Public Power Corporation recorded significantly higher profit in the first six months, mainly because the company spent much less on buying energy, natural gas and carbon dioxide emission rights.
PPC’s earnings before interest, taxes and asset depreciation (EBITDA) reached 589.7 million euros in the first half of 2023. That is 37% higher compared to the same period in 2022.
In Q2, EBITDA reached 309 million euros, up from 259 million euros in the same period in 2022.
Pretax profit reached 279.6 million euros in the first six months, compared to 1.9 million in 2022, but that number was affected by revenue of 141.6 million euros from the sale of a 100% stake in newly established subsidiary Metalignitiki to the Greek state.
At the same time, revenues dropped by 18% to 3.6 billion euros, due to the drop in electricity sales, due to a decline in demand and a reduction of PPC’s market share from 64% in June 2022 to 55%.
