June 15 (SeeNews) - Croatian diversified conglomerate Adris Grupa [ZSE:ADRS-R-A] said on Thursday it will invest an additional four billion kuna ($604.7 million/540.2 million kuna) in its businesses by 2021, two billion of which will be directed towards tourism.
All units of Adris posted growth in key business indicators in 2016, which is expected to extend into this year on the back of a continued investment cycle, the company said in a Zagreb bourse filing.
In the past five years of doing business, Adris has invested over four billion kuna in hotel operator Maistra, fish farming and processing unit Cromaris and insurance arm Croatia Osiguranje.
Over that period, Adris posted an average annual net profit of 427 million kuna, while its average dividend grew 21% per year. Maistra was the most successful unit in the group, having boosted its operating income by 40% over the past five years.
For 2016, Adris is paying a dividend of 17 kuna per share, equal to a total of 278.8 million kuna, from its undistributed retained earnings for the 2005-2012 period.
In 2015, Adris Grupa said it intends to list abroad in 2018.
(1 euro=7.40060 kuna)