July 2015 was the last time that PPC distributed a dividend of 0.05 euros/share.
For the next nine years, the company did not pay a dividend. However, on July 27, 2024, the shareholders of the state-owned electricity company are expected to approve the distribution of 0.25 euros per share, or 95.5 million euros, which corresponds to a dividend yield of 2.2%.
One step before bankruptcy
The positive development is attributed to George Stassis, who assumed the position of managing director in 2019. At the time, the company was on the brink of bankruptcy, with swelling debts.
In 2018, the company showed net losses of 903 million euros, which jumped to 1.6 billion euros in 2019. However, the first signs of recovery, thanks also to the immediate measures of the new management, were soon made apparent, with the company returning to profit of 35.2 million euros in 2020.
Operating profit of 1.5 billion euros
George Stassis manages today a company that has an annual operating profit of 1.5 billion euros, a net profit of 485 million euros, as well as a healthy financial position with a net debt/EBITDA ratio of 2.1x (3.2 billion euros/1.5 billion euros).
At the same time, with major ongoing investments, the CEO has transformed PPC into an integrated energy Group, spanning from electricity generation, trading and distribution to telecommunications and e-mobility.
Personal successes
Among the personal successes of George Stassis, apart from the financial consolidation and the return to profitability, should be considered the move for the acquisition of Kotsovolos – ENEL Romania, the 1 billion euro partnership with Intrakat, the joint investment with Motor Oil in green hydrogen, but also the deal worth 2 billion euros with Metlen.
These are milestone deals, which are expected to significantly boost future profitability and future dividends.
For this year, after all, an improved EBITDA of 1.8 billion euros is already expected, while the installed power in RES exceeds 4.7 GW, to which the 2.8 GW under construction should be added.
4.2 billion euros
The recent developments are certainly reflected on the Athens Stock Exchange, where PPC’s stock is worth more than 4.2 billion euros (8th most valuable share), despite a partial drop from the 14-year high of 12.6 euros (on February 2).
