Premium hotels and the camping segment achieved excellent results, especially in northern destinations, while Dubrovnik destination has yet to reach full recovery. Operating profit (adjusted EBITDA) amounted to EUR 109 million or 6% more than the prior year as a result of considerable investments in human resources, high share of direct sales, and a negative effect of inflation on operating costs. Also, increased tourist land leases and adjustments made for accrued costs reduced operating profit by EUR 4.7 million in 2023. It is estimated that tourist land lease costs will double following new regulations of the Tourist Land Act.

Valamar Riviera's Supervisory Board proposed to the General Assembly a dividend payout in the amount of EUR 0,22 per share for 2023, which is 10% more than last year, while the proposed dividend in Imperial Riviera amounts to EUR 4,63 per share, with the payout scheduled for May 2024.

In 2023, Valamar finalized investments totaling EUR 58 million. In Dubrovnik, EUR 32 million was invested in upgrading three hotels and opening Maro World, the largest family entertainment center on the Adriatic. In December 2023, Valamar opened the third hotel in Austria, Obertauern [PLACES] by Valamar, the first to fly the [PLACES] brand flag outside Croatia. In 2023, Valamar invested around EUR 13 million in sustainable development projects and elevating the destinations’ quality, which includes the development of beaches, promenades, bike paths and other public amenities available to the local communities year-round. Investments in Istra Premium Camping Resort 5* in Funtana also include more than EUR 7 million in improving tourist infrastructure open to the community as well as supporting the local economy and suppliers.

In 2023, Valamar invested an additional EUR 25 million in increasing salaries and reward programs and confirmed the title of the best employer in tourism and hospitality in Croatia. During the peak season, Valamar-managed hospitality portfolio surpassed 8,000 employees and recorded as many as 83% domestic workers.

Business media platform Bloomberg Adria and EcoVadis, a global agency for business sustainability, rated Valamar with the highest marks for sustainability and ESG practices in Croatia. EcoVadis awarded Valamar a silver medal, making Valamar the first Croatian hospitality company whose sustainability practices have been recognized globally. In 2023, Valamar joined the Science Based Targets initiative, became a UN Global Compact member, and continued investing in strategic projects and initiatives within the ESG strategy framework, such as investments in carbon footprint reduction and renewable energy sources with an emphasis on solar energy, electric vehicles, bio composting, forestation projects and managing 80,000 trees.

In 2023, Valamar marked a 70th operating anniversary and continued supporting the local community and a series of socially responsible initiatives, such as Valfresco’s healthy meals for schools in Labin and opening new childcare capacities in Radost kindergarten in Poreč. Due to a transparent and open communication with shareholders, Valamar has been awarded the Building Public Trust award as well as over a hundred national and international awards in 2023. 

For the year 2024, Valamar has approved investments of EUR 82 million in further upgrading its portfolio, aiming for continual rise in quality.