Croatia’s Arena Hospitality profit drops to 5.8 mln euro in 2023

Earnings before interest, tax, depreciation and amortisation (EBITDA) fell to 28 million euro, compared with 31.2 million euro in the previous year, due to a significant increase in utility, staff and consumable costs as well as pandemic related government grants still available in 2022, Arena said in a filing to the Zagreb bourse.

Total revenue increased by 15.5% to 126.5 million euro.

Accommodation revenue increased by 16.2% to 105.7 million euro due to higher occupancy and 11.7% growth in average daily rate. In 2023, the occupancy rate reached 46.2% from 45.1% in 2022.

Arena owns, co-owns, leases, operates and develops full-service upscale, upper upscale and lifestyle hotels, self-catering holiday apartment complexes and campsites in Croatia, Germany, Hungary, Serbia and Austria.

Arena's shares traded flat at 32.60 euro on Thursday morning in Zagreb.

($ = 0.923 euro)