Strong increase in OPAP profits
OPAP recorded strong profitability in the first half of the year, with net profits up 34.2% compared to last year.
At the same time, the board of directors approved the distribution of 1 euro as an interim dividend for the year 2023, with a cutoff date of November 2, 2023.
Net income before contributions (gross gaming revenue – GGR) for the first half of 2023 was at €1.025 billion, against €899.3 million in H1 2022, up 14%, while GGR in Q2 2023 amounted to €498.1 million, up 12.7% year-on-year, as a consequence of the continued outperformance of OPAP’s online business and the significant contribution of retail activities.
The gross profit (from games) in the first half of 2023 increased by 14.2% on an annual basis and amounted to €422.6 million. (H1 2022: €370.2 million), due to the increase in GGR combined with higher profit margins.
In the second quarter of 2023, the gross profit (from games) amounted to €204.6 million (Q2 2022: €181.2 million), increased by 12.9%.
Net profits in the first half of 2023 amounted to €224.4 million, from €167.2 million a year earlier, marking an increase of 34.2% on an annual basis (or an increase of 18.9% on a recurring basis).
Net profits in the second quarter of 2023 amounted to €106.4 million, from €79 million in April-June 2022, up 34.8% (or up 12.2% on a recurring basis), mainly thanks to lower finance costs as a result of reduced leverage.
