Croatian Maistra Earns Higher Quarterly Profit Than Summer 2019

By 3 November 2021

November the 3rd, 2021 - The Croatian Maistra company has done excellently this year, despite the dire circumstances that have dominated since the beginning of 2020. They even exceeded when compared to what was considered to be the record year of 2019.

As Poslovni Dnevnik/Jadranka Dozan writes, at the end of October 2021, the quarterly or nine-month reports of the leading Croatian hotel and tourism companies were mostly completed. They provided more concrete insights into how the tourist season in general has been, how it has affected business results across this economic sector and where they are in relation to their pre-crisis achievements.

If we look at the data from the consolidated reports, the six leading companies generated 3.77 billion kuna in operating revenues during the three summer months, which is 2.2 times more than last year, and compared to the record year of 2019, it's only 1.8 percent less. Since the pre-season didn't suggest pre-crisis levels would ever be realised, a comparison of these nine-month results shows that operating revenues are at 82.2 percent of what was recorded back in 2019.

At the same time, the "big six" consisting of Valamar, the Croatian Maistra company, Plava laguna, Pula's Arena Hospitality Group, Sunce hotels and Imperial Riviera reported 1.82 billion kuna in quarterly net profit, which is only 3.6 percent less than in the summer quarter of 2019, while in the first nine months, net profit stood at 19 percent or about 300 million kuna less than in the pre-pandemic year before last (1.27 billion to 1.57 billion kuna in total).

Individually speaking, one of the most impressive quarterly achievements is the Croatian Maistra company's net profit. During the three summer months of this year, this well known travel company controlled by the Adris Group reported a massive 850 million kuna in total revenues and as much as 449 million kuna in net profit. Compared to 138 million kuna profit in the same period last year, this is 3.2 times more, and it's also an increase of 70 million kuna or almost a fifth compared to the third quarter of pre-pandemic 2019.

While in the third quarter, the Croatian Maistra company's total revenues exceeded the pre-pandemic result of 2019 by about 60 million kuna (7.7 percent), cumulatively speaking, Maistra's consolidated revenues (1.15 billion kuna) compared to 2019 were only about four percent behind, and profit stood at just over three percent (373 million versus 362 million kuna).

The most significant growth was recorded in the lux (luxury) segment of the company's portfolio, in which the volume exceeded that of 2019. The results also state that in the first nine months of 2021, the profit before interest, taxes, depreciation and amortisation (EBITDA) amounted to 568 million kuna, which is three times more when compared to last year and three percent more than back in 2019.

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