Cyta sees after-tax profit of €70.8m in 2020, highest in 9 years

Cyta saw its highest after-tax profit in nine years of €70.8 million for the full year of 2020, and announced a positive outlook for its results in 2021, at a press conference on Wednesday.

It is a fit ending for Cyta Board Chair Rena Rouvitha Panou, who completes her second and final term in a few weeks with Cyta celebrating its 60^th year of operation.

Speaking at the press conference, Panou announced that revenue for 2020 was at €349.4 million, down a very flat 0.9 per cent (or €3 million) from the previous year.

“These results acquire even greater value given the challenges of the pandemic economy which Cyta faced during this year,” Panou commented. “This positive performance highlights Cyta’s resilience in difficult conditions, as well as its dynamics and its presence in the competitive environment in which it operates,” she continued.

Panou recalled the significant development investments in state-of-the-art technologies and strategic infrastructure projects in the period (and ongoing) such as:

• Greatest upgrade of the national fixed communication infrastructures in our country, through the implementation of the development of the Cyta Fiber optical network with own funds;
• Continuous upgrade of the mobile telephony network and the commercial operation of the first 5G network in Cyprus by Cytamobile Vodafone, with a focus on the application of safety and health standards;
• Establishment of Cyprus as a reliable telecommunications hub for international interconnection and provision of services in the Eastern Mediterranean, as a result of Cyta’s ongoing investments in international satellite and submarine connections;
• Establishment of an International Data Storage Centre of high standards and security, which will make it possible to attract new local, regional and international customers, including potentially the Cypriot state.

“Cyta also plans to operate an upgraded International Data Centre, with high- quality certification and extremely high quality and security standards. The implementation of this strategic project will make it possible to attract new local, regional and international customers, building on the reputation and credibility of Cyta, its strategic geographical location, its advanced technological infrastructure and its extensive international cable and satellite network. One of our most important potential institutional clients is certainly the State of Cyprus itself,” Panou said.

Panou said that Cyta is focused on the basic principles of sustainable development, “environment, society, corporate governance,” or ESG. With crucial technological infrastructure, financial strength, commercial dynamics and highly skilled human resources, Cyta has managed to be synonymous with reliability, safety and security.  Cyta paves the way for the technological development and the digital transformation of Cyprus.”