The cumulative profitability of the listed companies on the Stock Exchange in 2024 is on track to converge or even exceed the performance of 2023 (10.5 billion euros).
More specifically, the total profits of listed companies are just shy of the milestone of 10.5 billion euros (fiscal year 2023), which represents the best performance since the record of 2007, when net profitability (after taxes) had exceeded 11.3 billion euros.
In fact, the number rises even more if we take into account adjusted and/or comparable profitability, which better reflects the real dynamics of companies, removing extraordinary profits or extraordinary (non-recurring) losses.
The generally positive result of the 2024 fiscal year creates a “solid foundation” for the considerably more complicated 2025, in which listed companies are called upon to face the turbulence and the cautiousness of trade tariffs.
For this reason, it is considered important that the Greek companies of the ATHEX present an image of strong resilience, which may prove particularly useful in the coming months, in the event of a re-escalation of international challenges.
Equally important is the following: An annual profitability of over 10.0-10.5 billion euro confirms the attractive trading levels of Greek stocks compared to abroad.
It is indicative that, with the current market capitalization fluctuating in the region of 118-120 billion euros, the average P/E (price to earnings) ratio of the ATHEX is set below 11x and very close to 10x.
Let us bear in mind that the DAX in Germany has a P/E ratio of 17x, while the CAC in France has a valuation ratio of 15x, which seals Greece’s discount compared to the main markets in Europe.
The 10 most profitable listed companies
Based on the data so far, the most profitable listed company is Eurobank, which saw its net profits improve to 1.448 billion euros in 2024 from 1.140 billion euros in 2023. This translates into an increase of +27%.
In second place is National Bank, whose net result amounted to 1.158 billion euros from 1.106 billion euros the previous year (+4.7%).
Another bank, Piraeus, completes the top three, with net profits reaching 1.066 billion euros compared to 788 million euros in 2023 (+35.2%).
Beyond that, we find two more banks in the top ten. Alpha Bank is in fifth place with 654.1 million euros (up from 618.3 million euros), while Bank of Cyprus, which saw its net after-tax profits increase to 508.1 million euros from 487 million euros the previous year, occupies seventh place in the relevant table.
It is worth mentioning that the above 4+1 banks presented a cumulative profitability of 4.834 billion euros compared to 4.139 billion euros in 2023 (+695 million euros).
Regarding non-bank listed companies, which it is true that they did not manage to achieve the corresponding performance of the financial sector, Coca-Cola HBC emerged as the most profitable one with 820.6 million euros from 636.5 million euros in the previous year (+28.9%).
Metlen could not be absent from the top ten, with profitability estimated at 615 million euros from 623 million euros in 2023 (-1.2%).
Finally, OPAP achieved a net result of 485.8 million euros (from 408.3 million euros), OTE showed profits of 478.8 million euros (from 531.7 million euros) and Titan Cement saw profitability reach 289.1 million euros (from 268.6 million euros).
Finally, in terms of annual turnover, the two refining companies are at the top, with Helleniq Energy achieving sales of 12.768 billion euros and Motor Oil following with a turnover of 12.187 billion euros. Coca-Cola’s sales value also rose above the psychological threshold of 10 billion euros.
The 10 listed companies with the highest net profitability (2024/2023)*
• Eurobank 1448/1140
• National Bank 1158/1106
• Piraeus 1066/788
• Coca Cola 820.6/636.5
• Alpha 654.1/618.3
• Metlen 615/623
• Bank of Cyprus 508.1/487
• OPAP 485.8/408.3
• OTE 478.8/531.7
• Titan 289.1/268.6
