OPAP profit rises significantly in H1

Betting company OPAP saw its second-quarter profit rise significantly, despite the uncertainty of high inflation, especially in energy prices. 

Overall, first-half economic indicators were also significantly improved year-on-year, as last year was still affected by lockdowns. Thus, OPAP’s net profit for the first half of 2022 were €167.3 million from €78.9 million last year, a gain of 111.9%. Second-quarter profit, at €79 million, was 12.4% higher than in Q2 2021. 

OPAP management said the second-quarter gains were more modest due to the “growing macroeconomic challenges, but added that the gaming sector has been proven more resilient than the retail sector and, especially, other leisure activities. 

First-half gross gaming revenue was €899.3 million, up 57.7% from H1 2021 (€570.1 million). For the second quarter alone, gross revenue was €442.1 million, up 11.7% from 2021. 

Operating (EBITDA) first half profit was €370.2 million, up 64.5% from 2021’s €225.1 million. OPAP said its cash position is strong and that net indebtedness is low at €26.3 million, allowing the company to triple its pre-dividend to €0.30 per share.