Mall Of Cyprus Posts Solid Growth Amid Stable Operational Outlook

by THEFUTURE.TEAM

September 30, 2025

The Mall of Cyprus (MC) Plc has demonstrated robust financial performance with an increase in both operating profit and net profit after tax for the first half of 2025, while maintaining its strategic course. The company, which continues to focus on leasing and granting usage rights for its Shacolas Emporium Park, reported stable revenue performance alongside improved profitability margins, signaling a cautious yet positive market stance.

Financial Performance And Key Metrics

In the first half of 2025, the company recorded revenue of €9,626,770, slightly down from €9,795,143 in the corresponding period of 2024. Despite this marginal decline in revenue, operational efficiency has improved as evidenced by an operating profit jump from €7,225,766 to €7,422,904. Net profit after tax also reflected this upward trend, rising from €4,442,866 to €4,750,965. Furthermore, the firm’s balance sheet has strengthened, with total assets increasing to €244,391,951 and net assets climbing to €120,809,851 as of June 30, 2025.

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Risk Management And Operational Stability

The board reiterated that there are no anticipated major changes in operations, financial position, or performance. Key risks remain consistent, including those arising from interest rate, credit, liquidity, and capital exposures. The company continues to mitigate these risks through rigorous management practices and board oversight. Specific challenges such as the variability in interest rates, particularly for long-term borrowings, are closely monitored, with all reported borrowings set at variable rates as disclosed in the financial statements.

Credit And Liquidity Safeguards

Credit risk is managed through comprehensive evaluation of the creditworthiness of lessees, with individual limits dynamically adjusted based on financial health and past performance. The company’s vigilance in liquidity management is evidenced by strong bank balances and controlled exposure to receivables and loans. This disciplined approach aims to ensure ongoing operational resilience and safeguard its liquidity position against potential market shifts.

Capital Management And Dividend Policy

MC Plc remains committed to an optimal capital structure that supports its long-term stability and shareholder returns. With a gearing ratio improved from 43.95% to 40.03%—supported by a reduction in net debt and an increase in total equity—the company continues to prioritize liquidity and capital efficiency. In alignment with its cautious approach, the board has currently advised against the payment of dividends.

Outlook Amid Geopolitical Uncertainty

Looking forward, the board does not foresee any significant changes or developments in the company’s operations or financial performance, despite external pressures such as inflationary trends and geopolitical tensions, including the Russia-Ukraine conflict. While these factors inject a level of uncertainty, the management’s proactive risk management framework is designed to navigate these complexities and preserve the company’s market position.

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Bank of Cyprus Upgrade Signals Fresh Optimism For Greek And Cypriot Banks

by THEFUTURE.TEAM

June 26, 2026

Regional Banks Enter A More Favorable Cycle

Bank of Cyprus and Eurobank are well positioned to benefit from a renewed re-rating of Greek and Cypriot bank stocks, according to Cyprus-based investment firm Roemer Capital, which upgraded Bank of Cyprus to a buy rating and reaffirmed its positive view on Eurobank.

The firm cited easing geopolitical tensions, resilient economic growth in Greece and Cyprus, lower funding costs and Greece’s expected transition to developed-market status as the main factors supporting the sector.

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Roemer Capital also lowered its cost of equity assumptions, updated its forecasts following first-quarter 2026 results and extended its valuation horizon to the end of 2027, raising target prices across its banking coverage.

Bank Of Cyprus Gets The Largest Upgrade

Bank of Cyprus received the biggest revision, with Roemer Capital upgrading the stock from hold to buy and setting a target price of €11.10, implying potential total upside of 27%.

The firm highlighted the bank’s strong capital generation, profitability and projected 100% dividend payout, describing it as the strongest capital-return story among the banks under coverage. Roemer Capital maintained its buy rating on Eurobank, assigning a target price of €4.90 and forecasting potential upside of 28%. The report said the bank is well placed to benefit from loan growth, improving operating performance and merger-and-acquisition synergies.

National Bank of Greece and Piraeus Bank also retained buy ratings, with expected returns ranging from 25% to 36%. Optima Bank was upgraded to buy, while Alpha Bank remained at hold on valuation grounds.

Why Growth Still Sets The Region Apart

According to Roemer Capital, Greek and Cypriot banks continue to benefit from stronger economic fundamentals than many western European peers. The report pointed to faster economic growth, healthier balance sheets, low levels of non-performing exposures, capital ratios approaching 20% and strong customer deposit bases.

Analysts expect performing loans across the sector to grow at a compound annual rate of 6% to 8% through 2028, supported by private investment, digitalisation, green manufacturing, supply-chain expansion and a gradual recovery in household lending.

The report also said the conclusion of lending under the EU Recovery and Resilience Facility is unlikely to materially affect credit growth, as banks have already shifted back towards traditional commercial lending. Roemer Capital expects Euribor to remain between 2.2% and 2.5%, a level it believes should support both lending activity and net interest margins.

Geopolitics, Valuation And Market Structure Support The Case

The report said improving geopolitical conditions have strengthened the investment outlook, noting that Brent crude prices have largely returned to pre-war levels while Greek government bond yields have stabilised at around 3.5%. Although geopolitical risks remain, Roemer Capital believes the likelihood of a major inflationary shock or significant pressure on bank profitability has eased.

Another important catalyst identified by the firm is Greece’s expected promotion to developed-market status by FTSE Russell, STOXX and MSCI over the coming months.

According to the report, the reclassification should improve liquidity and attract a broader base of international investors. Roemer Capital also said Euronext’s acquisition of the Athens Exchange is expected to strengthen market infrastructure and increase international visibility, particularly for Bank of Cyprus and Optima Bank.

The firm noted that Bank of Cyprus has already benefited from its Athens listing, with average daily trading value increasing from less than €400,000 before its September 2024 move to nearly €6 million afterwards.

Economic Momentum Remains A Core Tailwind

Roemer Capital said both Greece and Cyprus have moved beyond post-crisis recovery and are now supported by private-sector-led growth. For Cyprus, the report highlighted recent tax reform and efforts to simplify the legal and regulatory framework, while also noting that limited foreign banking competition continues to support domestic lenders.

Overall, Roemer Capital expects Greek and Cypriot banks to remain well-positioned for profitable loan growth over the coming years.

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