Gender Equality Remains A Top Priority, Says Cypriot President

by THEFUTURE.TEAM

January 16, 2025

Gender equality remains a core priority for the Government, President Nikos Christodoulides stated on Wednesday during the presentation of the Commissioner for Gender Equality Josie Christodoulou’s report for March–December 2023.

Highlighting the Government’s commitment, President Christodoulides remarked, “There is still much work ahead, but we are encouraged by the progress we’re seeing. It is precisely these results that compel us to continue.” He emphasized that the report’s findings would be thoroughly examined by the Secretariat for Monitoring the Government’s Work to identify obstacles and inefficiencies, ensuring they are addressed in the 2025 annual planning.

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Commissioner Christodoulou underscored the Government’s integrated approach, noting that policies promoting work-life balance, the increasing number of women in the Council of Ministers, education reforms, and comprehensive measures to combat violence against women are accelerating progress toward true gender equality. She also informed the President that Cyprus had climbed to 20th place in the European Institute for Gender Equality rankings this year.

“By integrating gender considerations across all Ministries and Deputy Ministries, we are advancing toward substantive equality between women and men,” Christodoulou said while acknowledging that significant challenges remain.

Deputy Minister to the President, Irene Piki, also attended the meeting, reflecting the Government’s united front on gender equality.

A Broader Perspective

While Cyprus doubles down on its commitment to gender equality, the global narrative presents a contrasting picture. In recent months, some companies and institutions have shifted away from Diversity, Equity, and Inclusion (DEI) initiatives, citing either a re-evaluation of priorities or criticism of their efficacy. Cyprus’ steadfast focus on equality amidst this backdrop serves as a reminder that achieving substantial change requires persistence, adaptability, and a clear vision—values that remain at the heart of the Christodoulides administration’s policies.

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Mitsides Lifts First-Half Profit 14% As Margin Gains Offset Softer Sales

by THEFUTURE.TEAM

September 30, 2026

Mitsides Public Company Ltd posted a solid improvement in first-half profitability in 2026, with net profit rising almost 14 per cent despite a modest decline in revenue, supported by a stronger gross margin and lower financing costs.

According to the group’s interim financial statements, published on its website (Mitsides Group), profit after tax increased to €727,134 in the six months to June 30, from €640,011 a year earlier, an advance of 13.6 per cent.

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Margins and Finance Costs Drive The Improvement

Turnover edged down 1.05 per cent to €18.92 million, compared with €19.12 million in the corresponding period of 2025. Mitsides, which produces and distributes flour and pasta, imports and distributes food products, trades grain and operates in Serbia through its wholly owned subsidiary Mitsides Point, nonetheless delivered stronger profitability across key lines.

The main driver was a wider gross margin, which increased to 27.96 per cent from 26.7 per cent a year earlier. Operating profit also improved, rising to €1.07 million from €1.03 million in the first half of 2025.

At the same time, selling, promotion and administrative expenses increased to €4.21 million, or 22.25 per cent of sales, from €4.03 million, or 21.08 per cent of sales, a year earlier. Even with that rise in overheads, the group benefited from lower borrowing costs, helping preserve momentum at the bottom line.

Lower Borrowing Costs Support Earnings

Net finance expenses fell 25 per cent to €163,225 from €217,775. As a result, profit before tax climbed to €902,192 from €810,508 in the comparable period of 2025. Earnings per share rose to 8.87 cents from 7.81 cents.

The company also reported an improvement in short-term liquidity. Its current ratio increased to 1.35 at the end of June from 1.25 at the end of 2025, although the quick ratio softened to 0.63 from 0.69.

Balance Sheet Strength Improves

Total assets stood at €38.01 million, down from €40.01 million at the end of December, while shareholders’ equity increased to €19.95 million from €19.23 million. Net asset value per share rose to €2.43 from €2.35.

At June 30, the group had €6.94 million in floating-rate borrowings, trade receivables of €7.75 million and bank balances of €717,088.

Growth Plans Continue Amid Geopolitical Uncertainty

Looking ahead, Mitsides said it will continue investing to expand exports while defending its position in the Cypriot market. The group also highlighted uncertainty linked to the wars in Ukraine and the Middle East, as well as persistent inflationary pressures.

In Serbia, where operations are carried out through the wholly owned subsidiary Mitsides Point D.o.o., the business continued to operate against a backdrop of political and economic uncertainty. The company noted that Serbia remains committed to its European path, with the government aiming to complete the technical criteria for EU accession by the end of 2026.

The board did not recommend an interim dividend for the period. Separately, Mitsides completed payment in August of a €410,000 final dividend, equivalent to €0.05 per share, drawn from profits accumulated during the 2023 financial year.

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