Neo Property Services registers record revenue in 2021

Figures

Neo Property Services Zrt., owned by Akko Invest, increased its revenue and profits in 2021, reporting all-time high results, according to a press release sent to the Budapest Business Journal.

The annual general meeting of the company operating in the Hungarian facility management and property services segment approved the 2021 report, according to which the company increased its revenue by 8% to HUF 25.4 billion while its pre-tax profit showed even better results, increasing by 9% to HUF 1.86 bln. NEO will pay a dividend of HUF 1.5 bln from last year’s profit to the Akko Invest group.

Zoltán Prutkay, president of Aakko Invest said that Neo’s 2021 expansion shows that Akko performed and closed a successful acquisition last February, and the increased dividend paid by the service provider further improves shareholder value. Akko plans to invest the return on its investments and its available free resources, and in this context is exploring new investment and acquisition opportunities. 

Regarding the results, Neo Property Services Zrt. CEO László Vágó said that the company has been on a stable path of growth in the past six years and was able to increase both its revenue and results. In the past six years, the company has doubled its pre-tax profits.

He emphasized that this expansion took place in an external environment that was continuously changing and characterized by labor market challenges, on top of which came the coronavirus epidemic in 2020-2021. The company plans to continue its growth in 2022, which is bolstered by general contracting and condominium management activities in addition to its expanding range of operational services. The company continuously monitors the digitalization processes in the industry and offers an increasing variety of prop-tech solutions to its customers.

Neo Property Services Zrt. deputy chief financial officer Tamás Giller added that the 9%increase in pre-tax profit is also excellent because the factual data actually far exceeded the ambitious figures in the 2021 business plan. Neo operates with a solid ownership structure but without external financing and with a positive cash flow, which provides an excellent basis for it to become not a major player in Hungary not only in the operations market but also in general contracting.

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