Adris Announces Results for First Nine Months

Total Croatia News

In the first nine months of the year, Adris recorded net profits of 570 million kuna.

In the first nine months of the year, Adris Group recorded net profits of 570 million kuna, while the total revenues amounted to 4 billion kuna, announced the company on Tuesday, reports Večernji List on October 25, 2016.

Adris pointed out that the net profits of 570 million kuna, which were similar to last year’s profits, were achieved despite the fact that they had since sold their tobacco division to British American Tobacco. “These nine-month results show that all divisions are growing, despite many challenges. With investments worth more than four billion kuna, we will further strengthen them, raise our competitiveness and create jobs, which is the best way to help the community. Our goals are growth and development, and long-term viability and stability of the company”, said CEO of the Adris Group Ante Vlahović.

Maistra, the Group’s tourism company, had two percent more overnight stays than last year, with an increase in the average price of six percent, which led to the increase in operating income of nine percent. Its EBITDA (earnings before interest, taxes, depreciation and amortization) stood at 413 million kuna and was 14 percent higher than last year. The tourist segment also invested in the reconstruction and increasing the quality of existing hotels. In August 2016, Amarin Hotel was opened, valued at 300 million kuna, which is the largest investment this year in the Istrian tourism. Preparations for the construction of the new Park Hotel are underway, while 90 million kuna were invested in camps. Total investments in 2016 amounted to more than 400 million kuna, and the current level of bookings confirms positive trends of revenue growth, primarily due to growth in average prices.

Cromaris fishing company had four percent higher sales than last year. Revenues from export markets grew by eight percent, mostly thanks to the German market. About three-quarters of total sales are realized in international markets. Net profits of Cromaris stood at 11 million kuna. Cromaris recently received approvals for two new fish farms with a capacity of 1,400 tons, which secured an overall production capacity of over 9,000 tons in 2017.

In the first nine months of this year, Croatia Osiguranje insurance company achieved profit before tax in the amount of 199 million kuna, while in the same period last year it had profits of 136 million kuna. The results indicate the success of the first phase of the restructuring of the company. Adris added that Croatia Osiguranje will now enter into a new phase of growth and development that will be marked by the expansion of the product portfolio and further strengthening of sales.


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