Croatia’s Arena Hospitality swings to negative after-tax profit in 2021

ZAGREB (Croatia), March 4 (SeeNews) – The Croatian hotelier Arena Hospitality [ZSE:ARNT] posted a consolidated profit after tax of 31.5 million kuna ($4.6 million/4.2 million euros) for last year, after a loss of 227.3 million kuna for 2020.

After-tax profit recovered slightly to 21% from 2019’s pre-pandemic level, the company said in its annual financial report for 2021 earlier this week.

“Arena Hospitality Group and its consolidated subsidiaries delivered a strong overall performance in 2021, at a time when the Covid-19 pandemic continued to impact the entire group,” said Boris Ivesha, Chairman of the Board. group monitoring. The report.

The group’s revenue improved significantly to 460.7 million kuna, up 93.3% year-on-year but still 59% of the level before the 2019 pandemic.

Accommodation revenue increased by 99.6% year-on-year to 384 million kuna in 2021, thanks to a 10.2% growth in the average daily rate to 590.7 kuna and an increase in the rate of occupancy at 33.1%, compared to 25.4% in 2020.

EBITDA improved to 163.4 million kuna last year, compared to 18.3 million kuna in 2020, and represents 71% of 2019 EBITDA.

The company owns, co-owns, rents, operates and develops hotels, independent holiday apartment complexes and campsites in Croatia, Germany, Hungary, Serbia and Austria. Most of its capabilities are based in Croatia.

Its majority shareholder is the Dutch international hospitality real estate company PPHE Hotel Group.

Arena Hospitality shares traded down 2.21% to 266 kuna on the Zagreb stock exchange on Friday afternoon in a bear market as the Russian invasion of Ukraine continued for a ninth day.

Arena is part of the main stock index of the Zagreb Stock Exchange, the Crobex

(1 euro = 7.557 Croatian kuna)

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