AutoWallis 2022 Earnings up 166% on Higher Sales, Wider Margins

Automotive

After-tax profit of listed car seller AutoWallis rose 166% to HUF 8.6 billion in 2022, lifted by higher revenue and improved margins, state news wire MTI writes citing an earnings report published ahead of the opening bell on Thursday.

Revenue rose 39% to HUF 270.2 bln. The cost of goods sold climbed at a slower rate, rising 34% to HUF 224.9 bln. Operating profit increased 125% to HUF 11 bln.

Earnings per share came to HUF 19.3.

AutoWallis's management noted that the company acquired Slovenian peer Avto Aktiv in Q2 and Renault Hungária in Q4, but said revenue growth was "primarily" organic.

In a separate press release, AutoWallis chairman Zsolt Müllner said the group's capital strength, diversified operation, and regional presence ensures "stable growth", adding that annual revenue could exceed HUF 400 bln by 2025, even without acquisitions.

Proposals submitted for an annual general meeting scheduled for April 28 show the board aims to place all of last year's earnings into profit reserves to support the implementation of the company's growth strategy. 

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