Net profit of the 30 listed companies (accounting for 19% of the total of 151 listed companies on the Athens Stock Exchange) that published first quarter results until yesterday exceeded 1 billion euros.
This year’s profitability jumped 169% and reached 1.064 billion euros of the first 30 listed companies – the publication of quarterly results is optional – compared to 395,4 million euros which was the corresponding profitability of the 30 listed companies last year.
At the same time, operating profit (EBITDA) in the first three months amounted to 1.836 billion euros from 1.062 billion euros in the corresponding period last year. Consolidated turnover reached 13.6 billion euros compared to 10.8 billion euros which was the turnover performance of the 30 listed companies in the corresponding quarter last year.
Based on the announcements of the listed companies, the main problem regarding energy costs or fuel is beginning to smooth out, improving operating profit margins. This trend seems to continue in the second quarter of the year.
THE MAIN REASONS FOR PROFITABILITY INCREASE
The main reason for the increased profitability of Hellenic Energy and Motor Oil is the high international oil prices, with refining margins remaining particularly high compared to the corresponding quarter of 2022. At the same time, the country’s two leading industries continued to increase the export rate of petroleum products to EU countries as well as third countries.
In the tourism sector, high growth rates are expected this year, with listed companies affected by the country’s heavy industry having achieved high profitability performances.
ElvalHalcor, a subsidiary of the Viohalco group, stated that it would not be able to record as high profitability as last year, but it will be maintained at satisfactory levels.
Cenergy, also a subsidiary of the Viohalco group, after last year’s record results, it is expected to achieve even higher financial figures this year.
As for the Piraeus Port Authority (PPA) the management expressed its optimism that the country’s largest port will show high profitability in 2023.
Analysts also expect an increase in Coca-Cola HBC profit (last year there were extraordinary losses due to the Russian-Ukrainian war) as well as Mytilineos group.
Cement industry Titan well performed in the first quarter of this year, with demand in its main markets on the rise, its prices increasing compared to last year and its energy costs in a phase of de-escalation.
Listed dairy company Kri Kri is aiming for double-digit sales growth this year and expects a clear improvement in profit margins, due to increased prices and declining energy and raw material costs.
