The largest tourism company in Croatia generated HRK 2.22 billion in revenue

The largest tourism company in Croatia generated HRK 2.22 billion in revenue growing 10% compared to the previous year

Published 28. February 2020.

According to the audited annual results for 2019, Valamar Riviera generated HRK 2.22 billion in total revenues, which is an increase of 10 percent compared to the previous year. Valamar achieved 6.8 million overnights in 2019, an increase of 5% compared to the same period in the previous year, while the average price rate increased by 5%.

Operating profit amounted to HRK 769 million, an increase of 11% compared to 2018. These results are due to successful investments in product development and portfolio expansion, as well as balanced management of operating efficiency while increasing salaries and improving working conditions for employees.  

In line with the company’s strategy of growth and development in tourism, Valamar Riviera has successfully expanded its partnerships with pension funds in 2019. In partnership with Allianz ZB pension funds, Valamar participated in the recapitalization of Imperial Riviera d.d., launching a five-year investment cycle worth HRK 1.5 billion. In partnership with PBZ CO pension funds, Valamar Riviera announced portfolio investments worth HRK 700 million over the next 5 years in Helios Faros on the island of Hvar.

In 2019, Valamar ranked seventh on the list of top employers in Croatia according to research conducted by MojPosao web portal, thus confirming its status as the best employer in tourism. The ranking is a result of offering excellent working conditions, and career development opportunities for our employees. Valamar guarantees a minimum net salary of HRK 5.000, a Christmas bonus, various benefits, and a 13th salary as of 2019. A great number of hotels and campsite have been awarded with more than 50 national and international recognitions while Valamar Riviera was awarded “Best Relations with Investors” for the third time.

“The last five years have been excellent as we expanded our portfolio and achieved an average annual operating profit growth of over 20%, while taking care of sustainable and balanced development. We will continue to invest in product quality and the development of human resources as we aim to grow further and continue creating added value for our shareholders and partners," said Željko Kukurin, CEO of Valamar Riviera.

Stable balance sheet, strong cash flow from operating activities and a sustainable net debt to EBITDA ratio enable the continuation of the investment strategy in repositioning the portfolio towards high value-added services. The construction of a luxury resort in Poreč, Valamar Collection Pinea Resort 5 *, is underway, as well as investments in Valamar Parentino Hotel 4 *, Istra Premium Camping Resort 5 *, and other projects to improve products and services for guests in all destinations.