Greece’s OPAP has reached analyst’s high end forecasts in its nine month and third quarter results released Tuesday.
The improvement in results has been attributed to cost-cutting measures imposed by OPAP along with the rejuvenation of the products it offers the public.
Key performance highlights include:
– A 26 percent rise in Net profit to Euro 55.9 million from Euro 44.4 million in the same period last year.
– An interim dividend of Euro 0.23 a share, the first time an interim payout has been made since 2010.
– EBITDA rose 33 percent to Euro 94.2 million, aided by a 30 percent drop in annual distribution costs.
– Sales of OPAP’s flagship sports betting game Stihima rose 19 percent to Euro 1.07 billion.
Looking ahead, OPAP wants to expand into video lotto products, a strategy analysists say will position the company for growth as its moves forward.