Lamda Development, which operates Greece’s most profitable malls and is concessionaire of the massive Helleniko (The Ellinikon) real estate privatization, on Wednesday reported its first-ever profitability on the latter projection and a jump in consolidated operating results for 2023.

Specifically, the ATHEX-listed developer reported 206 million euros in EBITDA, a 69% percent increase from 2022 results.

Consolidated net profit – after taxes and minority interest – reached 27 million euros, reversing losses of 31 million euros in 2022.

The group also set a new record in operating profitability EBITDA, before valuations, for the four commercial malls it operates, reaching 81 million euros, up by 18% from 2022.

EBITDA for the two marinas operated by Lamda reached 18 million euros, a 5% increase from 2022.

EBITDA before valuations for The Ellinikon project reached 65 million euros, coming in roughly two and a half years since the purchase of Hellenikon S.M.S.A. shares.