The acquisition of Vodafone Hungary has helped the info communications group 4iG report a huge increase in profits and almost a tripling of its EBITDA in one year.
4iG notes that In the five months following the closing of the acquisition, Vodafone Hungary contributed HUF42.5 billion (€110.4 million) to the group’s consolidated EBITDA and during the same period produced HUF17.1 billion more pre-tax profit compared to the same period of the previous year. It adds that 4iG’’s first half-year quick report covers Vodafone Hungary’s individual report for the period between April 1, 2022 and March 31, 2023, prepared in accordance with the Hungarian accounting law published on August 31.
Although the company showed a significant loss in the period under review, it was caused by one-off items, primarily loan interest payable to the previous owner. Accordingly, the negative result does not reflect the real financial performance of the telecommunications company.
4iG goes on to say that the strategic acquisition of Vodafone Hungary in Q1 this year enabled it to reach the required operating size in both the domestic and regional telecommunications sectors, thanks to which the corporate group, operating as a converged service provider from IT to telecommunications, can make the most of the synergies between its strategic sector.
4iG’s consolidated net sales revenue according to IFRS amounted to HUF266.2 billion in the first half of 2023, which was 118.5% higher than the same period of the previous year. EBITDA increased to HUF95.3 billion (+190%) and the profit after tax rose to HUF7.8 billion after last year’s adjusted loss of HUF2.75 billion.
