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Croatia's Adris Grupa cons net profit rises 27% in 2016

Croatia's Adris Grupa cons net profit rises 27% in 2016 Author: Adris Grupa. License: All rights reserved.

ZAGREB (Croatia), April 20 (SeeNews) - Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Thursday its 2016 net profit rose 27% on the year to 501 million kuna ($72.3 million/67.2 million euro).

The group's total revenue reached 5.55 billion kuna, while its operating income amounted to 5.11 billion kuna, the company said in a statement without providing comparative figures.

Its unit Maistra, a hotel operator, achieved net profit growth of 28% to 131 million kuna on the back of a 10% increase in operating income to 950 million kuna. Maistra saw a 3% rise in overnight stays to 3.13 million.

Adris Grupa's fish farming and processing unit Cromaris boosted its sales by an annual 5% in 2016 to 6,889 t. It experienced 6% growth in operating income in the twelve months through December to 362 million kuna. Cromaris's net profit doubled to 13.1 million kuna.

The group's insurance arm, Croatia Osiguranje, saw a net profit of 175 million kuna in 2016, up 54% on the year. It recorded an increase in consolidated gross written premiums of 2% to 3.02 billion kuna. The company had a 34.6% share of the non-life insurance market in Croatia and a 18.1% share of the life insurance market. It remains the leader on Croatia's insurance market with an overall market share of 29.1%, up 0.1 percentage points on the year.

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=7.4559 kuna)

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