OPAP the leading gaming operator in Greece, announces its consolidated financial results for the six-month period ended June 30th, 2024, prepared in accordance with International Financial Reporting Standards (IFRS).

H1’24 Gross Gaming Revenues (GGR) landed at €1,082.5m vs €1,025.6m in H1’23, higher by 5.6% y-o-y, while Q2’24 GGR stood at €532.8m, higher by 7.0% y-o-y, benefiting from a notable performance in online, which contributed almost 30% of Group’s revenues, and a solid retail contribution, also aided by high-profile tournaments at the end of the quarter, driving customer engagement at higher levels.

Gross Profit (from gaming operations) in H1’24 up by 6.6% y-o-y at €450.6m (H1’23: €422.6m), driven by revenue growth and strong margins. Q2’24 up by 9.5% y-o-y at €223.9m (Q2’23: €204.6m).

Operating Expenses in H1’24 at €213.9m vs €184.4m in H1’23, higher by 16.0% y-o-y. Q2’24 OpEx increase was contained to 13.6% y-o-y at €108.5m, to fund broader operations as well as marketing related to Euro’24 amid inflationary pressures & competitive online landscape.

EBITDA in H1’24 marginally lower by 0.2% y-o-y at €373.7m (H1’23: €374.4m) or +0.1% l-f-l. Q2’24 EBITDA reversed first quarter’s weaker performance and increased by 3.0% y-o-y to €183.4m (Q2’23: €178.0m) on the back of stronger top line result.

Comment of OPAP’s CEO, Mr. Jan Karas, on the Q2 2024 results: “Following a solid start to the year, Q2 2024 proved to be another strong quarter with positive results for OPAP, mainly driven by sportsbetting activity, which was significantly boosted during the Euro 2024 tournament.

Our fresh game Eurojackpot continued its upward trend, playing a key role in the overall draw- based games transformation. Additionally, we enriched our virtual games portfolio with a new NBA offering, while we also introduced local jackpots in Play stores. Moreover, the penetration of our online games increased to record levels, reflecting the successful execution of our dual strategy.

In this framework and in line with our unwavering commitment to rewarding our shareholders, we are pleased to distribute an interim dividend of €0.60 per share.

Looking ahead, we are confident that OPAP is well positioned to achieve its financial and strategic goals for FY2024, as well as to meet its sustainability and social responsibility priorities, and to continue to deliver tangible value to all its stakeholders.”

Net Profit in H1’24 stood at €231.6m (H1’23: €224.4m), up by 3.2% y-o-y (-1.6% l-f-l). Q2’24 Net Profit stood at €118.2m (Q2’23: €106.4m), an increase of 11.1% y-o-y (-0.8% l-f-l), mainly attributable to one-off finance income related to the concession agreement of OPAP Cyprus.

Solid financial position, with Net Debt at €193.1m, and Net Debt / LTM EBITDA at 0.26x (0.30x incl. leases).

https://5star.media/2024/09/04/online-drives-opap-second-quarter-revenue-to-e532-8-million/