After a successful 2019, OTT-ONE might launch further innovative solutions
The Board of Directors of OTT-ONE Plc. approved the agenda included in the previously published notice of the General Meeting, including the company’s business report for 2019, based on which the company’s revenue exceeded HUF 2.8 billion last year and its net profit was more than HUF 204 million. The Board of Directors and the Supervisory and Audit Committees of the company also strengthened with new experts, and they also decided on the subjects of dividends and the purchasing of treasury shares.
Pursuant to a government decree that entered into force on 10 April 2020, the Board of Directors of OTT-ONE Plc. held its annual general meeting in an emergency procedure necessitated by the current epidemiological situation. Accordingly, the Board of Directors of OTT-ONE approved the company’s report for the 2019 business year, according to which the company achieved sales revenue of more than HUF 2.8 billion and EBITDA of HUF 309.2 million, which is almost 70 percent higher than the balance sheet of the previous year. Company EBITDA also increased from HUF 309.2 million to HUF 446.6 million.
The Board of Directors also decided on the issue of dividend payments, based on which – similarly to the practice of previous years, and due to the current economic environment – the company intends to use its 2019 profit to finance investments necessary for growth. A decision was also made in the issue of purchasing treasury shares, in connection with which the Board of Directors of the company was once again authorized to purchase treasury shares in the future.
A new member, Dr. Péter Pozsgay, a lawyer and economist, has been nominated to the company’s Board of Directors, who has been serving as a legal representative for OTT-ONE in the past years. The company has also expanded its Supervisory and Audit Committee with two specialists: dr. Réka Szabó-Kovács, a lawyer, was elected at the extraordinary general meeting of OTT-ONE held at the end of March, and the company’s Board of Directors decided on the appointment of Tibor Norbert Farkas today. He has been working as a business consultant since 2004 and has been involved in foreign market development since 2010, especially in Russia, China and the United Arab Emirates.
OTT-ONE intends to continue its dynamic growth in the coming years, and its core strategy remains to develop and sell high value-added, innovative solutions, technologies, and to explore related markets and provide services. OTT-ONE’s future focus include areas with high business potential, such as image recognition algorithms, machine learning solutions and special AI technologies, and SmartCity technologies. In addition, OTT-ONE’s strategy focuses on the company’s own development online education platform, as well as more traditional industrial solutions and activities.
Another main goal of the company is to successfully complete the public capital market transaction in 2020, which, in addition to supporting the company’s growth plans, would also provide the possibility to reclassify OTT-ONE Plc. into the Premium Category of the Budapest Stock Exchange.
Although OTT-ONE had a successful 2019, the beginning of 2020 – despite the current global crisis –also delivered outstanding performance: through its extensive business network, the company signed a contract for the manufacturing and shipping of hundreds of ventilators, and the online education platform of the company also manages to make a contribution to distance learning and teleworking in many sectors. While it is unpredictable what this year has in store for the economy, OTT-ONE strives to ensure a continuous and dynamic growth trajectory and to increase shareholder value.