Significant organic value for the Greek economy, amounting to 700 million euro, managed to create the Super fund in the time period 2022-2024, showing an increase in revenue by 14%, while for the same period it collected 317 million. euros in dividends and yielded 186 million euros to the state, according to today’s statements (10.12.2024) of its managing director, Grigoris D. Dimitriadis.
The managing director of the Superfund pointed out: “For the three years 2022-2024 our strategic decision was to transform the Growthfund from a detached shareholder to a reforming national investment fund, actively participating in our subsidiaries. We further strengthened the governance of our subsidiaries, improved their efficiency in collaboration with our managements and laid the foundation for our transformation into the country’s Sovereign Wealth Fund (SWF). The priorities of 2025 include the transformation of the Growthfund through the absorption of TAIPED and the HFSF, while at the same time the creation of the new Investment Fund is completed, through which it is expected to mobilize additional private investments, aligned with the national strategic priorities”, he said.
As announced, in 2023, despite the rearrangements made due to the transfer of the water supply companies (EYDAP-EYATH) to the Greek State, the net profits of the Growthfund amounted to 154.1 million. euros, while at the same time during the last year and a half (1.1.2023-30.6.2024) the Growthfund made profits of 213.7 million. euros which exceed the total profits from its inception until 2022. In fact, it achieved the second best return on its assets among eight major Sovereign Wealth Funds.
At the same time, it completed a number of non-financial group-level targets, such as a 15% reduction in carbon emissions, a 27% increase in citizen confidence, a 25% increase in technology penetration, while employee engagement metrics were launched and customer satisfaction.
The success is also recognized internationally, it was pointed out during the briefing, as Growthfund claimed and won the organization of the annual meeting of the International Forum of National Investment Funds (IFSWF) in 2026, so in the autumn of 2026 the heads of the largest SWFs – over 50 – with a total value exceeding 8 trillion. dollars. In 2025 the summit will be hosted in Abu Dhabi and co-organized by the Abu Dhabi Investment Authority (ADIA) and Mubadala Investment Company.
Indicatively, the course of some subsidiaries in which the management of the Superfund changed managements:
ETAD recorded a 23% increase in active leases, matured 770 new properties, completed 99 tenders and applies a new philosophy to strategic properties (Akti Vouliagmeni, Palataki, Taekwondo, etc.). The company, when its control was taken over by the Superfund, had loss-making uses, but now it has entered a profitable trajectory. Annual revenues are expected to approach 60 million in 2024. euros (+59% compared to 2015), while equity is expected to exceed 1.1 billion. euros, compared to 280.7 million euros since joining the Superfund.
Hellenic Post under new management has started its recovery, focusing on three pillars: reduction of operational costs, strengthening of commercial activities and utilization of real estate. In 2024, they achieved a reduction of OPEX by 8 million. euros and 5 times EBITDA compared to 2022. A total of 21.2 million will be traded within the year. parcels (+11% increase vs 2022).
Athens Transport (OASA Group) continues to fulfill its social role, since, despite the significant increase in energy costs, the ticket price from 1.40 euros in 2014 – ten years later – is lower at 1.2 euros. The reorganization of the Group has begun to bear fruit. Athens Transport regained public trust by recording a 70% increase in boardings (2021-2024). The complete renewal of the fleet has been initiated by the Ministry of Infrastructure & Transport, with the cooperation of the OASA Group. New services have been added, such as the Tap ‘n Pay system for Contactless Transactions, while important interventions are being made to better serve the disabled.
TAIPED realized revenues of 5.2 billion. euros leveraging assets for the privatization program. Very important was the creation of the Strategic Contracts Unit (PPF), which was designed and staffed by Growthfund. The unit manages projects worth 8 billion. euros and has contributed to the successful conduct of a series of tenders for the benefit of the public.
GAIAOSE realizes the highest revenues since its establishment, having exceeded 20 million. euros/year in the last 3 years. The net worth of the company since the date of its inclusion in the Superfund Group has tripled and reached 234 million. euros in 2023 against 75 million euro. Its prospects are positive while the new administration, through a structured plan, focuses on railway real estate and the creation of logistics centers that will change the country’s freight capabilities.
Along with economic improvement, a lot of focus was given to strategic projects. In the three-year period 2022-2024, the Superfund completed the concession of the Kalamata airport, “unlocked” the TIF reconstruction project in cooperation with the company’s management and the agencies with the aim of immediately starting the tender. At AEDIK, the preparation for the development of real estate has begun, at OKAA and KATH the feasibility studies for the creation of a single national market are progressing, while preparations are being made for the entry of a strategic investor in the Hellenic Salt Lakes.
In the 2025-2027 Strategic Plan – which is under approval by the Ministry of National Economy and Finance – the maximization of the value and the social footprint of its portfolio remains, as emphasized, as the main mission of Growthfund. In practice it includes:
- Athens Communications to be the preferred means of transport for Athenians, providing modern services with a renewed fleet.
- ELTA has developed into a modern courier organization and a key pillar of support for the small and medium economy.
- ETAD has completed the task of recording 36,000 registrations, the valuation of 6,000 properties and the maturation of 1,000 properties.
- The TIF has started the implementation of the regeneration plan.
- GAIAOSE has launched the Merchandise Centers in the former Gonou camp and Thriasio.
- Also, that the attraction of a strategic investor for the Hellenic Salts has been completed as well as that the development plan for Kalamata airport has begun.
- Finally, the New Investment Fund has progressed to the completion of the first investments having caused direct & indirect investments with multiple effects on the Greek economy and new jobs.
Hyperfund/Growthfund is a holding company founded in 2016 with the sole shareholder being the Greek State, as represented by the Minister of National Economy & Finance. Its mission, as the Public Investment Fund of Greece, is: to take an active role in the modernization of public enterprises, to maximize the value of public property, to ensure upgraded services for citizens/consumers and to contribute to the national economy.
Growthfund’s portfolio includes public companies, active in key sectors of the Greek economy, such as Real Estate: Public Property Development Fund (TAIPED), Public Real Estate Company (ETAD), GAIAOSE, ETVA-BIPE, TEF-HELEXPO, Energy: PPC, Transport and Infrastructure: Airport El. Venizelos, Athens Transport Group, AEDIK, 23 Regional Airports, Food & Supply: KATH, OKAA, Hellenic Salts, Technology & Innovation: FAISTOS Fund, Hellenic Defense Innovation Center* (ELKAK), and Postal Services: ELTA Group.
*Based on the new law N. 5131/2024, the role of the Growthfund in the Greek economy is strengthened. The modernization of the governance model of its subsidiaries is on track, while it will absorb (31.12.2024) its direct subsidiaries, TAIPED and TXS, which will have fulfilled their statutory purpose. The Strategic Contracts Unit (PPF) will be fully transferred to Growthfund to continue its work. In 2024, a new Investment Fund will be created as its subsidiary, a subsidiary of Growthfund, which will implement investments in the Greek market.
Source: APE – MEB