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Larnaca And Pafos Airport Terminal Extensions Signal Strategic Growth

Major Infrastructure Investments Set To Redefine Regional Air Travel

The expanding airport infrastructure in Cyprus is poised to significantly bolster operational capacity and passenger experience. Recent agreements between the state and Hermes Airports, the managing entity of the island’s international air terminals, have paved the way for ambitious upgrades at both Larnaca and Pafos airports. The renewed concession agreement, extended by 18 months to November 11, 2032, marks a pivotal moment in modernizing these key transportation hubs.

Larnaca Airport: A Four-Level Terminal Expansion

The comprehensive development at Larnaca Airport focuses on a multi-level expansion of its terminal building. Initiated at the end of March following the successful completion of the finance package, the project is spearheaded by a consortium comprising Bouygues Batiment International SAS and Iacovou Brothers (Constructions) Ltd. With a total investment of €170 million fully financed by Hermes Airports, the expansion covers approximately 20,000 square meters. Notable improvements include the addition of a new wing with dedicated arrival and departure gates, enhanced baggage claim belts, upgraded passport and security control areas, expanded commercial space, and increased aircraft stand capacity.

Project Breakdown

Key initiatives at Larnaca include the development of new facilities across distinct levels:

  • Basement Level: Installation of new electromechanical spaces alongside an upgraded freight reception area.
  • Level 1: Expansion of the baggage claim area with the addition of a new conveyor belt.
  • Level 2: Creation of an enlarged space for passport and security screening, along with new administrative offices.
  • Satellite Structure: Construction of a single-story satellite building adjacent to the existing aircraft parking area, designed to house four new passenger waiting lounges and provide both boarding and deplaning functionality, with future expansion capabilities.
  • Additional Infrastructure: Establishment of a new aircraft parking area to streamline operations.

Upon completion, the terminal’s capacity is expected to rise dramatically, allowing it to handle up to 12.4 million passengers annually.

Pafos Airport: Enhancing Efficiency And Capacity Through Focused Expansion

At Pafos Airport, a single-level expansion project is underway to deliver a 30% boost in terminal capacity. This targeted upgrade is designed to refine passenger experience and streamline procedural efficiency. The project encompasses the addition of advanced electromechanical installations, an expanded baggage claim area with a new belt, and increased operational space for passport and security clearances. The commercial area is similarly set for enhancement, ensuring that the airport delivers superior service while maintaining optimal functionality.

A Strategic Commitment To Modern Air Transport

These projects underscore a strategic commitment to modernize Cyprus’s air transportation infrastructure. With the Phase 2 works slated for completion in 27 months at Pafos and 30 months at Larnaca, Hermes Airports is realigning its long-term vision to meet growing demand. Since the original 25-year concession took effect on May 12, 2006, these developments represent a forward-thinking investment framework geared to support forecasted passenger numbers, which will reach 5 million annually at Pafos. Such asset enhancements not only facilitate a smoother travel experience but also strengthen the region’s position as a critical air transport hub in the Eastern Mediterranean.

Cyprus-Based ASBIS Hits Record $1.05bn In Monthly Revenue, Up 216% Year On Year

The technology distributor ASBIS Group, headquartered in Limassol, has exceeded $1 billion in monthly sales for the first time in its history, reporting preliminary consolidated revenue of $1.05 billion in September 2026, more than three times the amount recorded a year earlier.

The figure represents a 216% increase from $332 million in September 2025, making it the highest-revenue month in the company’s history.

ASBIS reported its strongest sales growth in servers and server components, while CEO Serhei Kostevitch pointed to growing demand for artificial intelligence solutions and computing infrastructure as an opportunity for the business.

For a company operating across Europe, the Middle East and Africa, September marked a new sales milestone following several months of substantial year-on-year growth.

Kostevitch attributed the record performance to the group’s existing operations, highlighting its broad product portfolio, international market presence and strong relationships with manufacturers and trading partners.

“Most importantly, this result is the outcome of our regular operating activities,” he said.

The CEO also highlighted the company’s portfolio of projects as a reason for confidence in continued AI-related development.

However, the group’s growth was not limited to AI-related technologies. Smartphones also performed strongly in September, with Kostevitch stressing that “we are growing beyond the AI segment as well.”

Kazakhstan, the United Arab Emirates and Ukraine accounted for the largest shares of ASBIS’s September revenue, followed by Slovakia and Poland.

Growth Follows Record First Half

September’s results follow a period of strong financial performance for ASBIS.

In July, the company reported preliminary consolidated revenue of $531 million, an increase of 89% compared with the same month in 2025. August brought a further rise to $604 million, up 91% year on year.

September’s $1.05 billion figure represents a substantial increase on both months, although the company has not provided a detailed breakdown explaining the acceleration.

The results also follow a record first half of 2026, when ASBIS generated approximately $2.97 billion in consolidated revenue, up 76% year on year.

Net profit after tax reached $80.6 million, compared with $19.4 million in the same period in 2025.

The second quarter was particularly strong, with revenue reaching $1.69 billion, an increase of 78.7%, while quarterly net profit more than tripled to $44.3 million.

ASBIS has emphasised that its September revenue figures are preliminary estimates and may differ from the final reported results.

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