standards.
Trend of companies in Bosnia and Herzegovina
Overall, data on the revenues and profits of companies in Bosnia and Herzegovina show an economy in which trade, industrial manufacturing, energy and other systemically important sectors carry the greatest economic weight. At the same time, the structure of the most successful companies shows that profitability is not determined solely by the scale of revenues, but also by productivity, export orientation, business models and efficiency. The broader picture points to a relatively diverse economic base, but also to a strong concentration of economic influence among the largest companies and key sectors.
Bosnia and Herzegovina’s 100 largest companies generated a combined turnover of €18.66 billion in 2025, equivalent to approximately 63.3% of the country’s GDP, according to Monitor calculations.
Only 10 largest companies generated a combined turnover of €6.02 billion in 2025, equivalent to approximately 20.4% of the country’s GDP.
Retail chain dominate the biggest companies
An analysis of the largest companies by number of employees, revenues and net profit provides valuable insight into the structure and strength of the domestic economy, while also showing which companies and sectors carry the greatest economic weight.
Three of the 10 largest companies in Bosnia and Herzegovina operate in the retail sector, highlighting the importance of retail trade in the country’s corporate landscape. The sector’s strong presence is particularly evident in employment, where large retail chains rank among the country’s biggest employers and play a significant role in supporting thousands of jobs.
Bosnia and Herzegovina’s largest retail chain, Bingo, has confirmed its leading position in the market, ranking first in all three categories analysed.
Last year, the company employed 8,370 workers, generated revenues of BAM 2.30 billion (EUR 1.18 billion), and recorded a net profit of BAM 128.62 million (EUR 65.76 million).
For comparison, two other major retail chains are also among the 20 largest employers – Konzum, with nearly 3,100 employees, and FIS Vitez, with 1,700 employees.
The concentration of retail companies among the largest businesses also reflects the sector’s substantial contribution to overall economic activity. Retail chains benefit from extensive store networks, broad consumer demand and large-scale distribution operations, enabling them to generate significant revenues while employing thousands of people. Their prominence illustrates the role of domestic consumption and trade in Bosnia and Herzegovina’s economy.
However, the sector’s dominance is not uniform across all indicators of employment. In the Federation of Bosnia and Herzegovina (FBiH), public institutions and state-owned companies collectively remain major employers, particularly in healthcare, energy and infrastructure. Nevertheless, Bingo’s position demonstrates the capacity of a private domestic company to compete with major public-sector employers in terms of workforce size.
7 out of 10 largest companies in Bosnia and Herzegovina by revenue are from the Federation of BiH. The dominance of the Federation of BiH in the ranking is also linked to its economic weight. The Federation accounts for around two-thirds of Bosnia and Herzegovina’s economy, based on GDP contribution, while Republika Srpska represents roughly one-third, as per offical data from Agency for Statistics of Bosnia and Herzegovina.
The ranking shows that the key pillars of the BiH economy remain energy, telecommunications and retail.
10 BIGGEST COMPANIES BY REVENUES IN BOSNIA AND HERZEGOVINA
- BINGO d.o.o. Tuzla
BINGO” d.o.o. export-import Tuzla is the largest supermarket chain and private employer in Bosnia and Herzegovina, with revenues of 1.18 billion euros in 2025. Founded in 1993, the company has grown from a single store in Tuzla into a massive conglomerate known as the Bingo Group. Today, it operates over 220 retail locations across the country, spanning supermarkets, hypermarkets, and modern shopping malls.
This company took first place, generating revenue of EUR 1.18 billion, an increase of 5.8% compared with the previous year. The company also recorded a net profit of EUR 65.8 million and employed 8,370 people, by far the highest number among the companies on the list.
- JP Elektroprivreda BiH d.d. Sarajevo
JP Elektroprivreda BiH d.d. Sarajevo (EPBiH) is the largest electric utility public company in Bosnia and Herzegovina, with revenues of 763 million euro in 2025. Established on August 30, 1945, the enterprise generates, distributes, and supplies electricity primarily across the Federation of Bosnia and Herzegovina (FBiH) regional territory. The company operates as a joint-stock entity where 90.37% of the equity capital is state-owned by the FBiH Government, while the remaining 9.63% belongs to minority shareholders.
JP Elektroprivreda BiH d.d. Sarajevo generated total revenue of EUR 762.6 million in 2025, reflecting its significant role in Bosnia and Herzegovina’s energy sector.
- Holdina d.o.o. Sarajevo
HOLDINA d.o.o. Sarajevo is one of the leading petroleum product distributors on the wholesale and retail markets in Bosnia and Herzegovina, with revenues at about 747 million euros in 2025. Established on March 21, 2000, the company operates as a key subsidiary of the INA Group (INA – Industrija nafte d.d. Zagreb, Croatia). Holdina acts as the exclusive importer and wholesale representative for high-quality fuels sourced from INA’s refineries in Croatia.
