In cooperation with banking groups, the firm plans to establish a financing company specialising in yacht purchases.
President George Vernicos announced at a recent general meeting that profits for 2000 are expected to exceed 900 million drachmas, up from 582.4 million drachmas earned last year.
The firm`s capital rose to 7.2 billion drachmas in 1999, compared to 1.4 billion drachmas in 1998, while earnings for vessel charters reached 418.5 million drachmas last year, up from 297.5 million drachmas the previous year. An even greater increase is anticipated for 2000.
Turnover in 1999 totalled 8.3 billion drachmas, up from 2.6 billion drachmas in 1998. Shareholders approved the distribution of a 13-drachma dividend per share, starting July 10.
Under its new strategy, Vernicos will become a holding company focused on marine tourism, marinas and yacht financing. Expansion will take place in nine areas, namely: yacht acquisition, chartering, vessel management, marina operation, cruises for up to 49 people per boat, and investment.
Theodore is the Co-Founder and Managing Editor of TravelDailyNews Media Network; his responsibilities include business development and planning for TravelDailyNews long-term opportunities.