Greek listed companies show strong profitability; heading towards 2007 record

The first results from listed companies are rather encouraging, as the 14 companies that have already published their financial results show a cumulative profitability of over 7.9 billion euros, recording an increase of at least +9% compared to the previous year.

The results are equally encouraging both in terms of this year’s dividend distributions and in terms of the economic prospects for 2025.

Taking into account the updates of the five systemic banks (Eurobank, National Bank, Piraeus, Alpha and Cyprus), as well as the remaining nine listed companies (Coca-Cola, Metlen, OTE, Helleniq Energy, AIA, Ideal, Noval, Premia, MIG), the net profits of 2024 have exceeded 7.936 billion euros so far, while dozens of more companies are expected to publish their economic figures in March and April.

In comparison with 2023, the corresponding 5+9 listed companies of the Athens Stock Exchange had presented profits of 7.276 billion euros. This means that the 2024 financial figures were increased by approximately 660 million euros or +9%.

Profits of over 5 billion in banks

Based on the data so far, the positive development is mainly attributed to the improved profitability of banks, which in total exceeded 5.0 billion euros compared to 4.4 billion euros in 2023 (+652.6 million euros or +14.7%).

At the “top” of the most profitable banks and the most profitable listed companies is Eurobank, which registered profits of 1.484 billion euros. It is followed by National Bank with 1.158 billion euros, Piraeus with 1.066 billion euros, Alpha with 860 million euros and Bank of Cyprus with 508 million euros. The two “smaller” Optima and Attica Bank will publish their economic figures in March.

Excluding the five systemic banks’ financial results, the remaining nine listed companies presented a cumulative profitability of 2.859 billion euros compared to 2.851 billion euros in 2023, i.e. a minimum improvement of 8 million euros. However, this cannot lead to a safe conclusion at the moment, since we are talking about a small amount, which can easily change, if we take into account the number of announcements until the end of April (expiration of the publication deadline).

At the “top” of the non-bank listed companies is Coca-Cola HBC with net profits of 820 million euros, followed by Metlen with 615 million euros, OTE with 600 million euros, Helleniq Energy with 401 million euros, Athens International Airport with 235 million euros, etc.

High dividends

All of the above, reasonably, translates into a particularly generous dividend policy on the part of the managements, which aspire to distribute an amount of around 5 billion euros this year – the highest since 2007 and the second highest ever.

The banks are at the forefront, with Eurobank having pledged to distribute 674 million euros, of which 386 million euros in the form of cash and 288 million euros in the form of shares. National Bank has expressed its intention to pay a dividend of 35% on net profitability, which will be accompanied by a share buyback program of up to 15%. The total amount of the return for Piraeus also amounts to 373 million euros, while Alpha Bank is planning to distribute 281 million euros. Cyprus Bank will reward its shareholders with 50% of the net profitability.

Coca-Cola is going to distribute a cash dividend of 1.03 euros/share, Metlen 1.5 euros/share, Helleniq Energy 0.55 euros/share (previously an interim dividend of 0.2 euros/share), OTE 0.72 euros/share (without excluding an increase from the sale of Telekom Romania), AIA 0.78 euros/share, etc.

2025 outlook

The first indications are optimistic for 2025, with the majority of listed companies maintaining high levels, having “built” a satisfactory firewall against the successive challenges on the international scene, as well as the effects of Washington’s new trade policy. The same is true for banks, which are called upon to adapt to an environment of lower interest rate margins.

Net profitability of listed companies (in million euros)