Cyprus Business Now: gas find, travel agency, company results, Paphos properties

Business & economy wrap-up from the day before

Cyprus has found “sizeable quantities” of natural gas in blocks Pegasus and Glaucus, Energy Minister George Papanastasiou told the Cyprus Mail on Friday, following an earlier announcement by the president in New York that between 8 and 9 trillion cubic feet had been discovered.

“You have to compare the quantities announced on Thursday with previous ones that are already being commercialised,” Papanastasiou said.

He explained that the quantities of natural gas found in Aphrodite – about 4 trillion cubic feet – were considered to be large at the time, however compared to Israel’s Leviathan these quantities are “quite small”.

“It cannot be said that Pegasus and Glaucus are large, because this is a very subjective term. It is a sizeable quantity,” he added.

That said, Kronos with 3 trillion cubic feet is already being commercialised, so one can expect more from Pegasus and Glaucus, which are “even more viable”, the minister said.

The Consumer Protection Service (CPS) on Friday officially named EFI Strakottou Travel & Tours Limited as the travel agency under investigation after a week of speculation and mounting consumer complaints.

The service, which is the competent authority for enforcing the Law on Package Travel and Linked Travel Arrangements of 2017, said the company is deemed insolvent and may be unable to meet its contractual obligations.

It explained that an organiser is considered insolvent if, for any reason, they are unable to carry out all or part of the travel services they committed to under a package travel contract with a traveller.

The CPS urged all affected travellers who entered into package travel agreements with the agency and either did not receive, or are not expected to receive, the services they paid for, to submit a request to the Association of Cyprus Travel & Tourism Agents (ACTTA) by October 24, 2025.

Foreign demand for property in Paphos continues to dominate Cyprus’ real estate market, with 5,477 applications submitted by third-country nationals to acquire property in the district over the past five years, according to figures presented to parliament.

Limassol followed with 4,316 applications, while Larnaca saw 3,479. Nicosia and Famagusta recorded significantly fewer applications, with 886 and 816 respectively.

By July 7 this year, 53,100 property transfers to third-country nationals had been completed across Cyprus, most of them again in Paphos (20,800) and Limassol (17,100).

Larnaca accounted for 9,200 sales, Famagusta 3,500 and Nicosia 2,600.

A further 29,100 contracts remain pending with the land registry, including 9,500 in Paphos, 7,300 in Larnaca, 7,200 in Limassol, 4,200 in Famagusta and 900 in Nicosia.

The Cyprus Borrowers Association (Syprodat) this week described as a “significant turning point” the decision by the Consumer Protection Service to impose fines on the Bank of Cyprus and Eurobank regarding unfair clauses in their mortgage loan agreements.

The fine imposed on the Bank of Cyprus amounts to €800,000, while Eurobank, formerly known as Hellenic Bank, will pay €600,000.

The decision followed an extensive investigation by the service, which identified 22,132 contracts containing terms considered unfair and disproportionate to the detriment of consumers.

“This decision marks a particularly important turning point in the country’s banking and consumer policy, strengthening citizens’ right to fair, balanced and transparent contracts,” Syprodat said.

Logicom Public Ltd on Friday reported a profit after tax of €29,672,258 for the first half of 2025, nearly doubling from €15,826,856 in the same period last year, representing an increase of approximately 87.4 per cent, according to the company’s interim financial statements.

However, the group’s gross sales fell by 8.2 per cent to €582,035,865, compared with €634,187,515 for the first half of 2024.

Sales from the distribution division declined by 5.7 per cent due to lower sales in the Gulf, Italy, Romania and Greece.

The software and IT solutions division saw a steeper decline of 33.4 per cent, primarily driven by reduced sales in Cyprus and Greece.

Overall group sales decreased by 14.6 per cent to €489,947,612 compared with €573,868,340 for the same period last year.

Paphos marked World Tourism Day by highlighting its drive towards sustainable and digital transformation in the sector.

The Paphos Regional Tourism Board (Etap) pointed to efforts to make travel to the district more accessible, interactive and environmentally conscious.

In a statement, the district’s local tourism authority said that this year’s theme reflects tourism’s power not only to boost economic growth but also to transform societies, protect the environment and create fair opportunities for all.

Etap said sustainability has long been a guiding principle for the region, with measures to safeguard beaches, seas, forests and biodiversity for future generations.  

Bank deposits in Cyprus rose by a net €44.3 million in August, according to the latest deposit and loan statistics published by the Central Bank of Cyprus (CBC) this week.

At the same time, the central bank reported that loans recorded a net decrease of €60.8m.

The CBC further stated that total deposits in August 2025 recorded a net increase of €44.3m, compared with a net decrease of €154.5m in July 2025.

The annual growth rate of total deposits reached 6 per cent in August, slightly down from 6.5 per cent in July.

Furthermore, the total balance of deposits reached €56.5 billion by the end of August 2025.

Deposits of Cyprus residents increased by €133.6m during the month.

The National Betting Authority on Friday reported that Cyprus’ betting sector revenues remained steady in the first quarter of 2025, holding at last year’s levels but marking a sharp rise compared with 2023.

