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Cyta Powers Ahead: Over €400M In Revenue, 5G Supremacy, And Bold Digital Investments

by THEFUTURE.TEAM

February 25, 2025

Cyta, the leading telecommunications authority in Cyprus, reported revenues of €415 million and an expected pre-tax profit of €59 million for 2024, according to Chairwoman Maria Tsiakka. Speaking at a House finance committee meeting on the 2025 budget, Tsiakka emphasized that Cyta’s financial strength and strategic investments are not just impressive figures—they’re critical to Cyprus’ economic future.

Financial Strength And National Impact

Since 2000, Cyta has funneled over €1.27 billion back to the state—€914 million in dividends and €359 million in taxes. “This contribution is not just numbers, it is an investment for Cyprus and its citizens,” Tsiakka noted. More than a public service, Cyta is a modern telecommunications powerhouse, ensuring that every person, business, and community across the island has equal access to cutting-edge technology.

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Leading The Digital Revolution

A standout achievement in 2024 was the completion of transformative infrastructure projects that have vaulted Cyprus to the forefront of digital connectivity. Thanks to significant investments in satellite and undersea infrastructure, Cyprus has soared from 17th to the top spot in Europe for 5G network coverage. Strategic moves, including a deal to extend the BlueMed cable to its Yeroskipou landfall station, have reinforced Cyprus’ reputation as a reliable telecommunications hub in the eastern Mediterranean.

Investing In The Future

Looking ahead, Cyta has earmarked €108 million for its 2025 development budget, focusing on cementing its leadership in digital infrastructure. Its primary goal? Achieving full optical fiber coverage across Cyprus, making it the first EU country to reach 100% connectivity—even in remote mountainous regions, with upgrades set for completion by the end of 2025. In parallel, Cyta is overhauling its data centers, including constructing a groundbreaking, internationally certified green data center poised to attract both local and global clients, all while championing energy independence and reducing environmental impact.

Political Endorsements And Ongoing Debates

Cyta’s performance has garnered robust political support. Akel MP Andreas Kafkalias praised the organization for its vital contributions to public coffers, arguing that its success effectively counters the call for privatization. Dipa MP Alekos Tryfonides echoed this sentiment, lauding the expansion of 5G coverage and enhanced international connectivity. However, concerns persist over the transparency of Cyta’s pension fund investments and the recruitment of 50 private-sector executives, with critics warning that these moves must not compromise the public character of this key institution.

In a rapidly digitalizing world, Cyta stands out as a modern, competitive public entity driving Cyprus’s economic growth and technological advancement.

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Sklavenitis Cyprus Sets A New Standard For Employee-Centric Benefits

by THEFUTURE.TEAM

September 12, 2025

Investing In Human Capital

In a bold move that underscores the growing importance of human capital in today’s business landscape, Sklavenitis Cyprus has taken innovative steps to ensure its workforce is both valued and supported. The supermarket chain has introduced a policy to pay a 14th salary to all employees—including those from Papantoniou Supermarkets—cementing its status as the sole retailer in Cyprus to implement such a comprehensive benefit.

A Significant Investment In People

This initiative is far from symbolic. With an estimated total cost of €2 million, it represents a committed investment in the company’s most valuable asset—its people. By providing an additional salary, Sklavenitis reinforces a culture of inclusivity and fairness, acknowledging every employee’s contribution to its success.

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Robust Benefits For Long-Term Stability

Complementary to the 14th salary, the company has launched a robust benefits program designed to address both financial and personal security. An Automatic Cost of Living Adjustment (ATA) of 12.56 per cent ensures that wages remain aligned with inflation, safeguarding real income stability for its team members.

Comprehensive Health And Life Support

Sklavenitis further enhances employee welfare through access to a Group Life and Health Insurance Plan and a Provident Fund co-funded by the employer. These measures not only provide immediate protection but also empower employees to plan confidently for the future.

Exclusive Perks And Incentives

The company extends its commitment beyond conventional benefits by offering store discounts, a birth allowance, and holiday gift vouchers valued at €100 during both Easter and Christmas. These additional perks enhance employee satisfaction and underline Sklavenitis’ people-first ethos.

A Strategy For Mutual Success

In an industry where employee engagement directly impacts customer satisfaction, Sklavenitis’ comprehensive approach stands out as both a progressive and strategic business decision. By investing in its workforce, the company not only nurtures a supportive workplace but also drives superior corporate performance, setting a new benchmark for responsible employment practices in Cyprus.