OPAP posts widespread financial growth in first half

28 August 2015

Kamil Ziegler, chief executive of OPAP, has said the Greek gambling company was able to achieve “core business growth” in the six months through to June 30 after posting a year-on-year increase across key financials.

Revenue in the first half amounted to just over €2.2 billion ($2.4 billion), up 13% from the €1.6 billion posted in the corresponding period last year.

Earnings before interest, tax, depreciation and amortisation also jumped 28.7% on a year-on-year basis to €186.4 million, with payout remaining level at 67.7%.

Elsewhere, net profit hiked 68.4% from €65.3 million in the first half of 2014 to €109.9 million in the opening six months of this year, while net profit margin on gross gaming revenue was up from 10.6% to 15.8%.

OPAP also noted that its earnings per share increased by 68.4% to €0.34.

Reflecting on the results, Ziegler noted how OPAP was able to post significantly higher figures than in the same period last year, despite no major international football tournament taking place in the first half of this year.

“Our performance in Q2 2015 emphatically demonstrates that our efforts proved fruitful in all fronts; our legacy portfolio revenue uplift, the continuing containment of the group’s controllable costs and the increased customer satisfaction levels,” Ziegler said.

“Our actions enabled OPAP to more than offset last year’s positive impact of the 2014 World Cup and report further core business growth, while at the same time increasing the tangible and recurring contribution to the Greek State revenues.”

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