OPAP reports 97.3% Jump in nine-month net profits

The profit before interest, taxes and depreciation (EBITDA) of OPAP amounted to 379,9 million euros in the first nine months of 2021, showing an increase of 83% compared to the corresponding period of 2020 or by 70,3% on a recurring basis, enhanced from the recognition of revenue of 158,7 million euros related to the extension of the concession contract.

EBITDA for the third quarter of 2021 amounted to 175 million euros (third quarter of 2020: 105 million euros) increased by 66,1% on a recurring basis, not including extraordinary funds in both years.

Net profit in the nine months of 2021 amounted to 178,2 million euros (nine months of 2020: 73,2 million euros) higher by 97,3% on a recurring basis as a result of increased operating profitability and reduced tax rates. Net profit in the third quarter of 2021 amounted to 96,1 million euros (third quarter 2020 net profit of 52,8 million euros).

Jan Karas: -We are implementing our strategy while maintaining financial performance at high levels

In a statement, Jan Karas, CEO of OPAP, on the financial results of the third quarter 2021 states that “the results of OPAP for the third quarter confirm our ability to maintain our financial performance at high levels, while implementing important initiatives for Our Fast Forward strategy ยป

“The resilience of retail activities and the continuous development of our online activities, thanks to the clear contribution of Stoiximan, were the main factors for this. During the quarter, we reaped the benefits of our recently introduced loyalty program, which plays a key role in our further digitization. We are pleased with the positive impact of our loyalty program, which has been warmly welcomed by both our customers and partners. In any case, our commitment is to provide an even more entertaining experience to our customers, in all our channels, in order to give impetus to the long-term development of OPAP. In addition, we continue the actions related to our initiative for the renovation of the two largest pediatric hospitals in Greece – a project that highlights in practice our ongoing commitment to social contribution, “he added.