The cumulative profitability of listed companies on the Stock Exchange in 2024 is projected to match or even surpass the impressive 2023 performance of 10.5 billion euros.
Specifically, total profits of these companies are nearing the significant milestone of 10.5 billion euros achieved in fiscal year 2023, representing the strongest performance since 2007, when total net profits (after taxes) exceeded 11.3 billion euros.
This figure increases further when considering adjusted or comparable profitability, which more accurately reflects the true performance of companies by excluding extraordinary gains or one-time losses.
The generally favorable outlook for the 2024 fiscal year lays a “solid foundation” for the more challenging conditions anticipated in 2025, where listed companies will need to navigate trade tariff fluctuations and global uncertainties.
Therefore, it is crucial for Greek companies listed on the ATHEX to demonstrate strong resilience, which will be especially beneficial in the coming months if international challenges re-escalate.
Additionally, achieving an annual profitability exceeding 10.0-10.5 billion euros underscores the appealing trading levels of Greek stocks compared to global averages.
Notably, with the current market capitalization around 118-120 billion euros, the average P/E (price-to-earnings) ratio for ATHEX is below 11x, hovering near 10x.
In comparison, the DAX in Germany has a P/E ratio of 17x, while France’s CAC stands at 15x, highlighting Greece’s discounted valuation relative to major European markets.
The top 10 most profitable listed companies
According to current data, Eurobank leads with net profits rising to 1.448 billion euros in 2024, up from 1.140 billion euros in 2023—a remarkable increase of 27%.
In second place is National Bank, reporting net profits of 1.158 billion euros, up from 1.106 billion euros last year (+4.7%).
Piraeus Bank rounds out the top three with net profits of 1.066 billion euros, significantly up from 788 million euros in 2023 (+35.2%).
Additionally, two more banks make the top ten: Alpha Bank, in fifth place with 654.1 million euros (up from 618.3 million euros), and Bank of Cyprus, which saw its net after-tax profits grow to 508.1 million euros from 487 million euros last year, securing seventh place in the rankings.
Collectively, these five banks reported cumulative profitability of 4.834 billion euros, compared to 4.139 billion euros in 2023 (+695 million euros).
For non-bank listed companies, Coca-Cola HBC stood out as the most profitable with net profits of 820.6 million euros, up from 636.5 million euros (+28.9%).
Metlen also made the top ten with profits of 615 million euros, down slightly from 623 million euros in 2023 (-1.2%).
Furthermore, OPAP achieved net results of 485.8 million euros (up from 408.3 million euros), OTE’s profits were at 478.8 million euros (down from 531.7 million euros), and Titan Cement saw its profitability reach 289.1 million euros, rising from 268.6 million euros.
In terms of annual revenue, two refining companies led the way: Helleniq Energy with sales of 12.768 billion euros, followed by Motor Oil with turnover of 12.187 billion euros. Coca-Cola also surpassed the significant threshold of 10 billion euros in sales.
The ten listed companies with the highest net profitability (2024/2023)*
• Eurobank: 1448/1140
• National Bank: 1158/1106
• Piraeus: 1066/788
• Coca-Cola: 820.6/636.5
• Alpha: 654.1/618.3
• Metlen: 615/623
• Bank of Cyprus: 508.1/487
• OPAP: 485.8/408.3
• OTE: 478.8/531.7
• Titan: 289.1/268.6
