Wth its 30.1% stake Mevinvest continues to be Akko Invest’s largest owner and it intends to increase its ownership share to above 33%; accordingly, it made a mandatory public offer in accordance with relevant legislation at a share price of HUF 266.1465 (the offer has to be approved by the Hungarian National Bank, which process is currently underway).

As a subsidiary fully owned by Wingholding Zrt., Mevinvest is part of the Wing Group. Tibor Veres, the owner of the Wallis Group, indirectly owns the majority of both Mevinvest and Wingholding. 

The Akko Board of Directors has found that the Wing Group identifies with the company’s strategy and that its objective – and its expectation – is that the Akko Board of Directors and the management of the subsidiaries owned by Akko provide the long-term and transparent operations expected from publicly listed companies. 

The Akko board has determined that the operating plan prepared and published by the Wing Group is in line with Akko’s business objectives; accordingly, if those are realized, they are expected to create a possibility for increasing the market value of the shares they hold.

Zoltán Prutkay, chairman of the board at Akko Invest Nyrt., extended the company’s welcome for the Wing Group’s objectives to have Akko continue to develop its asset management, property investment, and rental activities, and for its largest subsidiary, NEO Property Services Zrt., to continue to expand its complex, property management and operation services to a wider clientele. He also added that Akko closed the first half with record results surpassing the expectations of management, with revenue increasing by more than 25% to reach HUF 19.6 billion with an EBITDA of HUF 1.5 bln. 

Akko Invest’s total comprehensive result for the first half year (HUF 908 million) was almost equal to the total comprehensive result for all of 2023 (HUF 1.16 billion). Prutkay explained that the asset management company’s revenue growth between January and June 2024 was supported by the rental income of the Szerémi út office building, 50% of which was acquired by the company at the end of 2023, and the activities of Akko’s largest revenue-generating subsidiary, NEO Property Services, which had a successful first half. In addition to the record revenue, this led to Akko Invest almost tripling (+279%) its total comprehensive result while its earnings per share jumped from last year’s first-half figure of HUF 9.65 to HUF 27.22 (+282%) this year.

In the first six months of 2024, Akko’s largest subsidiary, NEO Property Services, again realized record revenue and results: the HUF 19.45 billion revenue of the major player in the Hungarian facility management and property services segment was bolstered by the fact that it was also able to expand its portfolio with new contracts on a highly competitive market.

Thanks to the increasing number of contracts, NEO’s general contracting portfolio also expanded, with the general contracting works of the 165-apartment Le Jardin apartment building, owned by Living, soon to be completed. NEO expects to have an exceptionally high number of individual orders in the second half of the year, which will further improve the record performance seen in the first half.

Due in part to the above, NEO again expects to see exceptionally good results in the 2024 business year as well despite the difficulties caused by the external economic environment.