Greek Operator OPAP Posts Profit Despite Impact of Covid-19 Pandemic

Greek gambling operator OPAP has announced its consolidated financial results for the period ended December 31, 2020.

OPAP reported revenues in FY 2020 stood at €1129.8m lower by 30.3% y-o-y. GGR came in at €230.9m decreased by 48.3% y-o-y as a result of the imposed lockdowns on retail venues. Net Profit in FY 2020 increased 1.5% to €205.3m (FY 2019: €202.4m).

Q4 2020 net profit reached €132.1m versus net profit of €61.8m in Q4 2019, while on an l-f-l basis Q4 2020 net profit dropped by 74.3%. Net profit has been positively affected by the recognition in Q4 of a €142.7m gain related to the re-measurement of the 36.75% stake held by Kaizen Gaming’s Greek and Cypriot operations.

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Jan Karas, CEO of OPAP, said: “Although Q4 was yet another quarter disrupted by Covid-19, with retail closure and restrictions imposed for tackling the pandemic, OPAP has once again demonstrated substantial operational and financial readiness to mitigate the impact, through its diversified portfolio.

On the operational front, online growth contributed significantly to our topline, with both our revenues and our customer base reaching all-time high levels. At the same time, our investment in Kaizen Gaming, which operates the leading Stoiximan brand, has been concluded, our games portfolio has been further enhanced and our retail network partners have been supported efficiently.

Looking forward and having successfully preserved our solid financial position and cash reserves, we continue – despite the still prevailing exceptional conditions – to build on what we have already accomplished. With confidence, we are pursuing the successful execution of OPAP’s new business strategy, the Fast Forward strategy, in order to deliver even better Gaming Entertainment to our customers.”