Monday, July 15, 2024

Record-breaking financial results for OPAP in fiscal year 2023

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OPAP, the leading gaming company in Greece, has announced its financial results for 2023, revealing record-breaking revenue levels. The company credited the solid growth of both digital and land-based operations for its success.

In 2023, OPAP reported a gross gaming revenue (GGR) of EUR 2.08 billion (.27 billion), marking a 7.7% increase compared to the previous year. The fourth quarter of 2023 saw a GGR of EUR 581.2 million (5 million), representing a 7.5% year-on-year growth.

While the full-year EBITDA for 2023 remained stable at EUR 730 million (7.6 million), there was a slight decline of 0.8% from the previous year. The fourth quarter of 2023, however, saw an EBITDA of EUR 210.2 million (9.7 million), surpassing the results of the same period in 2022.

OPAP’s gross profit for 2023 stood at EUR 852.3 million (1.25 million), showing a 6.7% increase year on year. The net profit for the full year was EUR 408.3 million (6.1 million), down by 31.1% compared to the previous year. In the fourth quarter alone, the net profit was EUR 100.6 million (6.5 million), reflecting a 67.2% decline year-on-year.

Operating expenses for 2023 reached EUR 413.6 million (1.9 million), higher than in 2022 by 13.3%. The fourth quarter expenses totaled EUR 114.6 million (5.2 million).

Ending the year on a strong note, OPAP reported a net debt to EBITDA ratio of 0.23x, or 0.27x including leases. The company also shared its forecast for 2024, expecting a GGR between EUR 2.15-2.2 billion (.35-2.4 billion) and an EBITDA ranging from EUR 750 million to 770 million (9.5-841.3 million).

CEO Jan Karas expressed his pride in the record-breaking results, attributing the success to the company’s consistent business strategy. Karas announced a total shareholder remuneration of EUR 1.85 (.02) per share for 2023, including an interim dividend already paid.

Looking ahead, Karas emphasized OPAP’s commitment to upgrading its proposition, achieving growth and profitability, rewarding shareholders, and meeting sustainability and social responsibility goals. The company also celebrated recent achievements such as being recognized among Greece’s top employers and receiving the Top Employer in Greece 2024 certification.

In addition, OPAP launched Eurojackpot in Greece, providing players with the opportunity to win substantial prizes. The game, played across 19 countries, has distributed over EUR 12 billion (.1 billion) since its inception in 2012.

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