Official financial figures from major hotel corporations confirm the excellent health of the island's economic engine. Cordial Canarias Hotels & Resorts, SL has closed a record-breaking fiscal year, closely reflecting the reality of the accommodation sector in southern Gran Canaria, where the bulk of its operations are concentrated. The 19 tourist establishments that the company operates through comprehensive management or strategic marketing models have achieved a combined total revenue exceeding €88,4 million. This influx of income consolidates the southern tourist destination as one of the most profitable areas in Spain.
The performance of the holiday resorts has directly impacted the Canary Islands-based management company's accounts. Net revenue climbed to €5,9 million, representing solid growth of 7,35% compared to the previous period. Profitability in the hotel and apartment management business soared thanks to a strict operational optimization policy. The tourism firm's operating profit reached €2,1 million, a 62,16% increase compared to the €1,3 million recorded in the previous quarter.
The hotel company's portfolio structure demonstrates its strong connection to the islands' tourism landscape. The company maintains direct operational control over 16 accommodation establishments, totaling 1.653 residential units strategically located throughout the holiday destinations of Gran Canaria and Lanzarote. In addition to this core of directly managed properties, three other properties located exclusively on Gran Canaria contribute an additional 105 residential units through commercial representation agreements. This scale of operations requires a specialized human capital base, located in the operational offices in the south of the island.
The costs associated with maintaining the asset manager's central staff amounted to €2,7 million, representing 46,92% of the firm's total revenue. The company maintained an average of 64,55 employees throughout the year.
The shareholders' meeting approved the distribution of profits due to the company's strong financial position. The asset manager's final net profit reached €1.610.206,61, a 57,17% improvement over the previous year, thanks to a combination of higher revenues and controlled structural costs. Regarding shareholder returns, the firm paid out €274.250 in June to settle the difference in the previous year's dividend, which totaled €1.024.250 after deducting the €750.000 advance payment. Simultaneously, management approved a generous interim dividend of €1.200.000 against this year's earnings.
The hotel company's equity increased considerably, reaching €2.405.541,82, surpassing the previous year's figure of €2,26 million. The internal audit highlights that the balance sheet is entirely free of financial liabilities or outstanding debts with banks, a factor that eliminates risks associated with interest rate fluctuations. The company's cash position remained stable at €624.305,87. To optimize cash surpluses securely, the firm established a Money Market Fund, which closed with a balance of €1.524.486,35. This financial investment instrument guarantees immediate cash availability within a maximum of 48 hours to address any contingency or expansion opportunity along the Mogán and Maspalomas coastline.
The company's management has taken advantage of this period of prosperity to consolidate its corporate real estate portfolio with a medium-term focus. The main tangible asset on its balance sheet is a strategically located plot of developable land in the coastal town of Santa Águeda, in San Bartolomé de Tirajana. The chain's management has stated its intention to build its future headquarters on this plot, consolidating its operations in the heart of the tourism sector.
