Published 31. October 2023.
In 2023, Valamar expects to generate between EUR 374 and 378 million in operating revenues, or an annual revenue growth of 15 to 16% driven by previous investments in portfolio development and service excellence. Slower growth in operating profit between 4 and 6% is expected, reaching EUR 107 to 109 million due to high inflation in the supply chain and around EUR 20 million of additional investments in employee salaries and rewards. Over the first three quarters, business revenues grew by 13% while average rates increased by 14.2%.
Premium products and services and the camping segment were the best performers. In the pre-season, that is the first six months of the year, revenues grew by 17% compared to the same period in 2022, especially in northern destinations. Destination Dubrovnik recovered at a slower rate due to fewer pre-season flights and reduced volumes in the conference and business segment. Investments in service excellence in three hotels in Dubrovnik, as well as Maro World, the largest family entertainment center on the Adriatic, have been very well received on the family holiday market.
Valamar has finalized investments for the 2022/2023 season in the total amount of EUR 58 million, of which EUR 32 million was realized in destination Dubrovnik. Investments in Istra Premium Camping Resort 5* in Funtana, a sustainable camp with high added value for both Valamar and the local community, have been completed. Over the past seven years, Valamar has invested EUR 81 million in Istra Premium Camping Resort, including EUR 7 million invested in public tourism infrastructure, landscaping, beaches, promenades, roads, playgrounds, and other facilities that are also open to the local community. Valamar’s 130 million euro investment in the construction of hotel Pical, a luxury year-round five-star resort initiated in 2019 and suspended in 2020 due to the pandemic, was restarted this year. It represents the largest single investment in Croatian tourism and will make the Pical zone in Poreč one of the most attractive leisure zones in Croatia.
In early December after renovation and rebranding, Valamar will open Obertauern [PLACES] hotel, making it the third [PLACES] hotel in Valamar's portfolio. The brand is designed for modern travelers who value service flexibility, socializing and entertainment. Hence, Valamar is now present in destination Obertauern in Austria with three distinctive winter leisure hotels operating under three different brands.
For the 2023 season, Valamar invested an additional EUR 20 million in employee benefits, salary increases, rewards, education and programs aimed at raising the quality of life for employees in every destination. As the most desirable employer in tourism, Valamar continuously invests in improving working conditions for employees and implements a series of reward programs that award excellence, commitment, and outstanding results.
Valamar has also invested in sustainability initiatives and recently joined UN Global Compact, the world's largest initiative for sustainable development and corporate sustainability, as well as the international Science Based Targets initiative which unites companies committed to reducing greenhouse gas emissions. Valamar has also launched new socially responsible projects, a donation of Valfresco meals to two schools in Labin, and a new city kindergarten in Poreč open to the children of Valamar employees.