Bigger business volume lifts 4iG profits in Q1-Q3

Deals

4iG

Listed Hungarian IT company 4iG had after-tax profit of HUF 1.7 billion in Q1-Q3, improving from a HUF 0.3 bln loss in the base period, as business volume ballooned, an earnings report released late Thursday shows, state news wire MTI reports.

The companyʼs revenue jumped 161% to HUF 25.2 bln during the period.

4iG said it aims to lead Hungaryʼs ICT market and become one of the biggest players on the regional IT services market.

"After acquisitions in Hungary, the plan is to expand abroad, and the management is also weighing tapping international capital markets," the company added.

4iG said it wants to enter new segments of the market in addition to fostering ties with its existing business partners, and it expects both organic and inorganic growth to support the expansion of its business.

4iG agreed to buy T-Systems Magyarország, a much bigger peer, for an undisclosed price in July.

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