OPAP Smashes Records with FY 2023 Financial Results
Date: 2024-03-15 Author: Dima Zakharov Categories: GAMING
Record-Breaking Performance
OPAP, Greece’s leading gaming enterprise, has unveiled its financial performance for 2023, marking a significant milestone in revenue generation. The company reported an unprecedented Gross Gaming Revenue (GGR) of EUR 2.08 billion ($2.27 billion), indicating a robust growth trajectory across both digital and land-based operations.
Steady Financial Growth
The fiscal year 2023 witnessed OPAP's GGR soaring by 7.7% compared to the previous year, totaling EUR 2.08 billion. Notably, the fourth quarter of 2023 saw a GGR of EUR 581.2 million ($635 million), a 7.5% increase from the corresponding period in 2022.
Financial Highlights
Despite minor fluctuations, OPAP's earnings before interest, taxes, depreciation, and amortization (EBITDA) remained stable at EUR 730 million ($797.6 million) for FY 2023, with a slight decline of 0.8% from the previous year. The company reported a gross profit of EUR 852.3 million ($931.25 million), representing a 6.7% increase year-on-year.
Strategic Outlook
CEO Jan Karas attributed OPAP's remarkable success to its steadfast business strategy and the team's commitment to achieving ambitious goals. The company is optimistic about its future prospects, projecting a GGR in the range of EUR 2.15-2.2 billion ($2.35-2.4 billion) for FY 2024.
Acknowledging Achievements
Karas commended the team's efforts in delivering record-breaking results and proposed a generous total shareholder remuneration of EUR 1.85 ($2.02) per share for FY 2023. He emphasized OPAP's dedication to enhancing its offerings, ensuring sustainable growth, and fulfilling its social responsibility objectives.
Recent Milestones
OPAP's recent accomplishments include being recognized among Greece's top employers and launching Eurojackpot in Greece, expanding players' opportunities for substantial monetary rewards. The game, played in 19 countries, has distributed over EUR 12 billion ($13.1 billion) since its inception in 2012.
