OPAP announced its financial results for 2023 and the fourth quarter of 2023, with revenue (GGR) for the year 2023 reaching record levels of 2.087,7 billion euros compared to 1.939,0 billion last year 2022, up 7,7% year-on-year, as a result of strong online performance and growth in land-based (Retail) business. In addition to the excellent fourth quarter, the best ever, the company decided to reward shareholders with 1,85 euros per share.
Gross profit (from games) in 2023 increased by 6,7% year-on-year to €852,3 million (FY2022: €798,8 million) as a result of increased revenues combined with high-margin profits by 41%. Operating expenses for fiscal 2023 totaled €413,6 million compared to €365,1 million in 2022, up 13,3% year-on-year, supporting revenue growth. Earnings before interest, taxes, depreciation and amortization (EBITDA) in 2023 fell by 0,8% year-on-year to 730 million euros (2022: 736 million euros), or 744,9 million euros on a recurring basis, reduced by 0,2% on an annual basis. year, beating our recent forecast.
Net profit for fiscal 2023 amounted to €408,3 million (fiscal 2022: €592,3 million), down 31,1% year-on-year. On a recurring basis ed
excluding extraordinary provisions in both years, 2023 net profit amounts to 439,3 million euros, up 0,7% on an annual basis.
Additionally, OPAP reported a strong liquidity position with a net debt/EBITDA ratio of 0,23x (0,27x including leasing).\
As regards the overall compensation for shareholders for 2023, this has been set at 1,85 euros per share and precisely:
- Pre-dividend of 1,00 euros already distributed on 9 November 2023
- EUR 0,60 Residual dividend payable / Deadline 29 April / Payment date 9 May
- 0,25 euros Return of the capital to be paid / Cut-off date 25 June Payment date 1 July
Furthermore, the forecast for the year 2024 is: GGR at 2.150 billion euros – 2.200 billion euros. and an EBITDA of between €750 million. – 770 million euros.
John Karas, CEO of OPAP, said of the financial results:
“OPAP finished 2023 with its strongest fourth quarter ever and reported record revenues. This development reflects the consistent and effective implementation of our business strategy throughout the year, as well as our ability to pursue and achieve ambitious goals.
During the fourth quarter of 2023, both our retail and online businesses experienced strong growth, supported by our continued focus on digitalization. Thanks to our positive financial and operational performance in the last quarter of the year, recurring EBITDA exceeded our latest estimates.
Based on our firm commitment to creating value for OPAP shareholders, we are pleased to offer our shareholders a generous reward of 1,85 euros per share for the financial year 2023, including the already paid interim dividend of 1,00, XNUMX euros per share.
Regarding our commercial initiatives, we are excited by the recent launch of Eurojackpot in Greece, which represents a milestone for OPAP and follows the recent successful repositioning of LOTTO and JOKER. The complete revamp of the lottery game portfolio highlights our commitment to meeting customer needs and expectations through product innovation.
Looking to the future, based on the Fast Forward business strategy, we remain
committed to further improving our product proposition, ensuring healthy growth and profitability, rewarding our shareholders and achieving our goals in the areas of sustainable development and social responsibility."
