Public Power Corp. (PPC) CEO Georgios Stassis on Thursday announced an ambitious upgrade of the company’s financial goals, setting a new target for recurring EBITDA at 1.8 billion euros by 2024, while he also announced that “PPC returns to dividends after 10 years.”
For the fiscal year 2023, PPC will distribute a dividend of 0.25 euros per share, as approved by its general assembly, with Stassis highlighting that this payout represents 35% of the company’s net profits, with an ambitious goal being to increase the figure to 55% by 2026.
Addressing shareholders, he emphasized PPC’s ongoing transformation journey, which includes significant investments in renewable energy and the phased decommissioning of lignite units. “We are changing everything within the company,” he affirmed, stressing a customer-centric approach in their strategy.
The year 2023 marked a pivotal period for PPC, with substantial developments laying the groundwork for its evolution into a diverse and robust energy conglomerate with a significant presence both domestically and internationally.
Stassis pointed to key milestones such as the acquisition of Enel in Romania, which has strengthened PPC’s position as a leading energy player in Southeast Europe. Additionally, the purchase of the “Kotsovolos” retail chain enhances PPC’s transformation into a comprehensive service provider centered on customer needs.
On the renewable energy front, Stassis detailed collaborations with major partners, including RWE for projects totaling 940 MW, Intrakat for up to 2.7 GW, and Metlen for 2 GW across four countries.
He also highlighted the significant expansion of PPC’s Fiber to the Home network, which had reached 140,000 households by the end of 2023. The goal is to extend this to 1.7 million households by 2025 and 3 million by 2030. In this vein, the General Assembly approved the spin-off of the telecommunications sector, forming a new entity, Fiber Grid.
Furthermore, the shareholders approved a two-year share buyback program, encompassing up to 38.2 million shares, equivalent to 10% of PPC’s share capital, with a price range of 2.48 to 29 euros per share. This initiative underscores the company’s strategic efforts to enhance shareholder value and strengthen its market position.