Gross revenues from Class A (land-based) and Class B (online) betting reached €320.9 million in January–March, broadly unchanged from the €321.5 million recorded a year earlier but up 20 per cent from 2023.

Of the total, €87.8m came from land-based operators, up 4 per cent on 2024 and 14 per cent on 2023.

Online betting generated €233.1m, a slight drop of 2 per cent from last year but still 22 per cent higher than in 2023.

Player winnings amounted to €279.4m, down 2 per cent year-on-year but 19 per cent higher than two years earlier, with the bulk (€208.6m) paid out to online players.

Vassiliko Cement Works Public Company Ltd on Friday announced that its board of directors approved the payment of an interim dividend for 2025 amounting to €10,790,392.05.

The dividend corresponds to €0.15 per share and was approved at the board meeting held on September 25, 2025.

The interim dividend will be paid to shareholders registered in the Cyprus Stock Exchange (CSE) registry as of October 9, 2025, which is the record date.

As a result, October 8, 2025, has been designated as the ex-dividend date, meaning that shares traded on the CSE from that date will no longer carry the right to the dividend.

Petroleum product sales in Cyprus fell by 1 per cent in August 2025 compared to the same month last year, reaching 123,378 tonnes, according to the statistical service (Cystat).

The decline was mainly driven by sharp drops in heavy and light fuel oil, which fell by 100 per cent and 70.6 per cent respectively.

Asphalt sales were also lower, down by 11.5 per cent, along with liquefied petroleum gases (-4.2 per cent), road diesel (-1.8 per cent), heating gasoil (-1.7 per cent) and motor gasoline (-0.1 per cent).

By contrast, marine gasoil provisions rose by 41.4 per cent year-on-year, while aviation kerosene climbed 12.8 per cent.

Sales from filling stations slipped by 1.1 per cent in August to 54,605 tonnes, weighed down by weaker demand for motor gasoline and road diesel.

The Cyprus Chamber of Commerce and Industry (Keve) this week hosted an event titled “The Geostrategic Position of Cyprus in the Modern World”, featuring strategic analyst, mathematician and author Nikos Lygeros as the keynote speaker.

“The event drew significant interest from Keve members, representatives of the business community, state officials and academics, confirming the strong interest in the issues presented,” the announcement stated.

During his presentation, Lygeros analysed the Great Sea Interconnector (GSI) project and highlighted its importance for Cyprus’ energy security, as well as the opportunities it creates for business development and integration with the European energy market.

He also discussed the India–Saudi Arabia–Israel–Cyprus–Greece–Italy corridor as a new geopolitical and commercial reality that strengthens Cyprus’ position as a strategic hub in the Eastern Mediterranean.

Construction material producer Kythreotis Holdings on Friday reported a 28 per cent rise in profit for the first half of 2025, driven by stronger income from its ready-mix concrete operations.

Net profit for the period increased by €300,027 to €1.37 million, compared with €1.07 million a year earlier.

In addition, group income rose 10.8 per cent to €12.54m, from €11.32m, mainly due to higher sales in the concrete sector.

Gross profit advanced by 21.8 per cent to €2.22m, while the margin improved to 17.7 per cent of turnover from 16.1 per cent, reflecting economies of scale.

Agros development company Proodos Public Ltd, which manages the Rodon Hotel in Agros, has appointed Karan Chainrai as a non-independent, non-executive director in a move it said aims to further strengthen corporate governance.

According to the announcement, Chainrai, son of Balram Chainrai, holds a BSc in Business Administration from Warwick Business School and a Certificate in Real Estate Economics and Finance from the London School of Economics.  

He is the founder and CEO of Karnage Sports, which develops innovative sports equipment, and Machines of Destiny, which designs gaming furniture and smart accessories. 

He also represents HKYC Properties, specialising in luxury real estate in Cyprus, where he manages investor relations, property sales and customer service.  

The European Union relied heavily on maritime transport for international trade in goods in 2024, Eurostat data showed this week.

Imports by sea reached 1.1 billion tonnes, valued at €1.25 trillion, while exports totalled 0.5 billion tonnes, worth €1.13 trillion.

Overall, maritime transport dominated the physical volume of trade, handling 75.6 per cent of imports and 73.7 per cent of exports by weight.

In terms of value, however, its share was smaller, accounting for 51.3 per cent of imports and 43.6 per cent of exports.

When looking at individual member states, Cyprus, like Malta, was among the most dependent on sea transport.  

In 2024, 98.6 per cent of Cyprus’ imports by weight and 97.2 per cent of its exports moved by sea, with the remainder handled almost entirely by air.  

The Cyprus Trading Corporation Plc, Ermes Department Stores Plc and Woolworth (Cyprus) Properties Plc this week announced a delay in the publication of their audited financial statements for the year ended December 31, 2024.

In a filing to the Cyprus Stock Exchange (CSE), the companies said the statements were initially due to be published by April 30, 2025.

They explained that the delay is due to structural changes following the completion of the disposal of Superhome Center (DIY) Ltd and the disposal of the ERA department store activity, which was completed and announced on September 1, 2025.

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