4iG Sales Nearly Triple in 2022

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Net sales revenue of listed IT company 4iG rose 196% to HUF 277.3 billion last year, boosted by acquisitions, state news wire MTI writes, citing an earnings report published after the closing bell on Tuesday.

EBITDA jumped 491% to HUF 72 billion, but 4iG booked depreciation and amortization related to acquisitions of HUF 75.6 bln, giving it a HUF 21 bln loss for the year.

Last year, 4iG acquired a majority stake in telecommunications company Antenna Hungaria from the state through the in-kind contribution of its telecommunications portfolio. At the end of January 2023, it closed the acquisition of a majority stake in Vodafone Hungary. 4iG noted that, including Vodafone Hungary, 2022 pro forma net revenue reached HUF 586 bln.

"In 2023, the 4iG Group will continue to focus on integrating the newly acquired companies and will exploit synergies offered by fixed-mobile convergence and IT-telco convergence, building cross-selling channels and consolidating infrastructure," the company said in an investor presentation.

4iG had total assets of HUF 945 bln at the end of last year, up 88% from 12 months earlier. Non-current assets rose to HUF 750.9 bln from HUF 187.6 bln during the period.

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