Croatian marina chain exceeds 2021 financial expectations

Croatian marina chain exceeds 2021 financial expectations

Croatia’s ACI Marinas has seen steadily increasing boat visits and a correlating increase in operating profits, according to the company’s annual report released Tuesday. The Adriatic Croatia International Club calls itself “nautical tourism company” based in Opatija, and operating a chain of 22 marinas along the country’s Adriatic coast since 1983.

Last year’s revenue of KN$35.9m was driven by a total of 38,000 ship days. The KN$22.6m increase represents a 67% jump from the previous year. During the third quarter of 2021, ACI reports some of its properties exceeded pre-pandemic 2019 levels, leading to “a positive gross financial result” of KN$17.1m and EBITDA in the amount of KN$83.7m, an increase of KN$13.3m from the previous period.

“The results we managed to achieve for the year 2021 are above our expectations, especially given the uncertainty and unknowns that marked the previous year and with which we entered 2021. The modification and adjustment of business processes to these new circumstances and the results of our work so far primarily reflected on maintaining financial stability and ACI liquidity,’’ said the president of the management board, Kristijan Pavic, in Total Croatia News.

ACI reports in 2021 it spent KN$44m on improvements at five of its properties, which, along with acquisitions, is key to its growth strategy. The company foreshadowed what it is calling “the largest investment in nautical tourism in the history of the Republic of Croatia, as it is scheduled to begin construction on a new marina facility in the port city of Rijeka.

Source: IBI News