Recurring operating profit (EBITDA) amounted to 936.8 million euros, increased by 292.6 million (45.4%) compared to the corresponding period of 2022
Significant increase in profitability and investment PPC announced for the 9th month of 2023, while for the whole year the company’s president and CEO Giorgos Stassis reiterated the estimate for achieving the operating profit target of 1.2 billion euros. At the same time, at the end of January, the company’s updated strategy will be presented, after the completion of the acquisition of Enel Romania and the agreement for the acquisition of Kotsovolos.
In particular, according to the announcement:
Recurring operating profits (EBITDA) amounted to 936.8 million euros, increased by 292.6 million (45.4%) compared to the corresponding period of 2022. Specifically for the third quarter of 2023, EBITDA in recurring basis stood at 347.1 million versus 215 million in the corresponding quarter of 2022.
The pre-tax results amounted to profits of 391.2 million against losses of 151.1 million in the nine months of 2022, (including the profit of Euro 141.6 million from the sale of the former lignite areas to the Greek State, which was recorded in the results of the second quarter of 2023). The results after taxes were formed in profits of Euro267.5 million in the nine months of 2023, against losses of Euro169.8 million in the nine months of 2022.
Investments increased by 81% (775 million from 427 million) compared to the nine months of 2022, mainly in the Distribution Network, the RES projects and the new 840 MW Natural Gas plant in Alexandroupolis.
Commenting on the financial results, the President and CEO of PPC Giorgos Stassis stated:
“Our performance for the nine months of 2023 was strong despite challenges from the external environment, with geopolitical tensions following the energy crisis and the Covid-19 pandemic, thus highlighting the resilience of our business model. We were able to accelerate our investments in strategic areas such as Renewables and grids, while maintaining our net debt to EBITDA ratio within our targets, liquidity at a high level, while continuing to support our customers by providing competitive invoices. For the full year, we are confident that we will achieve our recurring EBITDA target of approximately Euro1.2 billion.
In Renewables, we now have 670 MW of capacity in Greece and are building additional projects with a total capacity of 1.3 GW. At the same time, we are expanding our presence in countries in our region – according to our Business Plan – such as Romania, after the completion of the acquisition of Enel’s activities in the country. This is a transaction that is a milestone for PPC in order to become the leading clean energy company in Southeast Europe.
In Greece, the agreement to acquire Kotsovolos accelerates PPC’s transition to an integrated provider of products and services both digitally and physically, based on the customer-centricity pillar of our strategy. We are excited about the ongoing transformation of PPC and will present our updated strategy as well as our vision for the new PPC at Capital Markets Day in late January in London.”
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