Business

Saturday, 30 April 2022

Excellent Pre-Season Results for Croatian Arena Hospitality Group

April the 30th, 2022 - The Easter weekend of 2022 brought with it some excellent results for the pre-season and with it high hopes for the height of this year's summer tourist season. The Croatian Arena Hospitality Group has done very well indeed. As Poslovni Dnevnik writes, for the Croatian Arena Hospitality Group, the recent Easter weekend met all of their expectations and about 15,000 overnight stays were realised. The largest share of that number was made up of guests from Germany, Austria and neighbouring Slovenia, but there was also a pronounced increase in domestic guests. Guests come mostly in…
Friday, 29 April 2022

Croatia's Industrial Production Down For the First Time in 15 Months

ZAGREB, 29 April (2022) - Croatia's industrial production fell in March 2022 for the first time in 15 months, indicating a slowing of the economic recovery. Industrial production decreased by 2.6% from February 2022 and by 1.9% from March 2021, the Croatian Bureau of Statistics (DZS) said on Friday. Annual decreases were observed in four of five sectors, with production of capital goods decreasing the most, by 6.7%. Production of energy fell by 4.0%, of non-durable consumer goods by 3.3% and of durable consumer goods by 2.3%, while production of intermediate goods increased by 2.3%. In the first quarter of…
Friday, 29 April 2022

Croatian National Bank: Corporate Loans Pick Up in March

ZAGREB, 29 April (2022) - Total lending by monetary institutions to domestic sectors, except the central government, increased by HRK 4 billion in March, with the annual growth rate accelerating from 4% to 5%, the Croatian National Bank (HNB) said on Friday. This was the result of the increase in loans. Corporate loans increased by HRK 3.7 billion or 6.7% and household loans by HRK 900 million, while loans to other domestic sectors decreased by HRK 400 million. In the structure of household loans, housing loans and general-purpose cash loans continued to increase, both by HRK 300 million. The annual growth rates of…
Friday, 29 April 2022

Valamar Riviera Sees Strong Increase in Q1 Revenues, Overnights

ZAGREB, 29 April (2022) - The Valamar Riviera hotel company generated HRK 59.5 million in operating revenues in Q1 2022, up 97% year-on-year, with an increase of 147,000 in overnight stays, or 192%, the company said in a financial statement on Friday, announcing a return to the occupancy rate from 2019 this year. Total revenues reached HRK 74.8 million, up 119% on the year. "In Q1 2022, Valamar Riviera achieved results comparable to 2019, continuing the positive trend of tourism recovering to the pre-pandemic level," Croatia's largest tourist company said. In that period, total expenditures reached nearly HRK 314 million,…
Friday, 29 April 2022

Croatian Postal Bank Reports Q1 Net Profit of HRK 30m

ZAGREB, 29 April (2022) - Croatian Postal Bank (HPB) generated a net profit of HRK 30 million in the first quarter of 2022, which is about HRK 10.6 million or 25% less than in the corresponding period of 2021, the state-owned bank said in a financial statement on Friday. The main driver of the net profit achieved was operating profit, which decreased by 59.5%, from HRK 74 million to HRK 30 million. Operating revenue decreased by about HRK 34 million to HRK 157 million, while operating expenditure jumped by HRK 10 million to HRK 126 million. Net interest revenue fell by 7.1% from…
Friday, 29 April 2022

Podravka Food Group's Profit Down 15.6% Due to Ukraine Crisis

ZAGREB, 29 April (2022) - The Podravka Group generated a net profit of HRK 88.8 million in the first quarter of 2022, a decrease of 15.6% over the same period in 2021, the Koprivnica-based food company said in a financial statement on Friday, noting that the direct cause of the decreased profit was the Ukraine crisis. EBITDA (earnings before interest, tax, depreciation and amortisation) was 7.7% lower while net profit was 15.6% lower than in 2021, which is a direct result of the Ukraine crisis, Podravka said in a press release. Sales revenue amounted to HRK 1.18 billion, or 8.6% more compared…
Friday, 29 April 2022

Croatia Had One of Lowest Employment Rates in EU in 2021

ZAGREB, 29 April (2022) - In 2021 Croatia was among EU countries with the lowest level of employment, below the European average, a report by the Eurostat statistical office indicates. In 2021, the share of employed people in the EU population was 73.1%, corresponding to 189.7 million people, up 1.4 percentage points from 2020, the first pandemic year, Eurostat said. This was a higher rate than for the pre-pandemic year 2019, when 72.7% of the population was employed. The employment rate in the eurozone in 2021 was 72.5%, the same as in 2019. In 2020 it was 71.2%. Croatia with…
Friday, 29 April 2022

Croatian Bureau of Statistics: Retail Sales Continue to Rise, Rate Accelerates

ZAGREB, 29 April (2022) - Retail sales in Croatia continued to rise in March 2022 for the 14th month in a row and at a faster rate than in February, indicating further recovery of the national economy, the Croatian Bureau of Statistics (DZS) reported on Friday. Retail sales increased by 2% from February 2022 and by 3.6% compared with March 2021. March 2022 was the 14th consecutive month to see a year-on-year increase in spending, and at a faster rate than the month before, when it increased by 0.3%. "The uncertainty and high inflationary pressure have already impacted individual... indicators such as retail turnover, with…
Thursday, 28 April 2022

Croatia Airlines Reports Q1 Loss Of HRK 115m

ZAGREB, 28 April 2022 - Croatia Airlines generated a loss of HRK 114.9 million in the first quarter of 2022, which is 19% more than in the same period of 2021, mostly due to the rise in fuel prices, the national flag carrier said a financial statement on Thursday. Total revenue reached HRK 213 million, increasing by 88% from Q1 2021, while expenditure rose by 56% to HRK 328 million. Compared with Q1 2021, the company flew 200,721 passengers, which is an increase of 178%. The number of flights rose by 113% and the number of passengers went up by…
Thursday, 28 April 2022

Digital Croatia Project Aims To Increase Card Payments

ZAGREB, 28 April 2022 - Visa on Thursday presented Digital Croatia, a project supporting SMEs and trade businesses with the aim of increasing card payments between them. Visa's Croatian director Renata Vujasinović said the wish was to help small Croatian businesses in the recovery process. Digital Croatia, she added, is part of Visa's efforts at European level for more than eight million SMEs. In Croatia, Visa's goal is to increase card payments by 25%, she said. The main goal of Digital Croatia is to step up the development of a digital payment network, so for six months Visa will offer free POS terminals…
Thursday, 28 April 2022

Italian ABS Investing 200 Million Euros in Sisak Ironworks

April the 28th, 2022 - The Italian ABS is investing a massive 200 million euros into the once rather problematic Sisak ironworks according to recent Italian media publications. As Poslovni Dnevnik/Marija Brnic writes, the once somewhat troublesome Croatian steel plant in Sisak will soon get a large cash injection according to Italian media, which have reported that the executive board of the ABS Group, owned by ABS Sisak, approved the company's investment programme worth a total of 400 million euros, and part includes the construction of a new iron rolling mill in Sisak. The Italian company announced that this is…
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