March 1 (SeeNews) - Croatia's blue-chip hotel owner and manager Valamar Riviera [ZSE:RIVP] said its consolidated net profit totalled 160.4 million kuna ($23 million/21 million euro) in 2022, up 47.5% on the year but 47.6% lower compared to 2019.
“After two years of the pandemic crisis Valamar Riviera achieved a full business recovery in 2022, including the highest ever revenues in group history. In parallel, a significant increase in costs was borne as a result of the energy and inflationary crisis,” the company said in an unaudisted consolidated report published after the end of the trading session on the Zagreb bourse on Tuesday.
Operating income amounted to 2.45 billion kuna, an 11% increase compared to the pre-crisis year 2019. “This is first of all due to an average price increase of 19.2% and high occupancy in the summer months, enabled primarily by sustained investments and quality upgrades across Valamar’s portfolio,” it added.
Operating costs in 2022 grew by 22.2% compared to 2019 primarily due to a surge in electricity costs, by 169% or 100 million kuna, and an increase in other operating costs impacted by inflation.
Operating profit (adjusted EBITDA) amounted to 775.8 million kunain 2022, up 15.2% on the year and 2.3% higher compared to 2019. In 2022, Valamar group reported 6.4 million overnights, 32.1% more than in 2021, and only 2.4% less than in 2019.
Valamar is Croatia’ leading tourism company operating hotels, resorts and camping resorts in Istria, the islands of Krk, Rab and Hvar, Makarska, Dubrovnik, and Obertauern in Austria. With over 21,000 commercial keys, Valamar’s 37 hotels and resorts and 15 camping resorts can welcome around 58,000 guests daily.
The company’s shares traded 0.91% higher at 4.45 euro on Wednesday morning on the Zagreb bourse and the bourse put them in the segment of monitoring following an announcement of a company's proposal to distribute a dividend per share of 0.2 euro for 2022.
($ = 0.938 euro)