Greek-listed companies profits up 151.9 pct in 2017

Greek-listed companies reported a spectacular 151.9 pct increase in their after-tax and minorities earnings in 2017, the best performance since 2009, Beta Securities said in a report released on Wednesday.

The report, based on the balance sheets of 180 listed companies in the Athens Stock Exchange, showed that accumulated turnover totaled 66.42 billion euros in 2017 (up 8.6 pct), with operating earnings rising 7.7 pct to 9.0 billion euros. After-tax and minorities earnings amounted to 2.87 billion euros in 2017 (up 151.9 pct from 2016), while net position rose 1.9 pct in the year.

From the 180 listed companies, 106 were profitable, 57 recorded an increase in profits, 29 a decline and 20 returned to profitatbility. From the remaining 74 that were loss-making, 25 reported an increase in losses, 38 a decline and 11 returned to losses.

Beta Securities said 2017 was a good year for listed companies despite difficulties in the domestic market (liquidity, demand, competition). Excluding banks, accumulated profits totaled 2.43 billion euros, 28.5 pct higher compared with 2016. Listed companies said dividend payments will total 1.37 billion euros, up 9.0 pct from 2016, more than half of accumulated profits. The 2017 performance was supported by an increase in GDP, exceptional performance of the refinery industry, extroversion and the results of restructuring and re-organisation plans implemented in the previous years. Tourism also widely affected 2017 results.

The refinery sector and downstream business accounted for 27 pct of total turnover in 2017, while the IT sector (-8.0 pct), Aquaculture (-3.0 pct), electricity (-1.0 pct) and Telecoms (-2.0 pct) recorded declines in their performance.

Coca Cola HBC, Mytilineos, GEK Terna, Terna Energy, Motor Oil, Aegean and Jumbo were among the top performers in 2017. Companies such as Hellenic Petroleum, Viohalco, Grivalia Properties, Sarantis, Athens Water, Sunlight, European Reliance, FF Group and Karelias also reported strong balance sheets and results, while Plaisio, Flexopack, Elton Chemicals, Quest Holdings, GEKE, Kri Kri, AS Company, Eltrak, Karatzis, Iktinos, Mermeren Combinat, Kanakis, Elinoil, Crete Plastics, Petropoulos and Autohellas reported positive results.