ICAP: Significant increase in earnings of Greek hotels and restaurants for 2016

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ICAP: Significant increase in earnings of Greek hotels and restaurants for 2016Grand Resort Lagonissi

The total turnover in Greece's hotel-restaurant sector in 2016 grew by almost 7% (6.97%) compared to 2015 according to the balance sheets of 964 enterprises in the sector included in ICAP Databank.

The following findings are derived from the analysis of these balance sheets:

  • - Total turnover increased by 6.97% and stood at € 1.85 billion in 2016.
  • - Gross profit growth rose slightly at a slower rate (7.8%), indicative of a cut in costs.
  • -The overall operating result improved significantly by 36.5%.
  • - As a result of the above developments, profitability increased by 44.5%, while net (before tax) profits stood at € 103.5 million in 2016 from € 71.6 million in the previous year.

Furthermore, the total assets of the industry increased by 3.14% to € 6.6 billion in 2016, while a significant increase (5.46%) also recorded in own funds, which amounted to € 3.6 billion.

Regarding other key financial indicators, an improvement in the profitability margins is recorded from 38.26% in 2016 to 37.97% in 2015 while net profit rose to 5.59% (2016) from 4.14% the year before Likewise, return on equity improved slightly, to 2.94% from 2.21%.

 Significant increase in business profitability

According to the grouped results of a large sample of 10,696 Greek companies (those that have published balance sheets until 22/12/2017 (excluding banks and insurance firms), it is noted that in 2016 the companies managed to achieve remarkable performance in their profitability for the second consecutive year, following a previous five-year continuous period of losses, notes Nikitas Konstantallos, President and CEO of the ICAP Group, adding:

"Even though turnover in 2016 rose slightly by 3%, companies' persistent efforts to better manage costs and curb their expenses have resulted in operating profits increasing by 46%.

An impressive increase was seen in the final net result of all companies, as earnings of 3.8 billion before tax were recorded in 2016, an increase of 72%.

All factors for 2017 point to companies performing even better than 2016. For example, the 162 listed companies of the Athens Stock Exchange that published their six-month balance sheets showed a 13% increase in their turnover and a 24% increase in their profits.

However, accelerating the recovery of the Greek economy requires the full implementation of the reforms agreed under the third evaluation program in order to overcome barriers to investment formation, job creation and productivity improvement.

Regarding private sector enterprises, the issue of restoring normal market conditions, securing a stable economic environment, improving confidence in the Greek economy and reducing uncertainty remain factors that will boost entrepreneurship and enable the Greek corporate sector to further strengthen its competitiveness."

RELATED TOPICS: GreeceGreek tourism newsTourism in GreeceGreek islandsHotels in GreeceTravel to GreeceGreek destinations Greek travel marketGreek tourism statisticsGreek tourism report

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