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21st May, 2020

4iG announces 11% profit growth

4iG realised Ft 311.8 million profit in the first quarter, up by 11% year-on-year, the IT company controlled by Gellert Jaszai and Lorinc Meszaros announced on Wednesday.

Revenues grew by 77.8% to Ft 8.6 billion, while ebitda came to Ft 577.9 million, 19.6% more than a year earlier.

The number of 4iG employees rose from 397 a year earlier to 620 on March 31.

Despite the coronavirus crisis, 4iG orders continued to grow, reaching more than Ft 23 billion on May 20, the company announced.

Consequences of the epidemic, such as the expansion of home offices and the higher need for robots and artificial intelligence, have increased the demand for 4iG’s services, so the company is expecting further expansion.

4iG is continuing to examine opportunities for domestic and foreign acquisitions, the company highlighted. (portfolio.hu; index.hu; napi.hu)
21st May, 2020

Zwack cuts losses in Q1

Distiller Zwack yesterday announced a decline in first-quarter net losses to Ft 268 million from Ft 717 million a year earlier.

For the fiscal year ending on March 31, Zwack reported a Ft 1.7 billion profit after taxes, down by 35.3% from Ft 2.6 billion a year earlier.

Gross sales were up 0.1% at Ft 26.4 billion, while net sales fell by 11.3% from Ft 15.7 billion to Ft 14.0 billion.

Operating profit suffered a 29.6% decline from Ft 3.1 billion to Ft 2.1 billion.

Pre-tax profit fell similarly, down by 29.2% from Ft 3.1 billion to Ft 2.2 billion.

Exports increased by 11.8%, with Germany and Italy as the main export markets, in the business year.

Zwack sells 90% of its products on the domestic market.

Sales of premium alcoholic drinks had been expanding before the coronavirus crisis, but the epidemic will reduce sales, as most restaurants closed or maintained shorter opening hours, the company warned.

Zwack has scheduled its AGM for June 25. (portfolio.hu)
21st May, 2020

Netrisk grows with foreign acquisition

TA Associates and MCI EuroVentures, the two major owners of online insurance brokerage Netrisk, have purchased insurance brokerage Klikpojišteni, known as Klik, which is active in the Czech Republic and Slovakia, it was announced on Wednesday.

The target company was acquired from investment bank Benson Oak.

The transaction will result in the creation of an online insurance platform in Eastern Europe, under which the Netrisk Group expands to other countries in the region, the brokerage underlined.

Klik founder Andrew Fuchs and other executives remain leaders of the new subsidiary of the group.

Benson Oak, the oldest investment bank in the Czech Republic and Slovakia, invested in Klik during its start-up phase and helped the brokerage to become a significant company now employing 120 workers. (portfolio.hu; napi.hu)
21st May, 2020

Danubius reopening hotels on May 29

Danubius will reopen its hotels in Balatonfured, Buk and Gyor on May 29, the spa hotel chain announced on Wednesday.

The hotel chain ordered a general closure on April 1.

The company has introduced strict hygiene regulations and applied specific solutions to increase safety and has made cancellations and refund payments easier.

Many of the chain’s hotels are being renovated due to the forced closures.

Danubius expects a revival of domestic tourism at first, followed by growing demand for hotels in Budapest, said CEO Balazs Kovacs. (napi.hu; origo.hu)
21st May, 2020

MOL scraps plan to close stations

MOL has abandoned a plan to close 28 of its 468 filling stations temporarily from the end of May, the energy company announced on Wednesday.

MOL underlined that all of its filling stations are continuing their operations as the company has experienced a recovery in sales after the great fall in demand.

MOL has, however, reduced the opening hours at some of its stations, Index observes.

Competitor Shell has closed 15 of its filling stations due to the epidemic crisis and introduced shorter working hours at half of all of its stations. (index.hu; napi.hu; hvg.hu)

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