Otthon Centrum Turnover Up by Almost HUF Two Billion

Otthon Centrum's (OC) net sales amounted to HUF 6.2 billion in 2021, compared to HUF 4.4 billion a year earlier, the real estate brokerage firm said on the Budapest Stock Exchange's website on Tuesday.

Last year, the group achieved a record in both real estate network turnover and loan intermediation, the report said.

The company's report said the performance was partly due to the rapid economic recovery after the epidemic and the effects of government stimulus programs.

The company's profit after tax rose to HUF 755.8 million last year, compared with HUF 500 million in 2020.

Operating profit (EBIT) was HUF 987.6 million, an increase of more than HUF 400 million.

The real estate market "tended to strengthen" at the beginning of this year, but the group is consciously preparing for a possible downturn, which is to be managed by its accumulated earnings and liquidity that "provide a solid foundation." Analysts are predicting an upturn and a deepening of the economic crisis sometime in autumn 2022 or early 2023, they cited. The holding company's equity stood at HUF 2.63 billion and its share capital at HUF 422.8 million at the end of 2021.