The Mall of Cyprus (MC) Plc increased first-half profit by 25.5 per cent in 2026, helped by higher income from commercial space and lower finance costs, while its cash position also strengthened.

According to the company’s unaudited interim financial statements for the six months ended June 30, 2026, filed through the Cyprus Stock Exchange’s (CSE) official disclosure system, profit after tax rose to €5.96 million, from €4.75m a year earlier.

Revenue from rights for the use of space and other income increased by almost 8 per cent to €10.39m, from €9.63m in the corresponding period of 2025.

The rise was driven mainly by stronger income from the mall’s commercial spaces. Minimum licence fees increased to €7.75m from €7.34m, while additional licence fees rose to €185,118 from €151,837.

Licence fees linked to common-area contributions also increased to €711,979, from €700,806, while turnover-related licence fees rose to €173,486, from €152,951.

Overall licence-fee income reached €8.28m, up from €7.82m a year earlier, while income from recharged utilities and other recoveries increased to €2.11m, from €1.81m.

Other operating income, which includes advertising, car parking and electricity income, rose to €720,982, from €453,481 in the first half of 2025.

Operating profit consequently increased by around 17 per cent to €8.68m, from €7.42m.

Administration and other operating expenses also rose, although more modestly, to €2.75m from €2.58m. Property management, maintenance and utility costs accounted for around €2.25m of the total.

Net finance costs, meanwhile, fell to €2.17m, from €2.24m a year earlier.

Profit before tax climbed to €6.53m, compared with €5.14m in the first half of 2025.

The company’s tax charge increased to €569,236, from €389,866, with the financial statements noting that Cyprus’ corporation tax rate had risen to 15 per cent from 12.5 per cent.

Earnings per share rose to 1.79 cents, from 1.42 cents a year earlier.

Mall of Cyprus also ended the period with a stronger cash position. Cash at bank and in hand stood at €13.63m at June 30, compared with €9.14m at the end of 2025.

Total assets increased to €255.1m, from €250.7m at the end of December, while total equity rose to €127.61m, from €121.65m.

Investment property stood at €239.73m, while the company recorded a €213,461 fair-value loss on investment property during the first six months of the year.

Borrowings stood at €97.23m at the end of June, down from €98.14m at the end of 2025, while the weighted average effective interest rate on bank loans fell to 4.02 per cent, from 4.28 per cent.

Cash generated from operations reached €7.81m, while net cash generated from operating activities came to €7.68m, compared with €8.12m in the first half of last year.

The company also approved an interim dividend of €6m on July 3, which was paid to shareholders on July 20.

Mall of Cyprus’ main activity remains the leasing and granting of rights for the use of space at Shacolas Emporium Park in Strovolos, which includes the Mall of Cyprus, IKEA and other retail and commercial developments.

Management said its priorities include maintaining close relationships with tenants, bringing in new tenants where possible and keeping operating costs under control, while continuing to monitor economic and geopolitical risks that could weigh on consumer spending and the retail sector.