Nearly 70 companies operating from Cyprus are reported to generate annual turnover of more than €100 million. Technology, shipping, energy and international trade account for some of the largest figures—evidence of how businesses with relatively small domestic footprints can build substantial sales across global markets.
Among the leaders are ASBIS Group, with turnover of around €3.4 billion; Island Energies, formerly Island Oil, with more than €1.5 billion; and Logicom Group, with approximately €1.2 billion. But headline turnover alone offers only part of the picture. The companies’ results also reveal a changing business landscape, in which international technology distributors, financial services providers, gaming companies and maritime suppliers sit alongside established players in property, hospitality, retail and manufacturing.
Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram
ASBIS Turns International Demand Into Record Growth
Limassol-based ASBIS illustrates the reach a Cyprus-headquartered company can achieve. The technology distributor reported 2025 revenue of approximately $3.9 billion, up 28% from the previous year. Its latest results point to a further acceleration.
According to financial results released on November 5, ASBIS generated $5.15 billion in revenue in the first nine months of 2026, nearly double the $2.62 billion recorded in the same period a year earlier. Net profit after tax rose to $132.2 million from $31.1 million, while third-quarter revenue climbed 135% to $2.19 billion.
Demand for artificial intelligence infrastructure drove much of the increase. Sales of AI servers and data-centre equipment reached $2.32 billion in the nine-month period, almost five times the year-earlier level. Smartphone sales also grew, supported by the group’s distribution network across Europe, the Middle East and Africa.
In September, ASBIS recorded monthly sales of approximately $1.05 billion, compared with $332 million in September 2025—its first month above the $1 billion mark. The company established its Cyprus headquarters in 1995 and now serves customers in around 60 countries. By the end of September 2026, it had already exceeded its revenue for all of 2025.
Shipping And Energy Extend Cyprus’ Global Reach
Shipping and energy are another major source of international business. Island Energies, established in Limassol in 1992, has developed from a marine fuel trader into a broader provider of maritime and energy services, supplying vessels and customers across international markets.
In September 2026, the group adopted the Island Energies name, replacing its former Island Oil branding. The rebrand brought several businesses together under one identity, reflecting the company’s wider operations while preserving long-standing commercial relationships.
Island Energies now has offices in nine countries, physical fuel-supply facilities at 12 ports and more than 500 employees onshore and offshore. Its footprint underscores the breadth of Cyprus’ maritime sector: the business extends beyond ship management to fuel trading, logistics, technical support and energy services. These capabilities are increasingly relevant as shipping companies contend with volatile fuel costs, emissions rules and the transition to alternative marine fuels.
Understanding The Difference Between Sales And Revenue
Logicom, the third member of the leading trio, demonstrates the scale of Cyprus’ technology-distribution sector—and why financial metrics require careful interpretation. The Nicosia-based group recorded gross sales of approximately €1.24 billion in 2025, compared with €1.29 billion in 2024. Revenue recognised under international accounting standards was approximately €874 million.
The difference reflects the treatment of certain software-licensing and cloud transactions. Where Logicom acts as an intermediary rather than the principal supplier, its accounts recognise the relevant commission or margin rather than the full transaction value. Companies with similar gross sales can therefore report materially different revenue in their audited accounts.
In its first-half 2026 results, Logicom reported gross sales of €579 million, marginally below the €582 million recorded a year earlier. Recognised sales fell 16.5% to €409.1 million, but operating profit rose 8.8% to €19.6 million, supported by improved margins and lower operating costs. The group distributes technology products and provides software, infrastructure and integrated IT solutions across European and Middle Eastern markets.
Fuel, Retail, Construction And Tourism Still Matter
Cyprus’ largest businesses are not confined to technology and international shipping. Petrolina recorded turnover of €559.4 million in 2025, down from €570.1 million a year earlier, reflecting its extensive fuel-distribution and petroleum-products activities. Yet profit before tax increased to €8.7 million from €3.1 million, according to audited results presented in June. The contrast shows how movements in fuel prices can change turnover without producing the same change in profitability.
Retail and property-related activity also remain significant. Cyprus Trading Corporation (CTC) recorded turnover of €295 million from continuing operations in 2024, up from €286 million in 2023. Its first-half 2025 turnover reached €139 million, compared with €134 million in the same period a year earlier.
CTC reported net profit of €21.8 million for the first half of 2025, against a €1 million loss a year earlier. Much of the improvement came from the disposal of its investment in Superhome Center, rather than ordinary trading activity. Following asset disposals and restructuring, the group also reduced bank obligations from €138 million at the end of 2024 to €87 million by June 2025.
