Insider Business Aphrodite Hills Resort records profits over the past two years

Aphrodite Hills Resort records profits over the past two years

Aphrodite Hills Resort Limited which also owns Aphrodite Hills Golf in  Paphos recorded profits of €16.6 million over the past two years.

Specifically, the company recorded revenue of €51 million in 2018 and €54.3 million in 2017 with operational profits reaching €11.4 million and €16.4 million, respectively. The biggest share of revenue in 2018 came from the property development sector (€22.1 million).

The hotel business brought in €16.8 million of revenue, €6.8 million came from real estate management and another €5.2 million from other services the Group offers. The company’s asset value amounts to €95.3 million.

However, despite the fact that the company’s liabilities exceeded assets by €900,000 at the end of 2018, net cash flow from activities were in excess of €11 million. And the forecast is that this will be even higher in 2019.

The company’s overall amount of loans amounted to €69.5 million of which the biggest part, namely €55.4 million, must be repaid over a five-year period. The company employed 506 staff by the end of 2018, at the total cost of €9.8 million.

At the same time, its annual report noted that Brexit could pose a risk to ongoing business due to its collaboration with UK-based tour operator TUI which maintains long-term contracts.

However, the risk is mitigated by the fact that some contracts include a provision for minimum guaranteed income, the report also noted.

“The Group’s practice of providing binding contracts aims to reduce the industry’s risks and those of Brexit,” it adds.

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