Another successful six-month period for the group.
The Adris Group’s net profits for the first six months of this year amounted to 167 million kunas, up two percent from the same period last year, while total revenues reached 2.54 billion kunas, five percent more, according to the Group’s financial report, reports tportal.hr on 30 July 2017.
According to the report, in the first six months of 2017, Maistra, the group’s tourist subsidiary, recorded 19 percent more overnight stays than in the first half of 2016, with an average nightly price increase of three percent. Maistra’s total revenues grew by 12 percent, reaching 321 million kunas. The report also emphasizes that the tourist part of the group invests in the renovation and increasing the level of quality of the existing tourist products.
In the first half of 2017, Cromaris, the group’s fisheries company, had sales at the levels similar to the last year, but due to cost efficiency growth, its operating profit increased by 17 percent. The company had net profits in the amount of 8 million kunas, representing a 12 percent increase.
Trends in July and forecasts for the second part of the year indicate a further increase in sales and revenue of this segment of the Adris Group. Cromaris achieves 77 percent of its sales and 79 percent of its revenues in foreign markets. Income from the sale of high value added products, primarily freshly cleaned and packed fish rose by 21 percent.
The Group’s insurance company, Croatia Osiguranje, had the total gross premiums of 1.6 billion kunas, which is one percent more than in the first six months of last year. In the first half of 2017, Croatia Osiguranje realised profits before tax of 125 million kunas, while profits in the same period last year stood at 97 million kunas.
The financial report also explains that, given the current structure of the financial assets of the group, the impact of exchange rate fluctuations in the first six months of the year was strongly negative.
Concerning the future of Adris Group’s business, it is stated that the political environment and instability in certain Mediterranean competitors, such as Turkey, could increase demand for Croatia as a tourist destination. Further, in the insurance business, the volatility of the business results could occur due to the possible continuation of the price war among the competition, especially in the automotive insurance segment.
“Adris invests, strengthens the competitiveness of its businesses and products, creates new jobs and new value to its shareholders. The results achieved by Adris Group’s companies are the best proof of the effectiveness of our long-term strategy of investing in sustainable and growing businesses. Along with organic growth, we are also ready for new acquisitions, especially in business sectors which we are already involved with,” said CEO of Adris Group Ante Vlahović.
Translated from tportal.hr.