ALTEO Reports Significant Growth of Revenues

In the first half 2020, both the revenue and net after-tax profit increased significantly at the Hungarian energy company ALTEO Group. The 33% increase in sales revenue was accompanied by a 120% rise in after-tax profit.

A report by the Group says the growth achieved not only reflects the success in investment and acquisition activities, but – disregarding the impact of COVID-19 – also an outstanding performance of the existing portfolio.

The report adds that the increase of the Group’s profit is primarily the result of the growth observed in the energy production segments, which, in turn, is the result of both the investment program and the optimal utilization of existing capacities. "Thanks to robust cost-control, the energy services segment performed in line with expectations despite the external construction works delayed as a result of COVID-19," the document published on the website of the Budapest Stock Exchange points out.