The board of Greece’s dominant power utility, state-run Public Power Corp. (PPC), will propose a 0.25-euro per share dividend on the back of EBITDA that reached roughly 1.5 billion euros (pro forma) in 2023.
The development marks a “total recall” for the ATHEX-listed utility, which prior to 2019 flirted with the prospect of insolvency due to accumulated losses nearing one billion euros. PPC for decades was the top-to-bottom electricity monopoly in Greece before EU-mandated liberalization in the retail, wholesale and industrial power sectors.
The goal set by PPC’s management and CEO Georgios Stassis for 2024 is EBITDA of 1.7 billion euros.
For FY23 PPC reported total investments of 2.3 billion euros, including the purchase of multinational Enel’s activities in Romania for 234 million euros, along with a significant increase in RES activity and distribution.
Pre-tax profits reached 622 million euros in 2023, compared to losses of 26 million euros in 2022, the result of improved operational profitability. Results were also boosted by 124 million euros flowing into PPC’s coffers from the sale of former lignite fields to the Greek state.
Net profits reached 485 million euros, compared to nine million euros in losses the previous year, 2022.
Source: tovima.com
Latest News
JP Morgan Remains ‘Bullish’ on Greek Banks
JP Morgan reiterated its analysis of DTCs, prompted by Piraeus Bank’s plan to accelerate their amortization
Source of Wealth Declarations for Greek Public Officials Made Easier
Source of wealth declarations are designed to improve transparency and prevent corruption among Greece's public officials. Yet 98% of Greeks still believe corruption is widespread in the country, according to Eurobarometer.
Greece’s Labor Market Slack Among Highest in EU
Greece ranks 4th in EU for labor market slack, mostly due to high unemployment levels, and has widest gender gap in the EU.
Livestock Crisis Threatens Greek Feta
Feta in particular, is Greece’s primary dairy export, with 65% of production going abroad.
Moldova’s Sandu Wins Second Term amid Meddling Claims
According to the Central Election Commission, with 98% of votes counted, Maia Sandu led with 54.35% to Alexandr Stoianoglo’s 45.65%
Attica Wins ‘Best Greek Hospitality Region’ at 2024 Awards
The Greek Hospitality Awards, now in their tenth year, are one of the premier tourism industry events at the European level
Greece Takes Command of EU’s Operation ASPIDES in Red Sea
The defense minister also visited the Greek frigate Spetsai, which is participating in Operation ASPIDES, while in the port of Djibouti
Brain Gain: Returning Greeks Drive Innovation and Growth in IT and Key Sectors
The profile of the returnees to Greece reveals that 67.6% have families, and 52% have children
New Regulations Target Airbnb Rentals in Greece with Safety and Quality Standard
Additionally, a new ranking system for tourist accommodations based on sustainability criteria is expected to be introduced
Piraeus Port Authority: Net Profits Exceed 70mln€ in Jan-Sep 2024
All indices rise in third quarter of 2024 compared to corresponding period of 2023