It generated total revenue of EUR 747.2 million in 2025, confirming its significant presence in Bosnia and Herzegovina’s petroleum products market. The company recorded a net profit of EUR 7.9 million, reflecting its role in the distribution and sale of fuel and related products.
4.MH ERS MP a.d. Trebinje
MH ERS MP a.d. Trebinje is the parent company of Elektroprivreda Republike Srpske (ERS) and is 100% state-owned by Republika Srpska. Its core activity is electricity supply and trading, while the ERS holding also includes companies engaged in electricity generation and distribution.
It generated revenue of EUR 559.8 million in 2025. As part of the Republika Srpska power utility system, the company plays an important role in the electricity sector, contributing to energy supply and the wider economy.
- OPTIMA Grupa d.o.o. Banja Luka
OPTIMA Grupa d.o.o. Banja Luka is an oil-sector company in Republika Srpska, engaged in the purchase of crude oil, the processing and production of petroleum products, as well as the wholesale trading of fuels, oils and lubricants. The company is part of the NESTRO Group and is 100% owned by NeftegazInKor, which is part of the Russian state-owned company Zarubezhneft. It generated revenue of EUR 559.2 million in 2025, establishing its position as a major player in Bosnia and Herzegovina’s petroleum products market and serving as an important link in the country’s fuel supply chain.
- HIFA-OIL d.o.o. Tešanj
HIFA-OIL d.o.o. Tešanj is the leading private importer and distributor of petroleum and petroleum derivatives in Bosnia and Herzegovina, with revenues of 523 million euros in 2025. Founded in 2002 by Izudin Ahmetlić, the company has grown into a highly diversified multinational conglomerate known as the Hifa-Oil Group. It controls over 20% of the domestic wholesale oil market and is recognized as one of the most successful private enterprises in the country.
The company generated total revenue of EUR 523.3 million in 2025, ranking among the significant players in Bosnia and Herzegovina’s petroleum products market. The company recorded a net profit of EUR 3.07 million, reflecting its activity in the distribution and sale of petroleum products.
- BOREAS d.o.o. Kreševo
BOREAS d.o.o. Kreševo is one of the leading distribution companies of fast-moving consumer goods (FMCG) in Bosnia and Herzegovina, with revenues of about 483 million euros in 2025. Founded in 1993, it operates as a prominent member of the Stanić Group, a dominant regional conglomerate specializing in beverages, juices, tobacco, and technical goods. Boreas is widely recognized as the exclusive importer and logistics partner for some of the world’s most famous consumer brands.
The company generated total revenue of EUR 483.5 million in 2025, placing it among the major companies in Bosnia and Herzegovina by revenue. The company recorded a net profit of EUR 3.27 million and operates in the distribution and retail sectors, representing an important player in the country’s consumer goods market.
- TROPIC MALOPRODAJA d.o.o. Banja Luka
TROPIC MALOPRODAJA d.o.o. Banja Luka is a supermarket and retail chain in Republika Srpska, primarily engaged in the retail sale of food, beverages and tobacco products in non-specialized stores. The company is the largest domestic retail chain in Republika Srpska and operates under the Tropic, mojMarket and Crvena jabuka brands.
The company generated total revenue of EUR 407.6 million in 2025, positioning it among the major retail companies in Bosnia and Herzegovina. It additionaly recorded a net profit of EUR 1.99 million, reflecting its presence in the country’s retail market and the importance of large supermarket chains in consumer spending and economic activity.
- HIFA-PETROL d.o.o. Sarajevo
HIFA-PETROL d.o.o. Sarajevo is one of the most successful private oil companies in Bosnia and Herzegovina. Founded in 2005, the company has rapidly grown into a premier retail and wholesale network, operating over 55 modern gas stations across the country. It is widely recognized by its signature HPLUS premium fuels, developed in collaboration with high-tech laboratories to optimize engine performance and reduce emissions. Its revenues were 400 million euros in 2025.
This company generated total revenue of EUR 400.1 million in 2025, maintaining its position among the significant companies in Bosnia and Herzegovina’s petroleum products market. The company recorded a net profit of EUR 4.83 million, reflecting its business activity in the distribution and sale of fuel and related products.
- Philip Morris BH d.o.o. Sarajevo
Philip Morris BH d.o.o. Sarajevo is the dominant market leader in the tobacco and nicotine industry within Bosnia and Herzegovina, with revenues of 392 million euros. Established as the local affiliate of Philip Morris International (PMI), the world’s leading tobacco company, the Sarajevo-based entity manages the import, distribution, marketing, and sales strategies for PMI’s global brands across the country.
It generated total revenue of EUR 392.7 million in 2025, ranking among the leading companies in Bosnia and Herzegovina by revenue. The company recorded a net profit of EUR 1.15 million and operates in the tobacco industry, focusing on the marketing and distribution of tobacco products in the domestic market.
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*Naida Kurdija is a Sarajevo-based journalist from Bosnia and Herzegovina with experience in reporting on a broad range of topics, particularly focused on storytelling and investigative journalism.
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