ECONOMY

Refiners lead in turnover, OPAP in gains

Oil refiners topped the list of Greece’s 250 largest businesses in terms of turnover in 2012, according to a paper published by Direction Business Reports.

Hellenic Petroleum and Motor Oil took first and second place respectively, followed by the Public Power Corporation, electricity market operator LAGIE, the Bank of Greece and betting firm OPAP.

Eurobank was top among banks in seventh place, followed by National, Alpha and Piraeus. The EKO oil company was in 11th place and the Public Gas Corporation (DEPA) in 12th.

The list of the most profitable enterprises is headed by betting firm OPAP, followed by cell phone operator Cosmote and the Bank of Greece. Construction group Aktor and Hellenic Petroleum were in fourth and fifth place respectively.

In their analysis, the authors argue that the deep recession, the climate of uncertainty and the lack of liquidity are obstructing a rebound in economic activity. In this difficult economic environment the profitable enterprises are continuing to focus on improving their operating margins, further reducing general expenses and maintaining liquidity, the report says. Their big challenge now is to maintain their cash flows at satisfactory levels so as to be in a position to repay loans.