PPC cuts expenses, posts higher profit in H1 2023
Public Power Corporation (PPC), Greece’s biggest power utility, announced a significant increase in first-half operating profit on Thursday because it spent much less on buying energy, especially natural gas, and on fines for carbon dioxide emissions.
Recurring profit before interest, taxes and asset depreciation (EBITDA) reached €589.7 million in the first half of 2023, 37.4%, or €160.4 million, higher than during the same period in 2022. Second-quarter EBITDA profit was €309.1 million, up from €259.2 million during the same period in 2022.
Pretax profit reached €279.6 million in the first half, compared to just €1.9 million in 2022, but that number was affected by revenue of €141.6 million from the sale of a 100% stake in newly established subsidiary Metalignitiki SA to the Greek state.
First-half turnover dropped 18.3%, or €810.3 million, to €3.6 billion, because of a drop in electricity sales, due both to a decline in demand and a reduction of PPC’s market share in the power network, from 63.6% in June 2022 to 55% a year later.
“The financial results reflect the improved performance… with an increase of operating profitability, but also with investments in cleaner technology… digitalization projects in all our activities, as well as the modernization of the distribution network,” said PPC Chairman and CEO Georgios Stassis, adding that the company is investing heavily in renewables.
PPC also noted the addition of 1,600 public chargers for electric cars.
PPC personnel rose to 13,102 at the end of June, compared to 12,582 a year earlier.
