Montenegro Stars Hotel Group, which manages the Splendid, Montenegro, and Blue Star hotels in Budva, successfully concluded the 2024 business year with growth in revenue and net results, while maintaining a high level of employment. Although expenses also increased, the overall indicators point to stable operations, with record profits and revenues in the last three years, according to Bankar.me.
The total revenue of the company reached 29.38 million euros, a 7% increase compared to the previous year, when it amounted to 27.29 million euros. At the same time, total expenses stood at 27.28 million euros, a 9% increase, but with a retained positive margin, resulting in a net profit of 1.83 million euros – an 8% increase compared to 2023, when the positive result was 1.71 million euros.
The operational segment is also performing well: EBITDA (earnings before interest, taxes, depreciation, and amortization) amounted to 6.26 million euros, with a slight 2% increase, confirming that the company’s core business is generating stable income.
The company maintained a high level of employment with 558 employees, 4 more than the previous year, which could indicate workforce optimization in line with the business scope. Employee gross wages were also increased, from 7.38 million euros in 2023 to 8.54 million euros in 2024 (an increase of over 15%), meaning the annual gross salary per employee increased from 13,330 euros to 15,300 euros.
On the other hand, the value of current assets decreased by 19%, while the value of fixed assets continued to grow, reaching 100.29 million euros, bringing the total assets to over 103.5 million euros. Financial stability was confirmed with an increase in equity to 73.8 million euros, while short-term liabilities were reduced by 15%, further easing the balance sheet. Long-term liabilities rose slightly by 4%, which is not concerning given the stable growth in revenue and profits.
Montenegro Stars Hotel Group demonstrated balanced growth and stable operations in 2024, with positive shifts in key financial indicators. Investment in fixed assets and growth in net results reflect a healthy business model and solid preparedness for future challenges in the luxury tourism market.
Plans for 2025
According to the management report, significant investments are planned for 2025. In the Montenegro hotel, the renovation of the remaining 92 rooms on the first and second floors is scheduled to be completed, finalizing the multi-year refurbishment of this property. This investment, which began in October 2024, is estimated to exceed 3 million euros. Additionally, in the Splendid hotel, investments totaling over 2 million euros are planned, covering the renovation of some bathrooms, air conditioning, refurbishment of minor inventory, and other technical interventions.
These investments are expected to enhance service quality, increase prices, and boost revenue in the coming years.
