Last year, the Appeninn Group increased its rental income by 142 percent to €19.5 million, while its profit after tax rose to €22.8 million." to "B+". The company's shares are traded in the premium category of BSE.

The company announced on Thursday evening that it expects Appeninn Group to report significant growth in 2023 as a result of successful domestic and foreign acquisitions, restructuring and comprehensive cost efficiency measures that have fundamentally impacted its earnings power. Its rental income increased by 142 percent to €19.49 million and its direct margin by 114 percent to €12 million. Last year's consolidated profit after tax of €22.76 million, a robust 63 percent increase, already included the amount of deferred tax liabilities released by the successful acquisition of SZIE status, in addition to the impact of property revaluations.

"I'm very proud of our 2023 transactions: the biggest contributor to the improvement in profitability metrics was the newly acquired, well-performing properties," he pointed out. Györgyi Szűcs, CEO of Appeninn Plc.

"For two years we have been consciously building the foundations of a future-proof company. To achieve this, we focus on professional portfolio management, stable and sustainable profitability, shareholder value growth over the medium to longer term and transparency. We believe this approach, the resulting perspective and the results can be attractive to a wide range of investors, large and small."

Robust revenue and profit growth, upgrade in 2023

In line with its strategy defined in 2022, the Appeninn Group sold its last tourism assets in early 2023, and in February acquired the Zone shopping centre in Székesfehérvár and Zalaegerszeg, as well as the Kanizsa Centrum shopping centre in Nagykanizsa. As the next major step in the development of its commercial real estate portfolio, and its first foreign transaction, in March 2023 it acquired the shares of Dounby Sp. z.o.o., owner of office buildings C, D, E and F of Wiśniowy Business Park in Warsaw.

On April 5, 2023, Scope Ratings upgraded Appeninn's credit rating from 'B' to 'B+' and its bond rating from 'B-' to 'B+', mainly based on the transactions executed under a conservative financing structure.

On 13 December 2023, as a final act of a year-long complex preparatory work, the General Meeting of the Company decided to initiate the registration of Appeninn as a regulated real estate investment holding company ("REIT") and subsequently as a regulated real estate investment company ("REIT").

"We also continue to review and evaluate Appeninn's existing assets. Based on this, we will decide which properties will be put up for sale and which we plan to retain in the longer term. In terms of shareholder value creation, priority will also remain on optimising the selection and cost of acquisitions, retaining and prudently expanding favourable sources of funding, maintaining a favourable risk rating for the group and the bond, and ensuring high quality operations," he added.