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25th March, 2021

Spar reports 9% rise in revenue

Spar revenues increased by 8.7% last year to Ft 739 billion, the Hungarian subsidiary of the Dutch retail chain said on Wednesday.

Spar highlighted that the increase is higher than the 3% average expansion in food sales in Hungary in 2020.

Average revenue per employee was almost Ft 53 million and average revenue per square metre of retail space was Ft 1.7 million.

Spar had 588 shops in Hungary at the end of December with a combined retail area of 432,000m2.

The number of employees grew by more than 500 to near 14,000.

Spar launched its online sales in 2019, which may now reach two million consumers. Due to rising demand, the number of employees in this division was increased to 144 last year. (napi.hu; novekedes.hu)
25th March, 2021

MOL buys Lukoil stations in Slovakia

Slovnaft, the subsidiary of MOL in Slovakia, has fully purchased Normbenz Slovakia, operator of 16 Lukoil filling stations in the country, the energy company announced yesterday.

The transaction still needs the approval of the Slovak competition authority.

The acquisition gives MOL an opportunity to strengthen its presence in Slovakia and expand its filling station restaurant chain Fresh Corner, head of the retail division Peter Ratatics commented.

He added that the purchase also fits MOL’s long-term strategy Shape Tomorrow, envisaging the expansion of consumer services by 2030.

The newly bought units will now operate under the Slovnaft name, complementing the present chain of 254 stations. (portfolio.hu; index.hu)
25th March, 2021

Magyar Bankholding adopts five-year merging strategy

Magyar Bankholding has approved a five-year strategy for the merger of its members Budapest Bank, MKB and Takarekbank, the group announced on Wednesday.

During this period, all profits will be reinvested.

From 2023, the banks will be united and act as one unit which, according to the announcement, will change the traditional image of a bank in Hungary.

The new bank aims to be the most up-to-date, employing flexible and cutting-edge digital solutions, said chairman of the group Zsolt Barna.

The strategy has also identified areas of synergies that will make the new bank more efficient than its members are now.

Growth rates exceeding the market average are especially targeted in retail, SME and agricultural crediting.

Magyar Bankholding, founded on December 15, 2020, has the largest branch network in Hungary, serving 1.4 million retail and 208,000 corporate clients. Its total assets reach Ft 8.424 trillion. (portfolio.hu)
25th March, 2021

Nipuf opens storage facility in Pecs

Logistics company Nipuf yesterday announced the opening of its 11,000m2 storage facility in the Pecs industrial park, following a Ft 2.5 billion development project.

The new unit is hired by Raben Trans Europe Hungary.

Nipuf previously built a 22,000m2 storage hall in the industrial park near the M60 motorway and the Pecs-Pogany Airport, and has a permit to build out an additional 38,000m2.

The group has storage spaces with a total area of 168,000m2 in Hungary, and is engaged in building storage facilities with a combined area of 17,000m2, CEO Laszlo Kiss added. (portfolio.hu)
25th March, 2021

MFGT creating hydrogen storage unit

Gas storage facility operator Magyar Foldgaztarolo (MFGT) yesterday announced the commencement of construction of a water-based hydrogen generation plant, as a pilot project.

MFGT is a subsidiary of state energy company MVM.

The Ft 2.9 billion construction project received a Ft 1.9 billion state grant.

The 2.5MW capacity gas generator in Kardoskut, Bekes county is expected to start production in February 2023.

In the project, dubbed Akvamarin, MFGT is essentially looking for a solution to the question of how electricity produced on a renewable basis can be stored in the long term. (magyarnemzet.hu; portfolio.hu; origo.hu)
25th March, 2021

Neo Property Services wins MAV job

Neo Property Services has won the contract for providing maintenance services on properties owned by MAV for Ft 5.4 billion, the state railway company announced on the EU public procurement website.

The tender comprises two jobs, one for the West Hungarian region of Szombathely, Pecs and Buda, the other in the South Hungarian region of Szeged and Pest, with winning bids of Ft 2.5 billion and Ft 2.8 billion.

The contract was signed with the winner on March 10.

Competitors A-Hid Epito, Janosik es Tarsai, Euro Campus and Thermo Epgep also filed bids on the tender.

Neo Property was sold to BSE-listed investment fund Akko Invest for Ft 18.5 billion in February. (napi.hu)
25th March, 2021

B&B Hotels sells Budapest hotel

B&B Hotels has sold its B&B Budapest Hotel, along with its B&B Prague Hotel, to French property fund Primonial Reim, consultants Cushman & Wakefield announced on LinkedIn.

The 214-room hotel in Budapest is still being built by transforming the former Angyal Office Building near Boraros ter in Pest.

The 7,700m2 office building was sold by the Wing Group to B&B Hotels in 2018.

The hotel chain will hire back and operate the hotel, which will be opened in the summer. (portfolio.hu)

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