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Montenegro Stars sets new revenue and profit records in 2023

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In 2023, Montenegro Stars, the umbrella company operating Hotel Splendid, Hotel Montenegro, and Hotel Blue Star, achieved unprecedented levels of revenue and profit.

Throughout the year, the company recorded a remarkable revenue of €27.29 million, reflecting a substantial 26% increase compared to the previous year’s €21.65 million.

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Furthermore, Montenegro Stars reported a net profit of €1.71 million in 2023, marking an exceptional surge of 320% from the €408 thousand profit recorded in 2022.

Expenses for the company rose by 20% to slightly exceed €25 million for the year, compared to €20.6 million in 2022. Meanwhile, the EBITDA for 2023 amounted to €6.09 million, indicating a robust 48% increase from the previous year’s €4.1 million.

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Montenegro Stars’ total assets stand at €102.37 million, with a capital of €72.5 million.

Employee numbers also saw an uptick, with Montenegro Stars employing 554 individuals in 2023, reflecting a 5% increase from the 524 employees in 2022.

Žarko Radulović, a longstanding president of the Montenegrin Tourism Association (CTU), and Ljudmila Ivanenko are the co-owners of the company.

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