Fundamental analysis

The Lamda Development group announced a new record high for 2023 on Wednesday.

Its consolidated operating result (EBITDA) for 2023 showed profits of 206 million euros, a 69% increase compared to €122 million in 2022.

The group's total EBITDA before asset valuations and other adjustments amounted to a profit of €132 million in 2023, compared to a loss of €13 million in 2022. 

Helleniq Energy on Thursday reported strong nine-month results due to the favorable refining environment, operating performance and exports.

Adjusted EBITDA totaled 968 million euros and adjusted net income was €496 million in the January-September period, while third-quarter adjusted EBITDA was €400 million and adjusted net income was €218 million.

Lower oil prices affected refiner Motor Oil's results for the first half of 2023.

Turnover dropped 25% to €5.9 billion, EBITDA earnings were down 42.6%, to €535.1 million, and after-tax profit declined to €275.4 million from €685.4 million in the first half of 2022.

Management said Tuesday they expect improved second-half results. 

Public Power Corporation (PPC), Greece's biggest power utility, announced a significant increase in first-half operating profit on Thursday because it spent much less on buying energy, especially natural gas, and on fines for carbon dioxide emissions.

Greece's main power utility Public Power Corporation (PPC) said on Thursday it had swung to profit in the first quarter on the back of lower energy costs. 

The utility reported net profit of 51 million euros for the January-to-March period versus a loss of €186 million last year. 

ATHEX-listed Ellaktor Group said on Thursday its 2022 turnover totaled 1.04 billion euros, up 14% from the previous year, and its EBITDA jumped 45% to €239 million.

Pre-tax profit was €68 million in 2022, after a loss of €29 million in 2021, while after-tax profits totaled €519 million, boosted by the sale of a 75% equity stake in the renewable energy sources sector.

Piraeus Bank, Greece's fourth-largest lender by market value, said on Monday it will cut its nonperforming exposures (NPE) ratio to below 6% of its loan portfolio in 2023.

Under a business plan for 2022-2025, unveiled last year, Piraeus aimed to decrease its NPE ratio to 3% by 2025 and possibly start paying out dividends from 2024 onward.

The estimate that a collapse of the demand for liquid fuels is possible in the very near future due to high inflation was made by the Deputy CEO of Motor Oil during yesterday's teleconference with analysts.

Koper – Port operator Luka Koper posted a net profit of EUR 16.5 million for the first quarter of 2022, up 91% over the same period in 2021. Sales revenue rose by 23% to EUR 70.9 million, and transshipped goods were up 18% to nearly 5.9 million tonnes, show unaudited results released on Friday.

Papoutsanis pre-tax profits increased by 46% to 1.1 million euros in the first quarter of 2022, while turnover amounted to 14.9 million euros, an increase of 45% compared to the first quarter of 2021. Profits after taxes amounted to 0.8 million euros compared to 0.5 million euros in the corresponding period of 2021, showing an improvement of 40%.