Energoinvest back in focus: Rise on the market, falls in the media – what is really happening?

(Patria) - Energoinvest, once an industrial giant and a symbol of technological excellence in the former Yugoslavia, has recorded a strong return to the capital market in recent months. The company's shares have seen a rise of as much as 400%, drawing the attention of investors and analysts, as well as the media, but what is strange is that the media are mostly close to the authorities.

Despite positive business indicators, in recent weeks criticism of the current Management and director has been increasingly appearing in public, and stories about "incompetent management" are being placed in the media with clearly politically colored messages.

All this is happening at a time when, according to information obtained by Patria, employees are being paid regularly and stably, and their earnings are, as they themselves claim, the highest in the last ten years.

Employees have requested in a letter to the editorial office to protect the integrity of the company, expressing concern that targeted media defamation could undermine the stability and investment momentum that Energoinvest has finally begun to regain after a turbulent decade.

Who is bothered by Energoinvest's recovery?

Interestingly, these criticisms are appearing at a time when the company is recording significant results and when old debts have finally been brought under control. And, these 'former debts' will be the subject of investigations, because according to Patria's findings, there are justified suspicions among employees that financial reports were falsified, in which, among other things, penalties from “successful contracts” were hidden.

In a document submitted to the editorial office, titled "Business revenues, expenses and business result for the Energoinženjering activity 2014–2024", it is clearly visible that the largest accumulated losses and debts were recorded precisely in the period from 2016 to 2024, when former director Bisera Hadžialjević took over the company. Debts then rose dramatically, reaching a record 94,105,499 BAM in 2024.



Despite this difficult inherited situation, the new management has managed to stabilize financial operations, optimize operational costs, and reposition Energoinvest as a serious player in the domestic and regional engineering market.

"We are not asking for favoritism, but objectivity. The company is finally breathing, and individuals are trying to suffocate it for political or personal reasons, or due to wounded ego. Employees are paid, projects are being realized, and the market has reacted positively. Who is trying to stop all this and why?", states the letter submitted to the editorial office.

We call on the competent institutions not to engage in political-political wrangling over the back of one of the few remaining pillars of domestic industry, and to enable Energoinvest to continue its path of recovery, growth, and innovation – based on results, not political scores.