Akko Invest Registers Another Record Year
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Akko Invest, a Prime category Budapest Stock Exchange company, closed another record year in 2023 after its revenue increased by more than a third to HUF 38.2 billion. The company’s largest subsidiary, NEO Property Services, a major company in the Hungarian property services segment, also enjoyed a record year.
NEO Property Services was the greatest contributor to Akko’s results: in addition to record revenue, it closed 2023 with a total comprehensive income of HUF 1.2 bln (+16%) and an EBITDA of HUF 3 bln (+17%). These figures led to earnings per share of HUF 34.9, which is almost 15% of last year’s average stock market price.
Akko carried out a number of transactions in the property market segment of asset management, with the purchase of 50% of the ownership of the 21,857 sqm office building located in Budapest District XI prominent among them.
NEO Property Services will pay a dividend of HUF 2.1 bln to the Akko Group. Last year, the company increased its property management clients to almost 300 while managing to extend the terms of a number of important contracts.
NEO also continued to strengthen its position in the condominium management and general contracting sectors. It continues to see the greatest potential for growth in the latter: within its portfolio of construction projects, the company plans to pursue greenfield investments, rental developments, property expansions, and other construction works. In general contracting, NEO successfully completed the development of two leased premises in the Liberty Office Building in addition to completing the structural construction works of the 164-apartment condominium named Le Jardin I and owned by Living, which continues with the building complex’s continued general contracting tasks.
For 2024, NEO Property Services plans to improve profitability while also continuing to grow its revenue with the help of future transactions and a stable clientele.
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