Demetra Holdings Plc on Wednesday reported a profit after tax of €10.23 million for the first half of 2025, equivalent to 5.11 cents per share, compared with €39.04 million or 19.52 cents per share in the same period of 2024.

This follows a board meeting on September 23, 2025, where the company’s interim condensed consolidated financial statements for the first half of the year were approved. The results have not been audited by the group’s external auditors.

The company said that the profit recorded in the first half of 2025 was mainly derived from the group’s investments on the Cyprus Stock Exchange (CSE).

It added that increased interest and rental income compared with the previous year also made a significant contribution.

The company mentioned that the results of the first half of 2024 included €40.32 million in profit from the group’s participation in Hellenic Bank. The investment was sold on February 10, 2025.

No new profit was recorded from the sale in the first half of 2025 as the total profit had already been recognised as unrealised in the financial results of 2024 and previous years, with the sale converting it into realised profit.

On June 30, 2025, the net asset value per share of the company stood at 255.04 cents compared with 249.92 cents on December 31, 2024, marking an increase of 2.0 per cent.

The group’s equity investments generated a profit of €7.96 million in the first half of 2025, compared with €350,860 a year earlier.

Dividend income fell sharply to €940 from €685,924 due to timing differences in recognition.

By contrast, interest income rose substantially to €3.31 million from €108,274 as a result of returns on bank deposits and cash equivalents following the sale of the Hellenic Bank investment.

Net rental income reached €1.21 million, up 122.6 per cent from €544,417 in the first half of 2024.

The company attributed the increase mainly to the acquisition of a nine-storey office building worth about €30.5 million in March 2025, as stated in Note 8.

Operating expenses rose by 53.9 per cent to €1.15 million from €746,032 a year earlier.

The company said that the rise was mainly due to non-recurring legal and professional expenses related to the sale of Hellenic Bank shares and costs for assessing new investment opportunities.

Finance costs surged 138.0 per cent to €602,901 from €253,329, reflecting the conclusion of new loan facilities totalling €30 million, as mentioned in Note 15.

A provision for expected credit losses on bank balances of €26,010 was recognised compared with zero in 2024.

The group also recorded a revaluation loss on land and buildings of €10,680 compared with zero a year earlier.

The results of the first half of 2024 included a provision for losses on receivables from related companies of €1.96 million.

Tax provisions for the first half of 2025 reached €474,812, significantly higher than €13,034 a year earlier, mainly due to higher interest and rental income.

As of June 30, 2025, the group’s assets amounted to €529.58 million, compared with €509.95 million on December 31, 2024.

The company said that it continues to face key risks such as market price risk, interest rate risk, credit risk, liquidity risk, foreign exchange risk, operational risk, compliance risk, capital management risk and legal risk.

It added that the escalation of geopolitical conflicts, including the war in Ukraine, tensions and conflicts in the Middle East and disruptions to global trade due to US tariffs, may have severe implications for trade, energy and financial market stability.

These developments could affect industrial production, consumer and investor confidence and ultimately have a negative impact on both the global and Cypriot economy.

The board of directors said that under these conditions it is not in a position to provide a reliable forecast for the group’s financial results for 2025.

It explained that performance will depend on developments in the Cyprus Stock Exchange, changes in euro interest rates, the real estate market and the overall stability of the geopolitical and macroeconomic environment.

Finally, the board said that it does not expect significant changes in the group’s activities in the foreseeable future.

Demetra completes share buyback

In related news, Demetra announced in a separate statement that it completed another share buyback, which was carried out on September 23, 2025.

Specifically, the company purchased a total of 7,500 shares, with an average price of 1.686 cents.

The company purchased 1,631 shares at 1.685 cents, 1,138 shares at 1.685 cents, 450 shares at 1.685 cents, 513 shares at 1.685 cents, 268 shares at 1.685 cents, 2,000 shares at 1.69 cents, 99 shares at a price of 1.685 cents, while another 1,401 shares were acquired at 1.685 cents.

The transaction was conducted through the Cyprus Investment and Securities Corporation Ltd (CISCO).

This move was authorised by a resolution of the company’s Annual General Meeting on June 24, 2025.