Valamar reports results for first half of 2023

Published 31. July 2023.

Valamar has successfully launched the 2023 summer season, confirmed by business results in the first six months of this year in which overnights and revenues increased by 17% compared to the same period last year. Inflation has caused an increase in operating costs of 21.2% in the first six months 2023 compared to the first half of 2022, which had a negative impact on operating profits.

Premium hotels and campings continue to record the best results in the first half of 2023, which once again confirms that investments in high-end products and services encourages the development of tourism. The largest investments in the portfolio managed by Valamar this year were realized in three hotels in Dubrovnik, as well as the Maro World family entertainment center. After a three-year suspension, Valamar has restarted the PINEA Project - the construction of Pinea Valamar Collection Resort, a luxurious year-round five-star resort in the Pical zone in Poreč. Investments in hotels, resorts and campings worth EUR 58 million have been successfully realized for this season, and the Valamar Group investments for 2023/2024 are planned at the level of EUR 66.2 million.

As the best employer in tourism, Valamar continues to invest in raising wages and employee development and education this year. Valamar will invest an additional EUR 20 million in workers' wages, the number of which has reached 8,000 this season.

Valamar remains focused on sustainability and social responsibility projects. With the aim of achieving carbon neutrality by 2025, Valamar continues investments in its decarbonization, which includes the procurement of 100% electricity from renewable sources as well increasing the share of electricity produced in owned solar power plants from the current 6% to 15% by 2025. Due to a successful cooperation with a large number of domestic suppliers and family farms, Valamar has an extremely high share of local food and beverages of 78%, and significant investments in biocomposting systems have enabled better waste management. As a result, Valamar has processed an additional 80 tons of bio-waste thus far, all with the aim of reducing its carbon footprint and protecting the climate.

Valamar has also launched a cooperation with WWF Adria in order to increase the sustainable procurement of seafood products while protecting the Adriatic Sea and preserving biodiversity. This is a novel cooperation concept in the hospitality sector in Croatia. At the end of May, Valamar initiated a CSR project named "Valamar brine za marende fine" with the goal of solving the challenges in elementary schools regarding the organization and procurement of healthy meals, and Valamar will provide healthy brunches for two Istrian primary schools throughout the next school. This year, Valamar was awarded the 2023 GreenPrix National Environmental Award for its impact on the community.