The French gaming conglomerate Partouche declared that its income rose by 10.2% in 2023, reaching €701.5 million (£598.8 million/$759 million), but its annual net earnings decreased.
Partouche Group reported that its income increased by 10.2% in 2023, reaching €701.5 million. The total gaming income (GGR) for 2023 was €701.5 million, considerably higher than the €636.7 million recorded in 2022. The group noted that last year’s figures were affected by the pandemic, with some limitations still in place until March of that year.
Partouche Group attributed the growth in 2023 to increases in several key areas. Slot machine gaming income increased by 7.6%, while electronic traditional gaming income in France increased by 20.3%. Additionally, online gaming income in Switzerland increased by 41.6% year-on-year.
Net gaming income (NGR) jumped by 9.0% to €332.9 million, while operating income excluding NGR increased by 9.6% to €94.3 million. Global consolidated operating income increased by 9.0% to €423.8 million.
Despite the income growth, net profit declined in 2023.
Expenses and costs rose almost across the board. Employee expenses were the largest expenditure at €177.2 million, up 5.5%, while procurement and external expenses jumped by 16.9% to €142.6 million.
Current operating profit increased by 18.3% to €27.4 million.
Although some income in 2023 declined compared to 2022, affecting the final earnings. In 2022, the Patuqi Group reported €17.6 million in non-operating earnings, including €14.1 million in gains from the sale of consolidated expenses and €3.5 million in other non-current earnings.
When including these figures in the year-on-year comparison, operating profit decreased by 32.7% to €27.4 million. After accounting for €2.9 million in financial costs, profit before taxes was €24.5 million, down 36.2%.
The Patuqi Group paid €1.1 million in taxes and reported €100,000 in share expenses. Consequently, the company’s net profit in 2023 was €23.4 million, down 37.0% from €37.1 million the previous year.
However, there was positive news on the EBITDA front. Full-year EBITDA increased by 0.7% to €76.1 million.
The Patuqi Group provides updates on Belgian online casino transactions
In addition to full-year results, the Patuqi Group also released an update on its progress in Belgian online casino transactions.
Last June, the Patuqi Group formed a partnership with Betsson in Belgium. Previously, Betsson had agreed to acquire the Belgian sports betting and gaming operator Betfirst Group for €120 million. This agreement would allow the Patuqi Group to enter the Belgian online casino market.
The partnership will initially focus on Belgium and is expected to expand to other markets. At the time, both parties stated the launch in the Belgian market was subject to obtaining the necessary licenses. The Patuqi Group already holds offline casino licenses in Belgium.
The Patoush Group recently declared in a press release that its Middelkerke gambling establishment has been given permission to provide online casino games. The authorization came into force this month (January).
The casino will be moving to a new spot later this year. Since becoming part of the Patoush Group in July 2022, the Middelkerke casino has been operating temporarily in a distant hotel. It will relocate to the coast in March.
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