Budapest Spa Operator Revenue Close to HUF 23 bln in 2023

Figures

Photo courtesy of Budapest Spas Plc.

Revenue of Budapest spa operator BGYH approached HUF 23 billion last year, a new record, up from HUF 19.7 bln in 2022, the local council-owned company told MTI, citing preliminary data.

BGYH's after-tax profit exceeded HUF 5 bln.

This year, BGYH targets revenue of HUF 24 bln.

BGYH said revenue was boosted by price hikes that brought prices of the city's historic baths to the bottom of the range of their European peers. Hungarians may avail of discounts off those prices, it added.

From January 8, 2024, BGYH raised prices 5-12%: 10-12% for foreign visitors to the city's historic baths, but just 5-6% for Hungarian visitors who use discount schemes.

Reconstruction of the Rác baths, which have been closed for more than 15 years, is expected to start in the spring while planning will start for a renovation of the Gellért baths that could begin in 2025.

BGYH will plow HUF 1 bln into upgrades at the Széchenyi baths this year.

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