Alteo Does Not Pay Dividends This Year

The Hungarian energy services firm Alteo Plc. will not pay any dividend this year, as the General Meeting of Shareholders has decided that last year's profit will be fully transferred to the profit reserve, the company announced on the website of the Budapest Stock Exchange (BSE) on Monday.

The general meeting of Alteo Plc. last year decided to pay an extraordinary dividend of HUF 200 per share on top of the basic dividend of HUF 200 per share for the 2023 results, with a dividend base of around HUF 8 billion.

According to the consolidated annual accounts for 2024, approved at Monday's general meeting, Alteo closed last year with revenues of HUF 105.4 billion and EBITDA (earnings before interest, tax, depreciation and amortization) of HUF 19.1 billion. The former represents an increase of 6.6%, the latter a decrease of almost 2% compared to 2023. The net result of HUF 9.6 billion is almost 25% lower than the HUF 12.7 billion in 2023.

The AGM authorized the Board of Directors to increase Alteo's share capital by up to HUF 250 million within five years of the AGM.

The shareholders authorized the Board of Directors to buy treasury shares for a period of 18 months from the date of the General Meeting, the total nominal value of which may not exceed 25% of the share capital.

It was also decided to elect Attila Chikán, the company's CEO, as a member of the Board of Directors for a further five years.