OPAP, the main gaming operator in Greece, introduced its consolidated monetary effects for the nine-month duration ended September 30, 2023.
9M’23 Gross Gaming Revenues (GGR) landed at €1506.5m vs €1398.1m in 9M’22, better via way of means of 7.8% y-o-y pushed via way of means of stable boom in retail and robust on-line performance. Q3’23 GGR stood at €481.0m, decrease via way of means of 3.6% y-o-y, especially attributed to Tzoker’s detrimental jackpot roll-overs, Sports making a bet better payout throughout the enterprise and detrimental one-off herbal events (floods, wildfires).
Gross Profit (from gaming operations) in 9M’23 up via way of means of 7.2% y-o-y at €616.1m (9M’22: €574.8m), consistent with sales boom. Q3’23 decrease via way of means of 5.5% as compared to respective duration remaining yr at €193.5m (Q3’22: €204.6m).
Operating Expenses in 9M’23 at €299.0m vs €251.2m in 9M’22, better via way of means of 19.0% y-o-y a good way to aid the uplift of operations in each channels. Q3’23 Opex reached €114.6m or €87.9m except one-off items, better via way of means of 11.2% l-f-l as compared to Q3’22.
EBITDA in 9M’23 reduced via way of means of 2.5% y-o-y at €519.9m (9M’22: €533.3m) or +0.9% l-f-l. Q3’23 EBITDA got here in at €145.4m (Q3’22: €197.6m), down via way of means of 26.4% y-o-y or -12.9% l-f-l., because of headwinds impacting the pinnacle line performance, even as running costs increased.
Net Profit in 9M’23 stood at €307.7m (9M’22: €285.8m) up via way of means of 7.7% y-o-y (+6.8% l-f-l). Q3’23 Net Profit stood at €83.3m (Q3’22: €118.5m), reduced via way of means of 29.8% y-o-y (-12.5% l-f-l).