OPAP: A shining star on Athens Stock Exchange

Greece's entertainment industry remains subject to tight regulations by the State of Greece. This, however, is no obstacle to running a profitable business, if its name is OPAP, Europe's biggest enterprise of its kind.

Through heavy investments in research and development (R&D) and repeatedly successful launches of new initiatives, OPAP has consistently outperformed other blue-chip companies on the Athens Stock Exchange since its first part-flotation in 2001.

OPAP, 34 percent State-owned, purchased the exclusive rights to operate in its market until 2020 and therefore holds a privileged position in a sector which continues to expand with year-on-year growth rates of over 20 percent.

OPAP CEO Basile Neiadas explains: "Credibility and continuous innovation have been key factors in building our brand and gaining the confidence of local and international investors. OPAP will continue to make investments in upgrading and enhancing our product portfolio in line with the latest market trends."

OPAP is operating through Greece's largest on-line retail network comprising 5,400 agents. Starting from August this year, OPAP has enlisted Intralot in a three-year agreement to provide new technology, know-how, technical support and services that will reinforce the company's operational capabilities and enable it to offer new features and new value-added services such as the creation of a club for its members.

"Our agreement with Intralot will ensure a constant and continuous transfer of know how, upgrading of our technological infrastructure and development of new software. At the same time, OPAP has secured the property rights for the new software to be developed and the rights to use 29,400 terminals of the latest technology," says Neiadas.

According to OPAP's latest announcement of interim financial results for the first six months of 2007, net profits had grown to 285.3 million euros ($385.2 million), representing an increase of 25.1 percent over the respective period of 2006. "We are very pleased with the increased profitability during the first half of 2007. The strong financial performance together with the additional operational capabilities that were recently ensured, allow us to be very optimistic about the future," comments Neiadas.

When it comes to OPAP's role as a corporate citizen, Neiadas confirms his organization's commitment to social responsibility: "For almost half a century, OPAP has been in a fruitful dialogue with the Greek society, which has expressed its trust since the very first date of operations. OPAP, in turn, recognizes that it has a social obligation towards society, which is why we continue our program of sponsoring various initiatives, whether it be in sports, culture, health, or education."

(China Daily 12/13/2007 page25)