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Croatia's Adris Grupa cons net profit doubles in Q1

Author Maja Garaca
Croatia's Adris Grupa cons net profit doubles in Q1 Author: Adris Grupa. License: All rights reserved.

ZAGREB (Croatia), April 30 (SeeNews) - Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Monday its net profit doubled on an annual basis to 18 million kuna ($2.9 million/2.4 million euro) in the first three months of the year.

The group's total revenue reached 1.28 billion kuna, up 12% on the year, while its sales revenue jumped 21% to 970 million kuna, the company said in a statement.

The group's tourism business experienced 14% annual growth in bookings.The total planned investments in this sector amount to 500 million kuna in 2018.

Adris Grupa's fish farming and processing unit Cromaris saw a 22% rise in sales in the first quarter to 1,651 t. Its net profit increased threefold to 5.2 billion kuna.

The group's insurance arm, Croatia Osiguranje, posted a net profit of 101.5 million kuna in the three months through March, up 50% on the year. The company remained the leader on Croatia's insurance market with an overall market share of 34.6%, up 0.1 percentage point from last year. Its consolidated gross written premiums climbed 7% on the year to 1.10 billion kuna.

In 2015, Adris Grupa said it intends to list abroad in 2018, adding it plans to invest over 4 billion kuna in 2016-2018 in order to increase the valuation of its existing operations.

(1 euro=7.41719 kuna)