Greece's PPC resumes dividend payout after 10 years (updated)

Public Power SA

09/04/2024 17:02

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      PPC swings to net profit   
    

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      PPC will pay dividend after a decade
    

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      PPC reiterates 1.7 bln euro EBITDA outlook for 2024
    

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 (Updates throughout)
       ATHENS, April 9 (Reuters) - Greece's biggest electricity
power utility PPC  DEHr.AT  swung to profit last year and will
resume dividend payments after a decade, it said on Tuesday.
    PPC, which operates the country's main power grid, said net
profit stood at 485 million euros ($526.37 million) in 2023,
compared to a loss of 9 million in 2022, helped by the
acquisition of Italian electricity producer Enel's assets in
Romania last year and distribution business.
    The utility cut a load of overdue bills, the legacy of a
decade-long debt crisis in Greece, and has overhauled
operations. It will pay a dividend of 0.25 euros a share, the
first payout to shareholders after 10 years, it said.
    Earnings before interest, tax, depreciation and amortisation
(EBITDA) rose by 35% at 1.3 billion euros, PPC said. It
reiterated its guidance for recurring EBITDA of 1.7 billion
euros this year.
    PPC has decommissioned much of its coal-fired plants and has
invested heavily in renewables, mainly solar parks. It added 1.1
gigawatt of renewables last year, raising its total green energy
capacity to 4.6 gigawatt in 2023. 
    Projects of an additional capacity of 2.8 gigawatt are
either under way or ready to start. The company has secured
close to 70% of the remaining capacity to achieve its 2026
renewable target.

Further company coverage:  DEHr.AT 


($1 = 0.9214 euros)

 (Reporting by Angeliki Koutantou and Gdansk Newsroom; Editing
by Aurora Ellis)
 ((gdansk.newsroom@thomsonreuters.com; +48 58 7696600;))