November the 1st, 2021 - The Croatian 2021 tourist season financial results are finally in following a long period of praise for a remarkably good season marked by a good epidemiological picture.
As Poslovni Dnevnik/Marija Crnjak writes, in the first nine months of 2021, the largest Croatian tourism company, Valamar Riviera, reached the level of 93 percent of the pre-crisis year of 2019 in terms of operating profit (EBITDA), and operating revenues in the same period amounted to 1.5 billion kuna, or 75 percent of sales realised back in 2019.
Given the high demand at the peak of the summer season this year, Valamar achieved excellent results in its more northern destinations in the third quarter, especially in camps where 15 percent more revenue than in 2019 was earned and the premium segment of hotels and resorts where 10 percent more revenue than 2019 was recorded. However, in the first nine months of the year, no significant recovery of business was achieved down in Dubrovnik, nor was it the case for tourist facilities with two and three stars.
In 2021, Valamar expects operating profit (EBITDA) in the range of 635 million kuna to 652 million kuna, or up to 85 percent of the realisation from back in 2019 as a result of austerity measures taken in the first part of the year and a strong recovery of operations during the height of this year's summer season. It is estimated that consolidated revenues for 2021 will reach 1,625 to 1,655 million kuna, or about 75 percent of the realisation they company enjoyed back during the record year of pre-pandemic 2019.
Maistra enjoyed 85 percent of its 2019 realisation in the third quarter of this year. In the season, they accounted for 95 percent of their occupied units in comparison to the same time in 2019. Once again, the most significant growth was achieved in the lux segment of their portfolio, which realised a volume increase of 13 percent when compared to 2019. In their first nine months of operations in 2021, the Maistra Group generated 1.15 billion kuna in operating revenues, which is about twice as much as they recorded last year, equal to an encouraging 92 percent of the realisation of the same period in 2019.
Profit before interest, taxes and depreciation (EBITDA) amounted to 568 million kuna, which is three times more than last year and 3 percent more than what they recorded in 2019. Net profits also amounted to an impressive 362 million kuna.
Pula's Arena Hospitality Group generated 93 percent of 2019's revenues in Croatia during the tourist season, and their domestic portfolio functioned better than the hotels they have in Germany, Hungary and Serbia. Unaudited total revenues in the third quarter for this region represented only 39 percent of total revenues when compared to the same period in 2019. The company's total consolidated revenues for the first nine months of 2021 are at the level of 414.9 million kuna and represent an increase of 81 percent on an annual basis, which indicates very strong recovery.
Accelerated recovery in Croatia with total revenues of 380.2 million kuna shows an increase of 143 percent when compared to the previous year and has reached 75 percent of revenues earned back in 2019. There has also been a very strong jump in the consolidated EBITDA for this particular group, which reached 162.5 million kuna when compared to the 18.6 million kuna recorded last year (representing 65 percent of 2019's profit).
In the first nine months of 2021, Plava Laguna generated operating revenues at the level of 972.4 million kuna, which is 124 percent more than last year and 18 percent less than back in 2019. The growth of operating revenues was generated by an increase in business volume with an increase in average net prices of 8.7 percent as a result of an increase in the share of individual sales channel(s), especially in regard to hotels and apartments.
The nominal level of operating profit EBITDA adjusted for one-off positions amounted to 487 million kuna and the company recorded a significant increase compared to the same period last year of 261 percent. In the first nine months of the year, the group generated a profit of 340.2 million kuna, while in the previous year, a concerning loss of 70.1 million kuna was recorded.
It's worth noting that Plava Laguna recently announced that this year, the company will reward its employees with a maximum of 5,000 kuna as a non-taxable reward, a Christmas bonus in the amount of 3,000 kuna, a gift in kind worth 600 kuna and a rebate in the amount of 70 kuna gross per day of vacation, as well as a gift for the children of their employees up to 15 years of age in the amount of 600 kuna. The right to a Christmas bonus within this company is being exercised in the proportional amount of a maximum of 3,000 kuna for all employees who have worked for at least two months during the year.
For more on the Croatian 2021 tourist season financial results, make sure to check out our dedicated business section.
