Asset manager Appeninn Holding saw its revenues rise by HUF 146 million year-on-year in 2010 to nearly HUF 1.1 billion, the company said.
The firm posted after-tax profit of HUF 66.7 million for the year, compared to losses of HUF 24,000 in 2009, as a result of HUF 60 million in dividends from company units, Apennin’s 2010 earnings report reveals.
Gábor Székely, chairman of the board of directors explained that the strategy of Appeninn is to focus on segments, mainly category B offices, where they can acquire low priced real estate assets that can bring big profits on the middle or long term. The company is constantly monitoring the market for investment opportunities, and the management finds that in the current market environment the Buda B-class market sized 3,000 square meters (sqm) or larger can be the base of further growth, he added.
Appeninn is planning the company’s biggest real estate transaction since its introduction to the stock market. After the planned acquisition of Rotux Kft, Appeninn would become the owner of Rotux’s two valuable buildings, one in Kecskemét and the other in Szentes. The Kecskemét asset is a 7.2 hectare real estate with a 6,000 sqm building in the city proper, while the other in Szentes is a 3 hectare plot with a 2,400 sqm building. The Kecskemét real estate is particularly valuable since it is located close to the Mercedes plant currently under construction.
After the successful finalization of the transaction Appeninn would meet the requirements of the Budapest Stock Exchange for A category trading. Appeninn's shares presntly trade in the B-category at the bourse.
After acquiring Rotux, HUF 170 million of cash would go to Appeninn. The transaction needs the approval of the shareholders.