PPF Group of richest Czech Kellner posted a profit increase of 160% y/y in 1H19

PPF Group of richest Czech Kellner posted a profit increase of 160% y/y in 1H19
PPF Group of Czech billionaire Peter Kellner reported net profit growth of 160% year-on-year to CZK14.6bn (€573mn) in 1H19
By Nelly Tomchikova in Prague November 6, 2019

PPF Group of Czech billionaire Peter Kellner reported net profit growth of 160% year-on-year to CZK14.6bn (€573mn) in 1H19, compared to CZK5.6bn (€220mn) the company earned in 1H18, the Group announced in its financial results on November 4.

The Group's total assets increased by 5%, exceeding CZK1.2tn (€47.3bn) in 1H19. Its equity attributable to shareholders amounted to €8.3bn, compared to €7.5bn as of December 31, 2018.

At the end of October, PPF Group acquired Central European Media Enterprises (CME), which holds some of the biggest TV channels in Bulgaria, the Czech Republic, Romania, Slovakia and Slovenia for $2.1bn. As a response, CME’s shares lost 5.40% on the Prague Stock Exchange on the same day.

Earlier last week, the group sold a 25% stake in the Hungarian radio communications company Telenor, which includes Telenor Hungary and Telenor Real Estate, to Antenna Hungaria.

“This transaction will strengthen our market position in this competitive and mature telecommunications market while at the same time affirming PPF’s commitment as a long-term, mid-sized telecommunications owner in the CEE,” said PPF Group shareholder responsible for the group’s telecommunications assets Ladislav Bartonicek.

PPF Group invests in multiple market segments such as banking and financial services, telecommunications, mechanical engineering, biotechnology, insurance, real estate and agriculture. PPF Group’s reach spans from Europe to the USA and across Asia, owning assets worth over €45bn.

In October, the company Sotio, owned by Kellner announced it plans to invest $6.5mn as part of MaveriX Oncology’s $20mn series A financing round on key development milestones. As part of the transaction Sotio has secured an option to license and co-develop MVX-5005 and related next-generation compounds for European market.

 

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