125 Million Kuna Investment for Crikvenica Company Jadran

Lauren Simmonds

With revenues up significantly after a rather negative business year in 2018, the third quarter was particularly successful for the Crikvenica-based company Jadran. In an explanation, Jadran’s CEO Goran Fabris points out that this is largely the result of a new investment cycle.

As Poslovni Dnevnik/Suzana Varosanec writes on the 6th of November, 2019, the hotel company Jadran from Crikvenica unfortunately experienced a negative business last year (publishing significant losses 13.9 million kuna), but in the first nine months of 2019, it recorded a turnaround: with 22 percent higher revenues compared to the comparable period, and it generated 22 million kuna net.

With revenues higher than 26 percent, the third quarter of 2019 was particularly successful for the Crikvenica company.

In the first phase, 106.5 million kuna was invested, which, along with increased competitiveness – increased the overall quality of services within the company and raised the category of accommodation in its hotels and camps, all of which enabled a justifiable increase in prices. The head of Jadran’s board confirmed the continuation of the cycle in which further investments in the amount of 125 million kuna are planned by the beginning of next season.

This autumn, the company will continue to work on its luxury Katarina Hotel in Selce, the Omorika Hotel and the Ad Turres Resort Complex, and on the Selce campground. With the planned end of the cycle, the company will maintain its existing growth dynamics and gain the prerequisites for year-round operations. From Jadran, they hope that with the opening of the Katarina Hotel, it will become their first year-round hotel.

”In the consolidation of the company, we also paid great attention to increasing efficiency at all levels. That is why good results were reflected in our employees’ earnings. In addition to the 6 percent incentive pay supplement, we also paid each employee an additional 1,000 kuna in bonuses for June, July and August,” Fabris points out.

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