Cyprus Mail

Logicom 2015 profit rises to €10.8m on strong sales

By Stelios Orphanides

Software developer Logicom Plc Ltd said it generated an after tax profit of €10,8m in 2015, after posting a €6.5m profit in 2014, as the company’s sales rose strongly mainly in Saudi Arabia and the Arab Emirates.

Total revenue rose last year to €844.3m from €631.2m in 2014 while the cost of sales rose to almost €793m from €589m respectively, the Nicosia-based company said in a statement on the Cyprus Stock Exchange website. Operating profit rose last year to €20m from €13.8m the year before.

The company said its prospects in 2016 are positive and it will attempt to improve profitability by reducing operating expenses and increasing productivity in spite of the current uncertainty on the market, instability in some of the regions in which it operates, and the volatility of the exchange rate.

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