Hermes Airports: Connectivity And Investment Are Critical To Cyprus’ Tourism Competitiveness

by THEFUTURE.TEAM

September 30, 2026

Strong and growing air connectivity, supported by continued investment in infrastructure, innovation and digital transformation, is essential to strengthening the competitiveness of Cyprus’ tourism sector, according to Hermes Airports.

In a statement issued to mark World Tourism Day on September 27, the company said that maintaining stable links with international markets is central to the sustainable growth of both tourism and the broader Cypriot economy.

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Air Connectivity As A Strategic Asset

Hermes Airports said the resilience of Cyprus’ tourism industry in the face of successive global shocks and uncertainty reflects the combined efforts of the state, the tourism sector, the company itself and other stakeholders.

That resilience, however, cannot be taken for granted. In an increasingly competitive global market, air access functions much like a growth engine: without reliable routes, even the strongest destination brands struggle to convert demand into arrivals, spending and repeat visitation.

The Role Of Larnaca And Paphos Airports

Special emphasis is placed on Larnaca and Paphos airports, which Hermes Airports says keep Cyprus connected to international markets and help expand the country’s air network.

Upgrading facilities and services at both airports is intended to improve the passenger experience while also enhancing Cyprus’ appeal as both a leisure and business destination.

Hermes Airports argues that Cyprus is now at a critical transition point. The resilience of recent years provides a solid foundation, but sustaining growth will require ongoing investment in tourism quality, competitiveness and added value for visitors.

Digital Transformation As A Growth Lever

Digitalization and innovation, the company says, are central tools in reshaping how the travel sector operates and develops.

Hermes Airports maintains that closer cooperation among stakeholders, stronger connectivity and the effective use of digital transformation can support Cyprus’ evolution into a more modern and attractive destination.

The company said it remains committed to continuing investments in connectivity, infrastructure and innovation, with the goal of reinforcing the competitiveness of Cypriot tourism.

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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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