Valamar Reports 2019 First Half Results

Published 02. August 2019.

Valamar Riviera achieved HRK 698 million in total revenues in the first half year, where HRK 663 million represented sales revenues, up by 13% compared to the same period last year.

Overnights went up by 5% compared to last year and totaled 2 million, showing a steady growth for the fifth consecutive year, while the average daily rate grew by 8%.  The achieved revenues were driven by a large investment cycle and the consolidation of Hoteli Makarska and Valamar Obertauern Hotel.

Despite a challenging tourist season and increased competitiveness of other Mediterranean destinations, Valamar reported a strong 1H performance that was mainly driven by the newly developed properties thus justifying Valamar`s long-term investment strategy focusing on products, destinations and employees.

Valamar has bought a stake in Helios Faros, a company whose bankruptcy proceedings were successfully concluded earlier in July. Valamar now owns 23.61% while PBZ Croatia osiguranje owns 70.83% of Helios Faros shares. Valamar plans to take over the operating management of Helios Faros’ properties this autumn.