The board of Greece’s dominant power utility, state-run Public Power Corp. (PPC), will propose a 0.25-euro per share dividend on the back of EBITDA that reached roughly 1.5 billion euros (pro forma) in 2023.

The development marks a “total recall” for the ATHEX-listed utility, which prior to 2019 flirted with the specter of insolvency due to accumulated losses nearing one billion euros. PPC for decades was the top-to-bottom electricity monopoly in Greece before EU-mandated liberalization and a break up of activities (grid transmission, power generation) in the retail, wholesale and industrial electricity sectors.

The goal set by PPC’s management and CEO Georgios Stassis for 2024 is EBITDA of 1.7 billion euros.

For FY23 PPC reported total investments of 2.3 billion euros, including the purchase of multinational Enel’s activities in Romania for 234 million euros, along with a significant increase in RES activity and distribution.

Pre-tax profits reached 622 million euros in 2023, compared to losses of 26 million euros in 2022, the result of improved operational profitability. Results were also boosted by 124 million euros flowing into PPC’s coffers from the sale of former lignite fields to the Greek state.

Net profits reached 485 million euros, compared to nine million euros in losses the previous year, 2022.