OPAP’s net profits increased tenfold in the first quarter of 2022 from the corresponding period last year and amounted to € 88.3 million from 8.7 million in 2021, while net revenues jumped 162.5%.
In particular, as the company announced today, the net income before contributions (GGR) in the first quarter of 2022 amounted to € 457.2m. increased by 162.5% on an annual basis as a result of the strong performance of retail activities, which operated with restrictions due to the pandemic (our stores remained closed for the entire first quarter of 2021), while online continues its strong contribution.
The group speaks of “encouraging performance of retail activities in the first quarter of 2022, during a period of macroeconomic challenges”, while noting that “the lifting of access restrictions from May 1 and the mandatory use of the mask on June 1, is expected to help store traffic “.
He also announced that:
The gross profit (from games) in the first quarter of 2022 increased by 198.3% to € 189.0m. (Q1 2021: € 63.4m.) As a result of the increase in GGR while recording higher levels of profit margins.
Earnings before interest, taxes, depreciation and amortization (EBITDA) first quarter 2022 increased by 175.2% to € 168.8m. (Q1 2021: € 61.3m) or increased by 259.9% on a recurring basis, enhanced by additional revenue recognition of € 56.6m. related to the extension of the concession contract (recognition of revenue in Q1 2021: € 45.5m).
Operating expenses of the first quarter of 2022 at € 88.6m, higher by 38.7% on an annual basis (Q1 2021 at € 63.8m). Excluding the effect of the full consolidation of Stoiximan and extraordinary funds, the operating expenses of the first quarter of 2022 increased by 28.5% compared to the corresponding period last year, after the reopening of our stores.
The net profit in the first quarter of 2022 amounted to € 88.3m. (Q1 2021: € 8.7m), 10x higher on an annual basis or at € 94.2m. on a recurring basis.
Strong cash position with the Net Lending / LTM Ebitda ratio at 0.1x.
More specifically, net income before contributions (GGR) in the first quarter of 2022 increased by 162.5% on an annual basis to € 457.2m. due to the full operation of our stores in the first quarter of 2022 and the continuous strong contribution of online. More specifically, our stores remained open throughout the quarter in contrast to the first quarter of 2021, although they operated under restrictive measures.
The gross profit from games in the first quarter of 2022 amounted to € 189.0m. increased by 198.3% on an annual basis, as a result of the increase in GGR.
Operating profit before taxes, interest and depreciation (EBITDA) in the first quarter of 2022 amounted to € 168.8m. against € 61.3m. in the first quarter of 2021 higher by 175.2% or by 259.9% on a recurring basis as a result of the increase of GGR in combination with revenues of € 56.6m. related to the extension of the concession contract.
The net profits in the first quarter of 2022 amounted to € 88.3m. against € 8.7m. in the first quarter of 2021 as a result of increased operating profitability. On a recurring basis, excluding extraordinary funds, net profit in the first quarter of 2022 amounted to € 94.2m. compared to losses of € 3.5m. the first quarter 2021.
Karas: Geopolitical tensions and inflationary pressures affect consumption
“After a potential of 2021, OPAP achieved significant results in the first quarter of 2022, driven by the strong contribution of retail activities – despite the restrictive measures for Covid-19 that were in force – and the continuing positive dynamics of online activities” , states in a statement the CEO of OPAP, Jan Karas for the financial results of the first quarter of 2022:
“This came as a result of multiple business initiatives, which focused on providing attractive entertainment experiences and led to high levels of customer attraction and retention.
Geopolitical tensions and inflationary pressures are affecting consumption, partially offsetting the positive impact of lifting various measures to tackle Covid-19. However, our results reaffirm the attractiveness of our retail and online offerings, the strength of our diversified product portfolio, the resilience of our business model and our strong financial position.
In this context, we are confident that we will continue to create value for all our partners. Initiatives such as the renovation of the two largest pediatric hospitals in Greece, a project that was recently completed and handed over to the State, highlight our commitment to social contribution. ”
Ordinary General Meeting of Shareholders on June 9
OPAP finally reminds the Ordinary General Meeting of Shareholders on June 9, with a total proposed shareholder fees for approval of € 1.40 per share.
In particular, the company’s management encourages its shareholders to participate in the upcoming General Meeting and relies on their support. OPAP believes that all proposals submitted for approval to the General Meeting are in the interest of our shareholders.
See the full announcement in the right column Related Files
Source: Capital
Donald-43Westbrook, a distinguished contributor at worldstockmarket, is celebrated for his exceptional prowess in article writing. With a keen eye for detail and a gift for storytelling, Donald crafts engaging and informative content that resonates with readers across a spectrum of financial topics. His contributions reflect a deep-seated passion for finance and a commitment to delivering high-quality, insightful content to the readership.
