KCP increased revenue today, but is in loss due to building repairs

The total costs of the company, excluding the impact of the renovation, amounted to 446 million CZK. Last year, KCP invested 320 million CZK into the building's repairs. After adjusting for the investment in the restoration of the building, the company finished with a profit of 47 million CZK, which is an increase of 5.7 percent compared to the previous year.

From short-term rentals without catering, KCP earned 159 million CZK last year, which is a decrease of two percent compared to 2016. Revenue from long-term rentals rose by 2.5 percent to 156.3 million CZK. The highest year-on-year growth was recorded by the Holiday Inn Prague Congress Centre, which saw its revenues increase by 18 percent to 153 million.

As part of the building renovation, the first phase of interior and exterior modifications and repairs was completed last year. KCP installed new networks and an automatic digital navigation system throughout the building, and energy management was improved. "The renovation of the chairs in the Congress Hall was successfully completed, and the number of parking spaces was expanded," writes KCP CEO Roman Raimund Straub in the introduction of the annual report.

A total of 4,000 participants attended the World Conference of Family Doctors (WONCA) at the Prague congress center last year, with another thousand attending the annual meeting of the European Society for Pediatric Gastroenterology, Hepatology, and Nutrition (ESPGHAN). According to the company, the most significant event last year at KCP was the congress of the International Congress and Convention Association (ICCA), which attracted 1,264 experts from the congress industry from 79 countries to Prague. In the ranking of the most popular congress destinations compiled by ICCA, Prague improved its position by three and ranked eighth last year.

The majority owner of KCP is the state through the Ministry of Finance, while the minority owner is the city of Prague with a 45.65 percent share. At the end of last year, the center had 233 employees and a registered capital of 3.68 million CZK. It includes the aforementioned hotel and also the Vyšehrad Business Center.