Power utility PPC has posted robust annual financial results for 2023, including a liquidity figure of 5.4 billion euros, 2.8 billion euros of this amount in cash reserves, as well as operational profitability of 1.5 billion euros.

The performance, which has prompted PPC to announce a dividend payout to shareholders for the first time in ten years, offers the company protection for precarious times, gives it the ability to expand further in Greece and abroad, acquire new RES portfolios, and keep pursuing plans.

PPC shareholders will receive a dividend of 0.25 cents per share, the company announced. The Greek state stands to receive 32 million euros in dividends through Greek privatization fund HRADF/TAIPED’s 34.12 percent stake in PPC.

The dividend payout could be interpreted as a declaration, by PPC, of its complete financial comeback following years of turmoil. PPC has made a gradual return to solid ground since 2019, under the leadership of CEO Giorgos Stassis.

PPC now needs to mitigate any risks entailed in implementing its business plan covering 2024 to 2026, which includes new investments worth 9 billion euros, of which 44 percent concerns renewables.

The power utility has already secured nearly 70 percent of its renewable energy capacity target for 2026, the chief executive explained to analysts yesterday.

Last year, PPC managed to restrict the role of lignite in its energy production to just 22 percent, a contraction that saved the company a lot of money.

Once regarded as one of the EU’s worst polluters, PPC reduced its CO2 emissions by 24 percent in 2023, down to 9.7 million tons from 14.8 million tons a year earlier.