Adriatic Croatia International Club d.d. (ACI), the state-owned operator of 22 marinas in Croatia, has reported a strong profit in its first half of 2018 compared with a loss in the corresponding period of 2017.

In the first six months of this year, ACI reports that it achieved a 12% rise in revenues to HRK (Croatian Kuna) 93.04m, while expenditure fell 1% to HRK83m. This resulted in a gross profit of HRK 9.99m compared to a loss of HRK 895,000 in the first half of 2017.

Operational revenues generated by nautical activities rose from HRK 10.4m to HRK 87.6m in the first six months of 2018.

This first-half performance builds on what was achieved by ACI in 2017 when a net profit of HRK 20.3m was reported – a rise of 86% on 2016.

Total revenues for 2017 were HRK 201.1m, with expenditure being HRK 176.1m. This resulted in a HRK 25m gross profit, or a rise of 77% on 2016.

ACI is 78.58% owned by the Croatian government with the minor shareholder being the Dogus Group. The Croatian company is investing HRK 190m in new projects and marina upgrades with a total revamp of Rovinj marina being its biggest individual investment. Work on this is due to start this month.