Arena Hospitality Group’s Croatian Operations at 90% of 2019 (July & August)

The Group’s Croatian operations showed very strong results during the summer season, with August 2021 revenues being in line with August 2019 revenues.

Arena Hospitality Group published an announcement on the ZSE stating that its Croatian operations during July and August has exceeded the Management Board’s expectations, with the aggregate unaudited revenue for these two months reaching approximately 90% of the aggregate revenue for the same period in 2019. In addition, August 2021 revenue was in line with August 2019.

The company adds that these results were achieved without the usual gradual build up to the season, in a time when vaccination passports and testing are still in place and certain source countries retaining travel restrictions for Croatia.

The Group’s other operating region, consisting of Germany, Hungary and Serbia, has shown signs of recovery too, however the pace of such recovery varies by market and is slower than experienced in the leisure driven Croatian segment. The unaudited aggregate revenue for this region for July and August represents 39% of the aggregate revenue for the same period in 2019. However, with markets reopening and vaccination programs continuing to advance, the company expects a continued recovery.

As a reminder, back in Q3 of 2019, Arena Hospitality Group’s operating revenues stood at HRK 423.14m, while 9M revenues amounted to HRK 688.9m. Of that, HRK 501.3m (or c.73%) related to the Croatian operations, while HRK 182.2m related to German and Hungarian operations.

Category : Flash News

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