- 9M 2021 Gross Gaming Revenues (GGR) stood at €1,040.3m higher by 15.7% y-o-y driven by solid online contribution. Q3’21 GGR came in at €470.2m, up by 20.3% y-o-y despite a marginal drop in retail, which was affected by the COVID-19 restrictions.
- Gross Profit (from gaming operations) in 9M’21 up by 33.2% at €450.6m (9M 2020: €338.2m). Q3 2021 gross profit (from gaming operations) increased by 37.2% at €201.8m (Q3 2020: €147.1m) due to increased online contribution, partially offset by Hellenic Lotteries’ disproportional GGR contribution so as to meet the minimum annual €50m contractual threshold.
- 9M 2021 EBITDA higher by 83.0% at €379.9m (9M 2020: €207.6m) or +70.3% l-f-l, also reflecting income related to the extension of the concession agreement of €158.7m. Q3 2021 EBITDA came in at €175.0m (Q3 2020: €105.0m) up by +66.1% l-f-l after excluding one-off items in both years.
- Operating Expenses in 9M 2021 at €268.7m, higher by 47.2% y-o-y while Q3 2021 Opex reached €93.6m higher by 62.1% y-o-y. After excluding Stoiximan’s full consolidation impact and one-off items, 9M & Q3 2021 Opex decreased by 2.9% and 3.4% y-o-y respectively, reaffirming our constant focus on cost containment.
- Net Profit in 9M 2021 stood at €178.2m (9M 2020: €73.2m) up by 97.3% l-f-l on the back of increased operating profitability and a lower corporate tax rate. Q3 2021 Net Profit stood at €96.1m (Q3 2020 Net Profit at €52.8m).
- Strong cash position, with Net Debt at €378.4m, and further improved Net Debt / LTM EBITDA at 0.9x (1.0x incl. leases).
For further information on OPAP’s consolidated financial results for the period ended September 30th, 2021, please download the comprehensive report listed below.
