HG Budva Riviera Made a Profit of 2,6 million EUR in 2018

By , 20 Apr 2019, 00:30 AM Lifestyle
HG Budva Riviera Made a Profit of 2,6 million EUR in 2018 Copyrights: HG Budva Riviera Photo

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19 April 2019 - Hotel Group Budva Riviera finished last year with 2,6 million EUR of net profit. That is by a third better performance than in 2017. Palas, Castellastva, Aleksandar, Mogren, and Piva hotels, as well as Slovenska plaža tourist settlement, that operate within the group, have has a positive financial statement. Their profit has been by 14% higher than projected.

“Looking at the past ten-year period, the number of overnights has increased from 347.673 in 2009, to 487.357 last year. Business profit increased to 21,5 million EUR. Ten years ago, it amounted 11,5 million EUR,” reads the Information on the Performance of Companies.

Modernization and adaptation of hospitality facilities of Budva Riviera have cost more than 48 million EUR. Around 85% has been financed from the budget of the hotel group. Budva Riviera is on the White paper of the Tax Administration regarding the regularity of tax payments.

There were 487.557 overnights in the hotels of Budva Riviera last year. Hotel Aleksandar had the highest percent of overnights – 29%. Mogren and Slovenska plaža recorded the fall in the number of overnights.

Around 96% of guests were foreigners mostly from the countries of Eastern, Western and Northern Europe. There was a 30% increase in the number of guests from Northern Europe.

The group doesn’t run up any debts to the country of the municipality of Budva.

As far as the loans are concerned, the debt of Budva Riviera amounted 1,4 million EUR at the end of December last year. This hotel group falls within the category of low-indebted companies.

Budva Riviera has employed 386 persons. Average net wage amounted 500 EUR.

Yesterday the Government elected new members of the Board of Directors of Budva Riviera – Saša Radović and Petar Ivković.

Budva Riviera has been included in the Government’s Privatization Plan.

The group also owns Sveti Stefan and Miločer hotels which had been leased to Adriatic Properties company.

Source: Cafe del Montenegro

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