Greek utility PPC's nine-month adjusted core profit increases (updated)

Public Power SA

13/11/2024 17:38

(Adds details in paragraphs 3-4, CEO quote in paragraph 5,
outlook in paragraph 7)
       Nov 13 (Reuters) - Greece's biggest power utility Public
Power Corporation  DEHr.AT  on Wednesday posted a higher
year-on-year adjusted core profit in the January to September
period, driven by a higher contribution from its distribution
business.
    The performance also benefited from the addition of its
Romanian operations as well as the acquisition of electronics
retailer Kotsovolos.
    It said nine-month adjusted earnings before interest, tax,
depreciation and amortisation (EBITDA) came in at 1.35 billion
euros ($1.43 billion), compared with 0.94 billion euros a year
ago. 
    PPC, which operates the country's main power grid, said its
installed capacity in renewable energy sources (RES) at the end
of September was 4.9 GW and it expects it to increase in the
following quarters.
    "We already have 4.9 GW of RES in operation, with a
significant gross pipeline of projects in development over 20
GW, out of which 3.8 GW are either under construction or ready
to build as well as at a very mature stage," Chairman and Chief
Executive Officer Georgios Stassis said in a statement.
    In the first nine months of the year, PPC said its lignite
output was down around 30% year-on-year, while RES regeneration
was up 44%.
    The group reiterated its target for recurring EBITDA of 1.8
billion euros and net profit of 0.35 billion euros this year.

    


($1 = 0.9455 euros)

 (Reporting by Antonis Pothitos and Athina Karolidou; Editing by
Jane Merriman)
 ((antonis.pothitos@thomsonreuters.com; +48 58 769 65 78;))