Greek gaming operator OPAP S.A. announced its financial results for the fiscal year ended December 31, 2014. The company pointed out that it has achieved an overall annual growth for the first time in six years.
Revenue for the fourth quarter amounted to €1.3 billion, compared to the figure reported in Q4 2013. Full-year revenue increased 14.8% to reach €4.3 billion. The excellent results were partially attributed to the launch of Hellenic Lotteries, a product that proved to be quite successful. The new service contributed €292,025 to the overall revenue.
Gross gaming revenue for the quarter ended December 31, 2014 totaled €415.9 million. By comparison, the amount of €345.1 million was reported a year ago. Gross gaming revenue of €1.4 billion was reported for the whole fiscal year 2014, up 12.9% as compared to the figure in 2013..
Fourth-quarter EBITDA increased the impressive 125.6% to reach €107.4 million. In comparison, €47.6 million were posted for the same period in 2013. EBITDA for the whole year increased 56.3% to €346.5 million as compared to €221.7 million reported in fiscal year 2013. This was explained with the rise in revenues and cost efficiencies in certain fields.
Net profit for the three months ended December 31, 2014 marked a significant growth as well, surging 158.5% to €76 million. By comparison, €29.4 million were posted for the same period in 2013. Net profit for the past fiscal year increased 38.2% to €195 million. The sum of €141.1 million was generated back in 2013.
Kamil Ziegler, CEO and Chairman of OPAP, attributed the company’s financial results to the “considerable restructuring and developing activities” which were performed throughout 2014. What is more, he pointed to the new products that were introduced as well as to the optimization of the already existing one. Mr. Ziegler also said that all the operator’s employees contributed significantly to its growth.
The OPAP executive explained that due to its excellent performance, the operator was able to pay higher taxes to Greece and to turn into the country’s largest taxpayer.
As for 2015, OPAP expects it to be a challenging and exciting year. Mr. Ziegler stated he and his colleagues hoped that they would be able to introduce new products, while further financial growth would be achieved.
