Cyta predicts nearly €40m in after-tax profits this year

Cyta, the Cyprus Telecommunications Authority, is projecting after-tax profits of €39.3 million in 2021, some €3m more than the previous year, its chairwoman told the House finance committee on Monday.

Presenting the authority’s budget, Rena Rouvitha Panou said Cyta expected a strong performance over the next three years.

“Despite the uncertainty created by the pandemic, as it has shown in the previous three years, Cyta can not only meet its budget targets but surpass them wherever possible, capitalising effectively on income-generating opportunities and further reductions in operating costs,” she said.

Cyta’s main ambition was to play a decisive role in the digital transformation of Cyprus by investing in cutting-edge technology to upgrade infrastructure.

A recent board decision to accelerate growth of an optical fibre network so that it can be completed by 2023 as well as plans to upgrade the mobile phone network, once 5G licences are awarded, will contribute to this end, she added.

Also important are ongoing moves to upgrade satellite and submarine connections that help establish Cyprus as a communications hub in the eastern Mediterranean.

Panou also highlighted the responsible management of Cyta’s profitability. This includes regular payment of a dividend to the state, even though large investments are covered with own capital and without resorting to loans, as well as better prices for customers.