Record profits and dividends
Listed companies showed impressive results last year to surpass even the highs set in 2022
Last year proved to be a record one for the profitability of Greek listed companies, as well as a 16-year record for dividends to be distributed, a difficult challenge that was met, setting the bar very high for this year.
The 150 listed companies that published results – including banks and investment and insurance companies – posted net profits of 10.81 billion euros, up 1.7%, according to data from Beta Securities.
They therefore made history, after surpassing the record achieved in 2022, a year which had been described as a milestone, as the performance of the “golden period” of the listed companies of the five years 2004-2008 had been surpassed, when in fact there were twice as many listed companies in those five years.
Operating profit also jumped to a record high of €14.93 billion, up 6.4%. Turnover, however, fell from the historic highs of 2022 to €94.3 billion (-8.4%), a decline that is not due to sales volumes but to reductions in commodity prices.
“At the conclusion of the publication of the 2022 results there was reasonable uncertainty as to the possibility of a repeat of the high performances. The end of the publication of the results of 2023, however, found the listed companies recording higher and better figures,” comments Manos Hatzidakis, head of the Beta Securities analysis department.
The continued strong growth of the Greek economy, combined with the impressive image of tourism and the strengthening of industrial production – despite the backdrop of international uncertainty, the conflicts in Gaza and Ukraine and the Red Sea disturbances – supported the corporate performance.
Lower energy costs have given many companies relief, while sectors such as IT and construction have received a strong boost from Recovery Fund projects.
At the same time, a new record was set in the dividends to be distributed by listed companies. Currently, the dividends to be distributed amount to €3.41 billion, with the prospect of exceeding €3.8 billion, Hatzidakis pointed out. These are the highest levels since 2008.
