Larnaca Port Reports Higher Revenue After Return To State Control

by THEFUTURE.TEAM

April 28, 2026

Financial disclosures show that Larnaca Port generated higher revenue under state management compared with the period under private operators. Figures released by Alexis Vafeadis outline changes in revenue and costs across both periods.

Transition From Private To Public Oversight

A management agreement for Larnaca Port and Marina was signed in December 2020, transferring operations to private investors. The arrangement took effect on April 1, 2022, and was scheduled to run until May 27, 2024. Performance during this period did not match earlier results recorded under state management.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Data-Driven Performance Analysis

Between 2017 and 2021, under the state-run Port Authority, Larnaca Port reported revenues of €13.1 million in 2017 against €4.8 million in expenses. In 2018, revenue reached nearly €14 million with lower operating costs.

During early 2022, revenue totaled €3 million, while expenses stood at €1.26 million. From April to December 2022, revenue declined to €1.46 million as expenses increased to €2.21 million, resulting in a loss of approximately €746,000.

Losses continued in 2023, reaching €780,000. After operations returned to state control in late May 2024, the port recorded a profit of €4.59 million. Projections for 2025 indicate revenue of €20.46 million and expenses of €13.32 million, implying a profit of more than €7.14 million.

Strategic Implications And Broader Investment

The financial results indicate differences in performance between management models. In July 2019, the government launched a tender for the development of Larnaca Port and Marina with a planned investment of €1.2 billion. Larnaca Port operates as a multipurpose facility handling cargo including animal feed, grains, gypsum, timber, metals, fertilizers, energy products, vehicles, and petroleum. Operations also include cruise services, cargo handling, storage, and passenger transit.

Conclusion

Financial data show higher revenue and improved results following the return to state management. The figures provide a basis for evaluating management structures in port operations.

The Future Forbes Realty Global Properties

Only 1% Of Cyprus Farms Use Precision Farming Technologies

by THEFUTURE.TEAM

July 24, 2026

Cyprus remains one of the European Union’s least digitised agricultural economies, with just 1% of farms using precision farming technologies in 2023, according to Eurostat.

The findings come as the EU continues to encourage the adoption of digital tools aimed at improving agricultural productivity, efficiency and sustainability.

Follow THE FUTURE on LinkedIn, Facebook, Instagram, X and Telegram

Internet Access Expands, But Digital Uptake Lags

Internet access has improved across the bloc, although adoption remains uneven. Eurostat found that 43% of EU farms had internet access in 2023, with northern and central European countries leading the way.

Denmark, Germany, Slovakia, Latvia, the Czech Republic and Austria all reported internet access rates above 90%.

Greater connectivity, however, has not translated into widespread digital adoption. Farm management information systems, which help farmers manage day-to-day operations, were used by only about 11% of EU farms. France was a notable exception, with around 60% of farms using the technology.

Precision Farming Concentrated In Larger Operations

Robotics adoption also remained relatively limited, with only about 7% of EU farms using robotic technologies. Overall, around 18% of farms with utilised agricultural area employed at least one precision farming technology or practice in 2023.

These included robotics for plant protection, band spraying, variable-rate application, precision crop monitoring and soil analysis. Despite representing fewer than one in five farms, these holdings accounted for around 44% of the EU’s utilised agricultural area.

The figures suggest that precision farming remains concentrated among larger agricultural businesses, where investment in digital technologies is typically easier to support.

Cyprus Lags Behind EU Leaders

Luxembourg, Finland and Estonia recorded the highest shares of utilised agricultural area managed by farms using precision farming technologies, each exceeding 75%.

At the other end of the ranking, Cyprus recorded just 1%, while Greece and Romania reported between 10% and 15%. The results indicate that Cyprus remains at an early stage of digital adoption in agriculture, even as precision farming becomes more widespread across parts of the European Union.

Breaking news