Lamda Development Announces First Profitable Year for The Ellinikon Project

Lamda Development, which operates Greece’s most profitable malls and is concessionaire of the massive Helleniko (The Ellinikon) real estate privatization, on Wednesday reported its first-ever profitability on the latter projection and a jump in consolidated operating results for 2023.

Specifically, the ATHEX-listed developer reported 206 million euros in EBITDA, a 69% percent increase from 2022 results.

Consolidated net profit – after taxes and minority interest – reached 27 million euros, reversing losses of 31 million euros in 2022.

The group also set a new record in operating profitability EBITDA, before valuations, for the four commercial malls it operates, reaching 81 million euros, up by 18% from 2022.

EBITDA for the two marinas operated by Lamda reached 18 million euros, a 5% increase from 2022.

EBITDA before valuations for The Ellinikon project reached 65 million euros, coming in roughly two and a half years since the purchase of Hellenikon S.M.S.A. shares.