OPAP cites full retail recovery as H1 profits double

OPAP has outlined its confidence in achieving its full-year financial objectives, buoyed by the full recovery of its retail unit and continued online growth. 

Publishing its H1 2022 interim trading results, the Athens-listed gambling group achieved corporate revenues of €899m, up 57% on 2021 results of €570m.

Period growth was attributed to the performance of its uninterrupted lottery and retail betting units that achieve respective GGRs of €335m (H12021: €187m) and €286m (H12021: €214m).

Retail growth further reflected a 3x increase H1 VLT revenues to €143m, alongside a corresponding 30% increase in the sales of instant games to €50m (H12021: €37m).

H1 trading saw the Stoiximan online casino unit register a 12% decline in revenues to €83m, as OPAP underlined that the division’s performance had been matched against peak covid-influenced comparatives.

Operating all business units, OPAP recorded an H1 operating expenditure of €246m, with group costs up 65% on corresponding H1 2021 results of €150m.

The group’s consolidated accounts revealed that OPAP had doubled its retail agent commission to €179m during the first half of year trading.

Further period expenses saw OPAP double its respective employee payroll to €40m (H12021: €19m) and marketing costs to €45m (H12021: €22m).

Improved trading saw OPAP’s H1 EBITDA stand at €335m, results reflecting a 64% increase on corresponding H1 2021 results of €205m.

Closing its H1 accounts, OPAP declared net profits of €167m, up 111% on 2021 results of €79m.  

Group CEO Jan Karas commented on H1 performance: “Q2 2022 was beyond any doubt coloured by the lifting of the remaining covid-related restrictions in retail, while at the same time we faced softer consumer spending arising from the increasing macro turbulence.

“New Tzoker.gr frontends, new OPAP Store app, Powerspin extended with combo feature, renewed Laiko lottery together with variety of engaging customer promos amplify our players’ entertainment experience in both online and retail channels.

“OPAP remains well positioned to deliver resilient revenues and profitability, and its long-term strategic priorities in a sustainable and responsible manner for all stakeholders.”