Delta Holding, the company of Miroslav Mišković, operated with the highest number of affiliated enterprises in 2024, according to the Serbian Business Registers Agency (APR) in its Annual Report on the operations of legal entities, entrepreneurs and business groups.
Petar Matijević, the owner of the well-known Meat Industry, also stands out in terms of the number of companies.
The APR report states that, in 2024, business groups continued their trend of stable and profitable business, and that they represented one of the main drivers of positive developments in the domestic economy. Business groups consist of parent companies and their related legal entities.
The report notes: “The synergy effects achieved by linking legal entities into business groups are reflected in a unified presentation of the financial position and business performance of the group of legal entities as a single entity, as set out in consolidated annual financial statements. These statements are prepared and submitted by parent legal entities for their subsidiaries and affiliated legal entities, with the aim of more complete and transparent financial reporting. Parent companies submitted consolidated annual financial statements for 731 business groups, of which 722 were processed. These groups included 2,317 subsidiary and affiliated legal entities.”
Compared to the previous year, the number of business groups increased by 29, while the number of subsidiary and affiliated entities rose by 34. The analysed groups employed an additional 1,776 people on an annual basis, bringing the total to 337,046 workers.
Delta Holding has the most affiliated enterprises
According to the APR report, Delta Holding, owned by Miroslav Mišković, once again stands out with the highest number of affiliated legal entities. Under the control of the Holding as the parent company, 69 affiliated legal entities operated last year, two more than in 2023. Of these 69 affiliated companies, 22 are based outside Serbia.
The parent company is registered for accounting, bookkeeping, auditing services and tax consulting, while the group engaged in agricultural production, food production, export, import, representation of foreign companies, distribution of consumer goods, car sales, hotel operations, real estate development and the development of new technologies. Delta Holding conducted these activities through five organisational units: Delta Agrar, Delta Food Processing, Delta Real Estate, Delta Distribution and New Technologies.
Matijević owns the most companies in total
The APR report further states that a large number of legal entities are grouped within the business groups MPZ-Agrar and MPZ Agrar Two. Both companies are owned by businessman Petar Matijević and his wife, Zora Matijević. These two companies controlled 44 and 42 legal entities, respectively. In total, this is more than Delta Holding, although individually, each manages a smaller number of affiliated enterprises.
For MPZ-Agrar, the number of affiliated legal entities increased by two over the year, while for the second company, MPZ Agrar Two, it remained unchanged.
“The affiliated entities of the first group performed activities in agricultural production, hunting and related service activities, fisheries and aquaculture, the production of food products, unspecified machinery and unspecified equipment, as well as motor vehicles, trailers and semi-trailers. They were also active in electricity, gas, steam and air-conditioning supply; waste collection, treatment and disposal; wholesale trade; real estate operations; architectural and engineering activities; and veterinary services. The subsidiary entities of the second group were registered for agricultural production, hunting and related service activities, and one operated abroad,” the APR report states.
A Novi Sad construction company
Furthermore, within the Galens Invest Group, 28 affiliated legal entities operated, two more than in 2023. This company is owned by Aleksandar Galić and Sanja Petrić and is registered in Novi Sad.
It also manages companies, specifically five of them, that are registered abroad. Galens is engaged in the construction of residential and non-residential buildings, while its subsidiary companies carry out specialised construction works, wholesale trade, publishing activities, rental and leasing services, as well as security and investigative activities.
Milšped in fourth place
During 2024, Milšped operated with 22 subsidiary legal entities, two more than in 2023. Of these, 15 companies were based abroad.
Milšped is owned by Nebojša Ivković and is registered in warehousing and supporting transport activities. Its subsidiaries operate in the areas of land transport and pipeline transport, air transport, as well as postal services.
Business groups reduced their profit
Looking at all business groups together, they generated total revenues of 5.928 trillion dinars last year, or around 50 billion euros, which is 1.5 percent more than the previous year. Total expenses, however, grew at a faster rate – by 5.5 percent – amounting to 5.607 trillion dinars, or more than 47 billion euros. Therefore, the business groups collectively achieved a positive net result of 255 billion dinars, or around 2.2 billion euros. This is, however, a decrease of as much as 43.7 percent year-on-year.
According to the APR report, the recorded result is primarily the consequence of a 20.7 percent decrease in operating profit, but also of more than double the financing loss, as well as the recorded loss from other activities.
“Net profit was achieved by 605 consolidated groups with 1,961 subsidiary and affiliated legal entities, which is 17 groups and 57 subsidiary and affiliated legal entities more than the previous year. At the same time, the remaining 117 business groups recorded a net loss, involving 356 subsidiary and affiliated legal entities in their operations (12 more business groups, and 23 fewer subsidiary and affiliated legal entities compared to 2023),” the APR report states.
The report adds that the 722 analysed business groups accounted for a quarter of the economy’s core financial performance in 2024.
(Nova Ekonomija, 04.12.2025)