2023 was profitable for her group Lambda Development who announced consolidated net profit (after taxes and minority rights) of 27 million euros, against losses of 31 million euros in 2022.

Also, increased by 69% compared to 2022 are the consolidated operating results (EBITDA) which reached 206 million euros.

In particular, and with regard to the group’s branches of activity, the results for 2023 are as follows:

Shopping malls: The 4 shopping centers in operation registered a new historical record of operating EBITDA before valuations which reached 81 million euros, registering an increase of 18% compared to 2022. As noted in a company announcement, the continued strong rate of growth of operating EBITDA is due mainly in the increase of revenues from total rents (24% compared to 2022) and
of parking revenue (16% compared to 2022, due to the significant increase of
traffic).

Marinas: A new historical record of revenue (to 29 million euros with an increase of 6%) but also a new historical record of operating profits (EBITDA, which increased by 5%) were recorded by the two marinas in operation. The operating profits of Marina Flisvos increased by 5% to 14 million euros, while Marina Ag. Kosmas (Greek) increased by 11% to 5 million. This improvement is mainly due to the increase in annual (permanent) berthing contracts, based on the new tariff policy, which still amount to 100% of the total capacity.

Greek: The significant increase in income from property sales and leases, due to the progress of construction works and the accounting recognition of revenue based on the fulfillment of related obligations, is the main factor in achieving significant operating profitability in 2023, in a period of only 2.5 years from the signing of the acquisition of the shares of ELLINIKO M.A.E. (25.06.2021). EBITDA operating results before valuations and other adjustments amounted to a profit of 65 million against a loss of 67 million in 2022.

Ellinikon Malls – Construction Work Progress:

  1. The Ellinikon Mall (formerly Vouliagmenis Mall): the construction permit for excavations was issued in July 2023 while the construction permit for the construction of the Commercial Hub, within which the Ellinikon Mall will also be developed, was issued in November 2023. The contractor for the excavation contract AKTOR commenced excavation and preliminary works in late September 2023 with a target of completion of work in June 2024. Subsequent milestones include commencement of construction work in 2H 2024 with estimated construction completion in 1H 2027.
  2. Riviera Galleria: the building permit was issued in June 2023 while the demolitions and the transfer and re-operation of the infrastructure networks serving the Agios Kosmas Marina have been completed. The tender for the assignment of a contractor is in its final stage. The next milestones include the start of construction work in the 1st Semester of 2024 with an estimated completion of construction within the 1st Semester of 2026.

Commenting on the financial results, its CEO Lambda Development K. Odysseus Athanasiou said about it:
“All the individual business activities of the Group showed extremely high performances. The Shopping Centers recorded yet another new historical record of operating profitability (Retail EBITDA) at €81m, increased by 18% compared to 2022. A new historical record of operating profitability was also recorded by the Group’s Marinas. The developments in the development of the project in Elliniko were impressive. The total receipts from property sales, since the start of the project, reached €641m, which is due to the significant demand for the residential developments of the project. We note that 2023 was the first profitable year at an operational level for the project, in just 2.5 years since the signing of the acquisition of the shares by LAMDA (25.06.2021). Elliniko is progressing at a very fast pace and the residential projects are now visible from Posidonos Ave.”
The 2023 Annual Financial Report is