PPC recorded a net profit of 86 million euros in the first quarter of 2024, up from 51 million euros in the same period of 2023.
The company had a recurring EBITDA of 459 million euros, up 64 percent from Q1 2023, due to the higher contribution of distribution activity, improved integrated profitability and the addition of operations in Romania.
Pre-tax profit rose to 122 million euros, compared to 73 million euros in Q1 2023, mainly due to improved operating profitability and the contribution of operations in Romania.
Total investments reached 501 million euros, including in Romania, with significant growth in distribution activities and renewable capacities, in line with PPC’s strategy to increase the share of clean energy in its electricity generation mix and to digitize distribution networks.
Investments in activities related to renewable sources and distribution reached 420 million euros, registering an increase of 123 percent compared to Q1 2023, including the contribution from Romania.
PPC’s installed RES capacity reached 4.7GW at the end of March 2024, with 2.8GW of projects in the “Under Construction” or “Ready for Construction” stage, representing approximately 70 percent of the residual capacity needed to reach the goal set for 2026.
Georgios Stassis, President and CEO of Public Power Corporation S.A. stated: “PPC started the year with a solid performance, which gives us the confidence to raise our forecasts for 2024. We have accelerated our investments in renewable energy and distribution, in line with our goal to become a leader in clean energy and critical infrastructure in the South East Europe region while maintaining a sound financial position. We remain focused on executing the strategic plan we presented at Capital Markets Day in January, relying on our integrated model, which provides us with resilience in times of volatility, but also opportunities to further develop our activities and create value for our shareholders.”
For 2024, PPC improves its forecasts, targeting recurring EBITDA of 1.8 billion euros, based on a solid performance in the first quarter of 2024 and despite continued volatility in energy markets.