AutoWallis Devoting 2023 Profits to Financing Intense Expansion

Automotive

The AutoWallis Group held its annual general meeting, where shareholders elected new members of the Board of Directors and then decided to devote the total comprehensive income of HUF 9.8 billion realized with last year’s record revenue to finance intense expansion in the interest of supporting continued dynamic growth.

In line with the proposal put forward by AutoWallis’s board, shareholders decided to place the results in reserve and use them to finance continued intense growth together with the cash capital increase of HUF 5.7 billion carried out by the Wallis Group in January.

Since it was first listed on the stock market five years ago, the car sales and mobility service provider has carried out more than 10 acquisitions and the number of brands it represents has grown from 9 to 24. As a number of AutoWallis’s financial indicators previously set for 2025 were surpassed as early as last year, the company will be presenting its updated strategy, its targets for 2028, and its dividend policy on May 6, according to a press release sent to the Budapest Business Journal.

At the annual general meeting, shareholders decided to appoint new members of the Board to join chairman Zsolt Müllner and CEO Gábor Ormosy. Based on the general meeting’s decisions, the board will be joined by Ferenc Vaczlavik, AutoWallis CFO; Tibor Veres, chairman of the Wallis Group, AutoWallis’s principal owner; CEO Gyula Mező in representation of the Wallis Group; deputy CEO Bence Buday, and deputy CEO for Strategy Ferenc Karvalits.

The general meeting also decided to appoint Géza Deme, president and CEO of AutoWallis’s largest institutional investor, Széchenyi Alapok Zrt., to the position of member of the Supervisory Board, and László Péter Lakatos, a leading expert at the Corvinus University of Budapest’s Institute of Accounting and Law, to the Audit Committee.

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