Opens in a new tab

Breaking news

Protecting Cyprus: The Urgent Battle Against Coastal Erosion

The coastlines of Cyprus face a significant threat from erosion, with some areas losing up to 50 centimeters annually. The Ministry of Transport has identified the urgent need to protect approximately 78 kilometers of coastline based on a comprehensive study.

Since 2012, various projects have been initiated, with significant work completed in Geroskipou, Germasogeia, Paphos, Larnaca, Pervolia, and Polis Chrysochous. Ongoing projects in Oroklini, Pervolion, and Chloraka are set for completion by 2024.

Studies are also in progress for several other critical areas, including Cape Dolos to Tremitho River, Kourio Bay, and Agios Tychonas, among others. The coastal erosion issue has been apparent since the early 1980s, stemming from both natural factors like climate change and human activities such as coastal construction and river damming.

After the Turkish invasion, there has been a noticeable increase in demands for the improvement and development of Cyprus’s coastlines to boost tourism and the economy. In a 1993 study, the coastal zone was divided into 12 sub-regions, leading to various protection plans for areas like Larnaca and Limassol.

Scientists warn that by 2150, some regions, including parts of Limassol Bay and Larnaca, may face severe erosion and potential submersion. Climate Central’s research predicts that areas like the Lady’s Mile and Mackenzie Beach could be particularly vulnerable.

Despite these alarming projections, local officials believe the sea level won’t pose a significant threat in the next three decades, noting only a five-centimeter rise since 2000. The fluctuations in water levels are about 30 centimeters, but current trends suggest a receding coastline, minimizing immediate concerns.

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.

The Future Forbes Realty Global Properties
eCredo
Uol
Aretilaw firm

Become a Speaker

Become a Speaker

Become a Partner

Subscribe for our weekly newsletter