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Thursday, May 23, 2024
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Record profits and expansion: Montenegro’s leading hotels soar in 2023

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The year-end financial report for Montenegro’s top 15 hotels and hotel groups reveals a combined profit of 30.44 million euros, marking a significant increase in revenues and employment figures. Among the notable entities are Portonovi Hospitality Management Company, Hotels Group Montenegro Stars, Hotelska grupa Budvanska rivijera, Maestral Hotel and Casino, Carine, Bellevue Hotels Group, Beppler&Jacobson Montenegro, PM Hotels, Dukley Hotel, Nemesis, Slavija, LB Hotels Management, Recreatours – Biserna coast, Cue from Podgorica, and Hotel Crna Gora (Hilton). While only two companies reported losses totaling 1.11 million euros, the collective net profit for all hoteliers stands at 29.34 million euros.

Compared to the previous year, these companies witnessed a profit surge of 5.7 million euros, with fewer entities incurring losses and a reduction in loss amounts. The total revenue for these establishments amounted to 229.6 million euros, a notable increase from the previous year’s 191.3 million euros. Correspondingly, expenditures also grew, reaching 202 million euros, reflecting the industry’s expansion.

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In terms of workforce, these 15 companies collectively employed 3,531 individuals by the end of the year, indicating a significant increase from the previous year’s figure of 3,086. Notably, Portonovi Hospitality Management emerged as the top performer in terms of both revenue and profit, reporting a net profit of 4.9 million euros, a 70 percent increase from the previous year. The company’s revenue reached 32.8 million euros, with 326 employees on its payroll.

Similarly, Hotels Group Montenegro Stars saw a substantial profit increase of 320 percent, amounting to 1.71 million euros, with a total revenue of 27.29 million euros. Maestral Hotel and Casino also witnessed a turnaround from the previous year’s loss, reporting a profit of 1.27 million euros. The Customs company reported the highest profit at 4.89 million euros, followed closely by Bellevue Hotels Group with 4.63 million euros.

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Other notable performers include Beppler&Jacobson Montenegro, which saw a profit increase of 76 percent, and Recreatours – Biserna coast, which reported a profit surge of 53 percent. However, some companies, such as PM Hotels and Tcp hotel OPCO, experienced losses, albeit showing signs of improvement compared to the previous year.

Overall, Montenegro’s hospitality sector demonstrates resilience and growth potential, with increasing profits, revenues, and employment opportunities across the board.

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