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Croatia's Adris Grupa 9-mo cons net profit rises 20% y/y

Author Radomir Ralev
Croatia's Adris Grupa 9-mo cons net profit rises 20% y/y Author: Adris Grupa. License: All rights reserved.

ZAGREB (Croatia), October 25 (SeeNews) - Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] recorded a net profit of 752 million kuna ($115.5 million/101.2 million euro) in the first nine months of 2018, up 20%, the company said on Thursday.

The group's total revenue increased 12% on the year to 4.7 billion kuna in the nine months through September, while its sales revenue added 20% to 4.1 billion kuna, Adris said in a filing with the Zagreb bourse.

Adria's tourism business saw an improvement in the nine month-period ended September 30, as a 3% increase in the average price of an overnight stay boosted Maistra's net profit by 12% year-on-year to 359 million kuna. EBITDA also increased 10% on the year in the review period, to 540 million kuna. The net profit of catering and tourism company HUP-Zagreb rose by 25% to 96 million kuna, while its EBITDA grew 13% to 145 million kuna. 

Adris Grupa's fish farming and processing unit Cromaris boosted its net profit by 31% year-on-year to 21.4 million kuna in January-September. The company's sales revenue increased by an annual 14% in the first nine months, with operating profit was up 11%. Cromaris' sales volume totalled 6,260 tonnes in January-September, up 11% on the year. 

The group's insurance arm, Croatia Osiguranje, increased its net nine-month profit to 332 million kuna, up 52% on the year. The insurer recorded an increase in consolidated gross written premiums of 8.5% to 2.7 billion kuna. The company held a 35.4% share of the non-life insurance market in Croatia and a 18.6% share of the life insurance market. It remains the leader on Croatia's insurance market with an overall market share of 30%.

(1 euro = 7.43138 kuna)