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MarketScreener Homepage  >  Equities  >  Athens Stock Exchange  >  Public Power Corporation S.A.    PPC   GRS434003000

PUBLIC POWER CORPORATION S.A.

(PPC)
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Greece's Public Power core profit more than triples as energy costs drop

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09/03/2020 | 12:41pm EDT

ATHENS, Sept 3 (Reuters) - Greece's biggest power utility Public Power Corp. (PPC) said on Thursday that its second quarter core profit more than tripled from a year earlier, helped by a plunge in oil and gas prices this year.

PPC, which is 51% state-owned and plans to switch off all its coal-fired plants but one by 2023, said earnings before interest, tax, depreciation and amortisation (EBITDA) came in at 275.3 million euros ($325.93 million), up from 75.6 million in the same period last year.

It said its costs fell sharply as prices of fuel and natural gas for its plants, and carbon emissions costs, have fallen sharply due to the impact of the coronavirus.

PPC, which provides 66% of Greece's electricity, has seen its finances suffer in recent years and still has more than 2.7 billion euros in unpaid bills owed by customers who struggled during the country's economic crisis.

The utility said it was still having difficulties in collecting the bills, while revenue also dropped 11.7% to 1 billion euros on lower market share and weaker electricity demand during a lockdown that Greece imposed in March to stem the spread of COVID-19.

Chief Executive Officer Georgios Stassis was confident the utility would overshoot its 2020 EBITDA target, which was 650 million-700 million euros. EBITDA is now expected to reach 850 million-900 million euros as energy costs continued to drop, he said.

($1 = 0.8447 euros) (Reporting by Angeliki Koutantou; Editing by Susan Fenton)


Stocks mentioned in the article
ChangeLast1st jan.
LONDON BRENT OIL 1.70% 38.34 Delayed Quote.-38.33%
POWER CORPORATION OF CANADA 1.18% 25.65 Delayed Quote.-23.32%
PPC LTD -7.14% 0.52 End-of-day quote.-79.20%
PUBLIC POWER CORPORATION S.A. 1.23% 4.788 Delayed Quote.14.53%
WTI 0.19% 36.29 Delayed Quote.-36.69%
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All news about PUBLIC POWER CORPORATION S.A.
10/20PUBLIC POWER S A : Law Aimed At Reducing Bureaucracy And Simplifying The Procedu..
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09/22PUBLIC POWER S A : Provisional Measure 983/2020 Aims To Reduce Bureaucracy And S..
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09/10PUBLIC POWER S A : Announcement according to Law 3556/2007
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09/09PUBLIC POWER S A : Greece to spend 5 bln euros to phase out coal by 2028
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09/07PUBLIC POWER S A : Mr. Ioannis Stefos Director of PPC's Investor Relations
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09/03Greece's Public Power core profit more than triples as energy costs drop
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08/31PUBLIC POWER CORPORATION S.A. : half-yearly earnings release
07/23PUBLIC POWER S A : Information to investors community
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06/30PUBLIC POWER CORPORATION S.A. : Half-year report
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06/24PUBLIC POWER CORPORATION S.A. : Proxy Statments
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More news
Financials
Sales 2020 4 693 M 5 477 M 5 477 M
Net income 2020 27,3 M 31,8 M 31,8 M
Net Debt 2020 3 661 M 4 272 M 4 272 M
P/E ratio 2020 26,3x
Yield 2020 -
Capitalization 1 097 M 1 280 M 1 281 M
EV / Sales 2020 1,01x
EV / Sales 2021 1,05x
Nbr of Employees 14 678
Free-Float 39,0%
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Technical analysis trends PUBLIC POWER CORPORATION S.A.
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TrendsBearishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus BUY
Number of Analysts 3
Average target price 5,29 €
Last Close Price 4,73 €
Spread / Highest target 54,3%
Spread / Average Target 11,8%
Spread / Lowest Target -35,1%
EPS Revisions
Managers
NameTitle
Georgios Stassis Chairman & Chief Executive Officer
Alexandridis Konstantinos Chief Financial Officer
Pantelis Karaleftheris Non-Executive Director
Nikolaos Fotopoulos Non-Executive Director
George Venieris Independent Non-Executive Director
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