Published 28. April 2017.
According to the unaudited 2017 first quarter results, Valamar Riviera reported 64.1 million kunas in total revenues: 28 million represented sales revenues while the remaining part was mainly financial income. During the same period, enterprise value grew by 21% as a result of strong business growth in the previous period and positive investors’ expectations for the forthcoming period.
As expected, sales revenues were lower in comparison to last year’s because this year Easter holidays occurred in the second quarter and most properties remained closed in Q1. Furthermore, a large event organized by Daimler AG-Mercedes-Benz boosted first quarter sales revenues in 2016. If we exclude these factors, Valamar Riviera achieved growth in comparable sales revenues.
Valamar reported a growing demand and number of bookings for this season; the new investments in properties offering premium accommodation and services received great market feedback for all destinations. The key growth drivers of positive expectations for the forthcoming season are the undertaken investment cycle and the acquisition of the Imperial hotel group.
Valamar Riviera’s largest investment cycle in a single year worth over HRK 870 million is nearing completion and it includes the construction of two luxury resorts in Rabac -Family Life Bellevue Resort 4* and Valamar Girandella Resort 4*/5*.
“The construction is proceeding as planned so the grand opening of the largest project in Croatian tourism will take place in early June. Our investment in Rabac is an example of a project that boosted the Croatian construction industry, engaged numerous suppliers and opened 350 new jobs. It will also significantly increase tourist spending and improve the quality of Rabac as a destination. We continue to work intensely on new investment plans to develop and upgrade the properties and services in our portfolio,” said Željko Kukurin, Valamar Riviera’s CEO.
