Valamar Riviera reports results for first half of 2022

Published 29. July 2022.

Valamar Riviera achieved 2.1 million overnights in the first half of 2022 and operating revenues of EUR 89.8 million, comparable to the pre-crisis business volume over the first six months of 2019. Operating revenues increased in the first half of 2022 mostly due to higher average prices, which are up by 8% compared to 2019. The premium segment recorded the best results, especially camps and drive-in destinations.

However, profitability was affected by increased costs, primarily electricity, labor and food costs. Operating profit for the first half of 2022 decreased by EUR 7.7 million compared to 2019, which is entirely the result of higher electricity costs of EUR 4.9 million, and labor costs of EUR 2.9 million.

This year, Valamar launched the campaign "Prvi s razlogom" (Number one for a reason) with the aim of promoting key occupations in tourism and providing the best working conditions in the industry. A total of EUR 15 million has been allocated for salary increases and reward programs in 2022. Valamar ranked among TOP 10 most desirable employers in Croatia again this year, and remained the top employer in tourism.

Investments in hotels, resorts and campsites managed by Valamar amounted to EUR 70.2 million in 2022. Dalmacija [PLACESHOTEL] by Valamar in Makarska, a new resort Valamar Amicor Green Resort in Stari Grad on Hvar island and Corinthia Baška Sunny Hotel by Valamar on the island of Krk were successfully opened this season. Valamar also continued investments in Istra Premium Camping Resort and Lanterna Premium Camping Resort in Poreč, and finalized the construction of a new beach for Valamar Padova Hotel on the island of Rab. Valamar also opened another Kuća Valamar this season to provide own accommodation for seasonal workers in Dubrovnik.

Valamar has further expanded its portfolio in Austria with the acquisition of the Kesselspitze 5* hotel, now the third property managed by Valamar in Obertauern, Austria. It will be the first Valamar Collection hotel in Austria, opening in the winter season of 2022/2023.

Valamar Riviera is the first tourism company in Croatia to integrate sustainable development into business growth strategy and to announce sustainability goals according to the ESG framework by 2025. It is a comprehensive plan that combines 12 key environmental (E), social (S) and governance (G) goals that Valamar plans to achieve through 6 strategic initiatives by 2025.