Orbán Viktor's Nephew Withdraws 500 Million HUF Dividend from New Company
Following a brief operation period, Orbán Dávid, nephew of the Hungarian Prime Minister, extracts a substantial dividend from his newly founded mining company.
Less than three months after its establishment, Orbán Dávid has withdrawn a dividend of 500 million HUF from his newly founded company, Timolod Kft., as reported in corporate statements for the year 2024. The company was established on October 11, 2024, and is based in Székesfehérvár, primarily engaging in stone quarrying as well as gypsum and chalk mining.
Orbán Dávid is both the owner and the managing director of the company.
The company's financial report, covering the period from its founding until December 31, indicates that it generated a net sales revenue of only 1 million HUF.
However, additional income registered was 710 million HUF, resulting in a net profit of 648.2 million HUF for the short financial year.
On March 11, 2025, Orbán Dávid approved a dividend of 500 million HUF to be drawn from the retained earnings.
Details remain unclear regarding the nature of the reported 'other income' amounting to 710 million HUF.
Such income may encompass a variety of financial transactions, including the sale of tangible or intangible assets, rounding differences in accounting, as well as compensations, penalties, and various subsidies.
This is not Orbán Dávid's first role in the family mining business.
He became the managing director and part-owner of a subsidiary of Gánt Kő Építőanyag-gyártó és Kereskedelmi Kft., a company founded by his grandfather, Orbán Viktor, the Prime Minister, in 2023. Previously, in 2022, he was appointed managing director of Dolomit Kft.
The Timolod Kft.
marks Orbán Dávid's first independent venture, following his involvement in family-owned businesses.
Last year, the company known as DG Kőbánya Projekt Kft.
was transformed into Dolomit Inert Kft., which focuses on filling an open-pit mine in Gánt with construction waste.
Notable partners in this company include lawyer Mürkl Máté from Győr and Orbán Győző, Orbán Viktor's brother.
Furthermore, reports indicate that the family benefited from the renovation of the Budapest-Belgrade railway line, as materials for the construction were supplied from their quarries.
Official documents confirm that over 200,000 tons of railway material were transported from Gánt for this construction project, which represents the largest railway development in Hungary's history, costing over 800 billion HUF.
Orbán Dávid is both the owner and the managing director of the company.
The company's financial report, covering the period from its founding until December 31, indicates that it generated a net sales revenue of only 1 million HUF.
However, additional income registered was 710 million HUF, resulting in a net profit of 648.2 million HUF for the short financial year.
On March 11, 2025, Orbán Dávid approved a dividend of 500 million HUF to be drawn from the retained earnings.
Details remain unclear regarding the nature of the reported 'other income' amounting to 710 million HUF.
Such income may encompass a variety of financial transactions, including the sale of tangible or intangible assets, rounding differences in accounting, as well as compensations, penalties, and various subsidies.
This is not Orbán Dávid's first role in the family mining business.
He became the managing director and part-owner of a subsidiary of Gánt Kő Építőanyag-gyártó és Kereskedelmi Kft., a company founded by his grandfather, Orbán Viktor, the Prime Minister, in 2023. Previously, in 2022, he was appointed managing director of Dolomit Kft.
The Timolod Kft.
marks Orbán Dávid's first independent venture, following his involvement in family-owned businesses.
Last year, the company known as DG Kőbánya Projekt Kft.
was transformed into Dolomit Inert Kft., which focuses on filling an open-pit mine in Gánt with construction waste.
Notable partners in this company include lawyer Mürkl Máté from Győr and Orbán Győző, Orbán Viktor's brother.
Furthermore, reports indicate that the family benefited from the renovation of the Budapest-Belgrade railway line, as materials for the construction were supplied from their quarries.
Official documents confirm that over 200,000 tons of railway material were transported from Gánt for this construction project, which represents the largest railway development in Hungary's history, costing over 800 billion HUF.
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