Vassiliko Cement Works increased revenue 11% to €152.8 million in 2025, supported by stronger domestic sales and construction activity. Net profit rose to approximately €35.5 million from €25.9 million. Improved production efficiency and greater use of alternative fuels contributed to the result, reflecting the continuing importance of construction and property development to the Cypriot economy.
Tourism provides another measure of the island’s business activity. Louis plc recorded 2025 turnover of €138.6 million, up 8.3% from €128.1 million in 2024, largely on the back of higher tourist arrivals. Operating profit increased to €25.6 million from €23.2 million, while net profit rose to approximately €7 million from €3.9 million. The results show how established hospitality groups continue to generate substantial revenue alongside newer, internationally oriented industries.
Public Utilities And Banks Require A Different Lens
Some of Cyprus’ largest reported figures belong to public organisations, whose structures and obligations differ from those of private companies. Cyta reported 2025 revenue of €444.2 million, compared with €405.5 million in 2023, according to figures released in July. Earnings before interest, tax, depreciation and amortisation reached €150.6 million, while investment in 2024 and 2025 totalled almost €189 million.
The telecommunications authority financed that investment from its own resources, without bank borrowing, as it expanded its fibre network, mobile infrastructure, data centres and digital services. The Electricity Authority of Cyprus reported approximately €1.12 billion in 2025 revenue and €1.09 billion in expenditure. Its operating profit was €28.7 million, while net profit stood at €12.3 million, according to its audited results presented in July.
The figures illustrate the scale of activity in electricity and telecommunications, but they should not be folded uncritically into private-company rankings. Utilities must fund major infrastructure and operate under distinct public-service obligations.
Banking income also requires separate treatment: it is not directly comparable with turnover at a manufacturer, retailer or technology distributor. Bank of Cyprus recorded total income of €1.04 billion in 2025, including €731 million in net interest income and €309 million in non-interest income. For the first nine months of 2026, the bank reported profit after tax of €383 million, up 9% year on year. Its performing loan portfolio reached €11.6 billion at the end of September, and customer deposits rose to €23.5 billion.
Eurobank’s Cyprus operations generated €733 million in external revenue in the first nine months of 2026. That included €579 million in net interest income, €98 million in net banking fees and commissions, and €56 million in other revenue. The operations contributed €367 million in profit before tax, reflecting the scale of the bank’s local business. As with utilities, banking income should be assessed on its own terms rather than compared directly with commercial sales.
Big Companies Are Changing The Picture Of The Economy
The scale of Cyprus’ largest businesses has become more visible in the country’s official economic statistics. In October, the Statistical Service revised its national accounts, raising estimated economic growth for 2025 to 4.8% from an earlier estimate of 3.8%. The estimate for 2024 was revised from 3.9% to 6.6%.
Cystat cited the incorporation of large enterprises with substantial turnover and cross-border transactions as one reason for the revisions, following closer examination of their actual activities and contribution to the domestic economy. Other factors included updated data, routine statistical adjustments and the addition of households producing electricity through photovoltaic systems.
The revised figures put Cyprus’ 2025 GDP at €38.3 billion in current prices. Information and communication, wholesale and retail trade, hospitality and professional services contributed to the expansion. Information and communication accounted for 13.5% of gross value added. As previously reported in an examination of the technology sector, information and communication activities generated €4.64 billion in value added in 2025—almost twice the €2.32 billion produced by accommodation and food services.
That distinction matters. A Cyprus-headquartered group may record billions of euros in consolidated revenue through subsidiaries abroad, but those sales do not automatically count as Cyprus GDP. The domestic economic contribution depends on value created locally, including jobs, wages, services, investment and other activity within the country.
A Small Number Of Large Employers Carry Significant Weight
The contrast between Cyprus’ largest companies and its wider business population is considerable. Cystat’s latest detailed annual business-register figures show that Cyprus had 125,152 enterprises in 2023. Of those, 94.8% employed fewer than 10 people. Just 156 enterprises—about 0.1% of the total—employed at least 250 people.
Those larger employers nevertheless accounted for 126,016 jobs, or 25.3% of employment across enterprises. Businesses with fewer than 10 employees accounted for 38.1% of employment, underscoring the importance of both small firms and major employers to the economy.
The pattern is not unique to Cyprus. Eurostat figures released in September show that large enterprises made up just 0.2% of businesses in the European Union in 2024, yet generated 49% of total business value added and employed 37% of the workforce.
Cyprus’ biggest companies are therefore more than a collection of striking turnover figures. They reflect an economy in which international groups can operate from a small domestic base, while their true national impact depends on how much activity, investment and value they create at home.
