Akko Invest closes 2021 with record revenue, profits
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Asset management company Akko Invest closed 2021 with revenue of HUF 22.1 billion and a significant EBITDA growth, according to a press release sent to the Budapest Business Journal.
The company's revenue increased more than a hundredfold thanks to its acquisition of Neo Property Services, a major player in the Hungarian facility management and property services segment.
Since the acquisition was completed on February 28, 2021, Neo’s results were not included in Akko's financial statements for the full year, but only from March onwards: a total of 10 months were consolidated in the asset management company’s financial statements.
Any dividend paid based on Neo’s results of last year would be fully attributed to Akko, even though the related decision, the acceptance of Neo’s 2021 report has not yet been adopted, the press release says.
In 2021 Akko Invest's earnings before taxes grew almost twenty-fold to HUF 885 mln, and its total comprehensive income soared to HUF 584 mln in profit from HUF 43 mln last year.
Akko Invest’s EBITDA also grew significantly from HUF 237 mln, it soared to HUF 1.85 bln, eight times the previous figure, and the company’s earnings per share ended up at HUF 17.9.
Neo Property Services has experienced dynamic growth in recent years: Its revenue was HUF 23.3 bln in 2019, HUF 23.5 bln in 2020, and is expected to total HUF 25.4 bln in
2021, and its pre-tax profit or loss was HUF 1.4 bln and HUF 1.7 bln, respectively, in the past two years, and is expected to be HUF 1.9 bln in 2021.
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