Costa Smeralda Group, record revenues at 168.4 million
In conjunction with the recent institutional meeting between the leaders of the Qatari sovereign fund (QIA), the Sardinia Region and the Municipality of Arzachena, the Cipnes and UniOlbia Study Center has prepared an analysis of the Costa Smeralda Group’s economic results for the year 2024, based on official financial statements filed last spring by the individual operating companies.
The Qatar Holding controlled group registered a aggregate revenue of €168.4 million, the highest ever recorded in the recent history of the Emerald Coast.
Sardinia Resorts: 146 million revenue
The driving performance was Sardinia Resorts, a company that manages the main tourist-hotel activities of the group. In 2024, the revenue was €146.1 million, up from 128.3 million in 2023, with a absolute growth of €17.8 million and a +13.9% increase.
As can be seen in the Sardegna Resorts budget report, the revenue breakdown is as follows:
- Room Sales: €90.7 million
- Dining: €43.9 million
- Ancillary Hotel Services: 8 million
- Other Revenue: 3.4 million
The group controls some of the world’s most famous hotels – Cala di Volpe e Cervo (managed by Marriott) and Romazzinoe Pitrizza (managed by brands of the LVMH group) – and has a highly diverse entertainment and dining proposition:
- Restaurants: Al Pescatore, Il Pomodoro, Nikki Beach, Novikov, Matsuhisa, Beefbar, Zuma
- Bar & Lounge: Il Portico, Nikki Beach Waterfront, Riva Lounge, Bar Sole
- Other Strategic Assets: Pevero Golf Club, Beach Club Amare
Sardegna Resorts had a high performance in terms of income. EBITDA was 37.7 million, with a margin of 25.8%. EBIT was 15.5 million, with net income of 6.3 million. The company’s added value was 70.5 million. The average annual headcount was 600, with staff costs of 25.7 million. Sardinia Resorts net tangible fixed assets are 732.9 million. The company - is written in the report - has not carried out any "research and development activities".
American major customers
The analysis of the financial statements offers useful information about customers as well. As is written in the report, management confirms guests of United States, which since 2022 have been the most present and the most spending. In Gallura, moreover, and particularly in Costa Smeralda, the 50% of US attendance in Sardinia. A phenomenon that is increasingly consolidating, as demonstrated by the numerous flights of private jets from the U.S. to Olbia Costa Smeralda Airport.
U.S. customers - always written in the financial statement report - are followed by those of UK, Switzerland, Italy and Germany.
Sardinia Resorts, as written in the report, has other work planned. “In 2024, the first interventions began, which in the coming years will lead to the complete renovation of Hotel Romazzino and Hotel Pitrizza, with the consequent rebranding activity with Belmond and Cheval Blanc respectively”, brands of the LVHM group. Work will end in 2026.
Nautical: Porto Cervo leader superyacht
The marine industry also confirms its strategic focus within the Costa Smeralda system. The Cala di Volpe hotel, one of the world’s most exclusive hotels, is naturally connected to the Cala di Volpe Bay, one of the world’s leading superyacht destinations. Here is the highest concentration of international investors.
Marina Deer Port, a group company that manages moorings in the old and new port, recorded a revenue of €21.1 million, up from the previous year. EBITDA was 8.9 million, with a margin of 42.2%. The EBIT was 5.3 million and thenet income of €490,000. The average headcount consists of 38 officers, with a staffing cost of €1.6 million.
Cala di Volpe and Gallura Primary Destinations
According to the analysis of the UniOlbia and Cipnes Gallura Study Centre on the Porto Cervo Marina budget data, the 2024 season saw a further consolidation of the presence of superyachts. From August 1 to August 20, there was a significant increase in moorings at the Old Port. Growth spanned almost all dimensional classes, with particularly strong performances for units between 50 and 60 meters (+22 transits compared to 2023, an increase of more than 70%) and for giant yachts over 80 meters (+5 transits, +31%). Classes ranging from 30 to 40 meters (+6) and 40 to 50 meters (+4) also increased, while slight decline was seen in the 60 to 70 meter (–5) segment.
The company completes the nautical offer Safebay, which in synergy with Porto Cervo Marina manages the fox fur superyacht boe field. In 2024, Safebay recorded revenue of €556,000, confirming a key player in the luxury yachting supply chain.
The business of the two companies fits in a broader context. documented by the joint study by Cipnes Gallura, UniOlbia and the Maritime Directorate of Northern Sardinia, according to which in 2024 4,600 superyachts were censored along the Gallura coast, with a estimated economic impact of €4 million per day during the high season.
A growing budget
Completes the Costa Smeralda corporate framework with Land Holding Co, which owns approximately 2000 hectares of unbuilt land within the consortium area of the Costa Smeralda, recorded revenue of €617,000.
The entire system of the Costa Smeralda Group, with over €168 million in revenue, represents one of the cornerstones of Sardinia’s economy. The registered Costa Smeralda trademark identifies an area of over 3000 hectares, of which 96% kept green, according to the footballs of the Technical Office of the Costa Smeralda Consortium.
The analysis, carried out by the Cipnes and UniOlbia Study Centre, intends to provide a useful tool for economic planning and dialogue between institutions, international stakeholders and territory, also in view of the opening in 2025 of the new Department of Innovation of the University of Sassari in Olbia and the consolidation of the Naval engineering in Olbia of the University of Cagliari.