The Independent Power Transmission Operator (IPTO) announced record investment and profitability in 2023. Capital expenditures amounted to 672 million euros, with the most emblematic projects being the progress on the Attica-Crete interconnection, the 4th Phase of the Cyclades Interconnection as well as the first expenditure of the project of the electrical interconnection of Greece – Cyprus – Israel, the Great Sea Interconnector.
Profits doubled
The Group’s net profits doubled from 58.2 million euros in 2022 to 116.6 million euros in the financial year 2023. In addition, the Company’s net profits amounted to 117.9 million euros, of which 50%, or 58.5 million euros, will be distributed as a dividend to its shareholders. The Hellenic Republic will receive 29.8 million euros, due to its 51% participation in the share capital of the Operator.
The significant increase in profitability results from the development of the country’s electricity system and is mainly due to the increase in income compared to 2022.
Operating expenses amounted to 114.4 million euros (+13.9% compared to 2022), while comparable operating expenses show a smaller increase of 8.5%, as a result of the reduction in staff remuneration combined with a moderate increase in other categories of operating expenses.
Finally, earnings before taxes, interest and depreciation (EBITDA) rose by 42.9% and reached 277.5 million euros compared to 194.1 million euros in 2022. The comparable earnings before taxes, interest and depreciation (EBITDA) increased by 46.6% to 278.1 million euros from 189.6 million euros in 2022.
