OPUS GLOBAL (OPUS) Q2 2024 earnings summary

Executive summary

• H1 2024 consolidated balance sheet total was HUF 1,049.7 billion, down 2.1% from year-end 2023, with equity at HUF 355.2 billion and total comprehensive income of HUF 21.3 billion.

• Total operating income reached HUF 300.8 billion, EBITDA HUF 47.6 billion (up 13.3% YoY), and after-tax profit HUF 20.6 billion (up 27.9% YoY).

• Financial stability remained strong, with minimal changes in portfolio and asset allocation.

Financial highlights

• Operating costs fell 8.9% YoY to HUF 277.2 billion, outpacing the 7.4% decline in operating income.

• EBIT rose 14.6% YoY to HUF 23.6 billion; net financial income more than doubled to HUF 3.8 billion.

• Profit before tax increased 22.1% YoY to HUF 27.5 billion; EPS (basic and diluted) was HUF 28.51, up from HUF 11.50 YoY.

• Cash and cash equivalents decreased by 16.7% to HUF 206.2 billion.

Outlook and guidance

• The group expects continued strong performance, with growth outpacing the Hungarian economy and ongoing cost optimization.

• Major investments and hotel development programs are expected to support future growth, especially in the Tourism Division.