Mitsides Public Company Ltd has released its unaudited interim consolidated management report for the period ending June 30, 2025, showing a strong rise in profit after tax to €640,011 for the first half of 2025, up from €544,936 in the same period last year.

According to the report, the group, which includes all its subsidiaries, continued its core activities of producing and distributing flour and pasta, importing and supplying food products, providing raw materials for confectionery and bakery, as well as importing and trading cereals.

The board confirmed that no significant changes occurred in the group’s structure during the period and that no acquisitions or mergers are planned.

The group’s turnover for the first half of 2025 reached €19.12 million, compared with €18.62 million for the same period in 2024, marking a 2.67 per cent increase.

The gross profit margin was 26.7 per cent for the period, up from 26.4 per cent in the first half of 2024.

Selling, promotional, and administrative expenses amounted to €4.03 million, or 21.08 per cent of sales, compared with €3.79 million, or 20.36 per cent of sales, in the corresponding period last year.

Operating profit for the first six months of 2025 totalled €1.03 million, slightly lower than the €1.05 million recorded in the same period of 2024.

Net finance costs fell to €217,775 in the first half of 2025, compared with €405,607 in the corresponding period last year.

Profit before tax increased to €810,508 from €646,939 for the same period in 2024.

Profit after tax for the first half of 2025 reached €640,011, compared with €544,936 in the previous year.

Earnings per share attributable to shareholders were 7.81 cents, up from 6.65 cents in the same period last year.

The group’s short-term liquidity ratio, which measures the ability to meet short-term liabilities with current assets, stood at 1.23 on June 30, 2025, compared with 1.18 at the end of 2024.

The quick ratio, which excludes inventories and prepayments, was 0.64 at the end of June, up from 0.63 in December 2024.

Total assets of the group were €38.2 million as of June 30, 2025, compared with €37.0 million at the end of 2024.

Shareholders’ equity reached €18.41 million, up from €17.77 million at the end of last year.

The net asset value per share increased to €2.24 from €2.17 at the end of 2024.

The group cited key risks and uncertainties including debtor collection, fluctuating raw material prices (particularly cereals), competition from European Union countries, and financial risk factors.

Mitsides also operates in the Serbian market through its wholly owned subsidiary Mitsides Point Doo.

“Serbia began EU accession negotiations in January 2014 and, like the rest of Europe, experienced severe economic shocks in 2008 and 2012, with recovery starting in 2013,” the company said.

“However, the unstable external environment, combined with the Israel-Gaza conflict and the ongoing war in Ukraine, may have significant implications for the group’s operations in both Cyprus and Serbia,” it added.