The Hellenic Corporation of Assets and Participations S.A. (HCAP), posted record net profits and revenues for 2022, according to a relevant announcement it released on Thursday.

The Fund, whose mission is to maximize the value of public assets by boosting the profitability of its subsidiaries and enhancing revenue and investments, said its net profits after taxes reached €67 billion, marking a massive 116% increase compared to 2021, the largest since its establishment in 2016.

The Fund noted 2023 would be an even better year forecasting a new record in revenues estimating they would reach €161 million.

According to the announcement, the rise in revenues was mainly attributed to a combination of the positive impact of the reduction of pandemic-related restrictions (which significantly affected 2020 and 2021) and efforts to boost the performance of subsidiaries (such as Greek Saltworks, achieving historically high sales).

In addition, there was also an increase in expenses due to the combined impact of both inflation and the energy crisis in electricity costs for STASY (Athens urban rail transport), bus fuels for OSY (bus transport), EYDAP and EYATH – water supply, sewerage and wastewater treatment companies (electricity), ELTA – Greek Post Services (transportation fuels and electricity). However, the impact varied across all companies, as only three sub-group companies (OASA, EYDAP, EYATH) saw an increase in energy and fuel costs of approximately €85 million.

Rises are estimated in potential liabilities and claims from outstanding legal and other cases, as miscellaneous operating expenses and have reached a group-level total of €266 million. The majority of this amount (€253 million) stems from a subsidiary company related to an ongoing legal dispute.

Excluding the provision of €253 million, the Group’s consolidated net profits for the fiscal year 2022 would be approximately €71,8 million.