Slovenia's premier hotel chain achieves record revenue

Sava Turizem, Slovenia's largest tourism company, reported a 12% revenue increase to a record €119.9 million in 2023.

This growth was driven by a sector recovery, with a 2% rise in nights spent at their facilities and higher prices. Despite increased costs—16% for materials, 103% for energy, 30% for services, and 10% for labor—operating profit dropped by 25% to €10.89 million, and net profit fell by about a third to €8.2 million.

The company reduced its debt from €55.3 million to €48.4 million, using a third of its cash flow for loan repayments. Over the past two years, it invested €18.4 million, over half of that in 2023. Sava Turizem employed just under 1,140 people at the end of 2023, slightly fewer than the previous year.

Sava Group, the parent company, also saw a 12% increase in net sales revenue to €119.8 million, but its net profit dropped by two-thirds to €2 million, with the core company Sava incurring a €5.9 million net loss. The group's debt was reduced from €106.4 million to €99.5 million, with a net financial debt-to-EBITDA ratio of 2.2. The state, through Slovenian Sovereign Holding and the Pension Fund Manager, remains the sole creditor of Sava Turizem.

Source: https://sloveniatimes.com/40637/countrys-leading-hotel-chain-reports-record-revenue-for-2023