AKKO Invest closed a record year in 2024: further growth is possible

AKKO Invest Plc. closed 2024 with a record: its sales increased by nearly 14 percent to HUF 43.5 billion, while its EBITDA increased from HUF 3.1 billion in 2023 to HUF 3.4 billion, after its largest subsidiary, NEO Property Services Zrt., a dominant player in the Hungarian real estate services market, further increased its sales and profits last year. AKKO Invest, a wealth management company, reported earnings per share of HUF 34.65, which is 11 percent of the average stock market price of the past year. The majority owner of the company, listed in the Premium category of the Budapest Stock Exchange, Mevinvest, a member of the WING Group, implemented a capital increase of more than HUF 10 billion in order to implement AKKO’s growth plans. AKKO will use a significant portion of the proceeds from the capital increase to settle the outstanding purchase price of an office building it already partially owns and the acquisition of NEO Property Services. After the completion of the transaction series, AKKO’s liabilities will be significantly reduced, so the funds generated from its operations will open up new opportunities for the company in the future.

AKKO’s largest subsidiary, NEO Property Services Zrt. similarly to previous years, in 2024 it achieved record sales and profit again, of which the 2.4 billion forint dividend to be paid by NEO is due to the AKKO Group. NEO, a dominant player in the Hungarian real estate services market, achieved a sales revenue of 43.3 billion forints and an after-tax profit of 2.6 billion forints last year, after a profit after tax of 2.3 billion forints and a sales revenue of 37.9 billion forints in 2023. NEO Property Services has been a dominant real estate service provider in Hungary since its founding in 1999, and the company is on a continuous growth path. Its activities include integrated facility management, property management, project management related to real estate investments, general construction and condominium management. Thanks to its national coverage and its complex, synergy-based, customer-tailored services, NEO has been working in a stable relationship with its most important partners for many years. The company has nearly 300 clients, including Hungary’s most significant large companies: MOL, Magyar Telekom, EON, MVM, MÁV, WING, Corvinus University, MTVA, Praktiker, Metro, Coloplast. It operates more than 3 million square meters of real estate for its partners, maintains more than 10 million square meters of outdoor space, has built tens of thousands of square meters of facilities, and manages more than 3,300 condominium sub-deposits.