Greek gaming monopoly operator OPAP has released its financial results for 2008 showing a nine percent increase in revenues to €5.519 billion with earnings before tax up 22.9 percent to €1.056 billion.
Athens-based OPAP was founded in 1958 as a State-owned company and also reported that its twelve-month net profit grew 19.6 percent to reach €728.5 million from €608.9 million in 2007.
Primarily due to the continued strong performance of its Kino numerical lottery game, OPAP’s revenues for the final quarter of 2008 rose by 1.4 percent to €1.542 billion compared with €1.521 billion for the same period in 2007.
OPAP revealed that its earnings before tax margin reached 19.1 percent from 17 percent a year earlier but reported a 4.1 percent decrease in earnings before tax for the final quarter of 2008 to €259.9 million.
The listed firm stated that the increase in both its overall earnings before tax and earnings before tax margin were primarily down to the reduced operating expenses of its Stihima sports betting game and a decrease in administrative and distribution expenses.
On a comparable basis, OPAP announced that net profits for 2008 increased by 19.6 percent to €728.5 million from €608.9 million in 2007 while those for the fourth quarter decreased by 7.2 percent to €178.9 million from €192.8 million.
“Although we operated in a challenging and difficult economic environment in 2008, we managed to deliver impressive improvement in our business results,” said Christos Hadjiemmanuil, Chairman and Chief Executive Officer for OPAP.
“Furthermore, we are particularly pleased with the significant progress achieved from our main priorities; rejuvenation of our games portfolio, progress in the revamping of our agent network and our internal reorganisation.
“For 2009, despite the deteriorating economic conditions, we will focus on maintaining our strong profitability at high levels and support initiatives to expand outside our core concession.”
Abstract from www.igamingbusiness.com
