Cyta budget ‘focused on innovation and value-driven services’

Cypriot telecommunications company Cyta this week presented its 2024 budget to the House Finance Committee, underlining its commitment to strategic planning, innovation, and societal impact.

Maria Tsiakka, President of Cyta, addressed the committee, emphasising the organisation’s dedication to evolving, reaching new heights, and establishing Cyprus as a telecommunications pioneer on the global stage.

“Today, we presented Cyta’s 2024 budget to the House Finance Committee, representing a public entity that consistently follows through with its strategic plans,” Tsiakka said.

“Cyta continues to progress, conquering new frontiers and playing a leading role, solidifying Cyprus among the world’s advanced telecommunications countries,” she added.

Cyta said that it has provided a total return to the state amounting to €1.228 billion, including €898.1 million as dividends and €329.9 million as taxes.

Additionally, Cyta said that it is now using its own capital to embark on a comprehensive modernisation of Cyprus’s telecommunications infrastructure.

This initiative, the announcement continued, includes the development of high-speed networks with nationwide coverage, “enabling Cyprus to compete in the international arena of the new digital economy”.

Moreover, Tsiakka highlighted two pillars contributing to this achievement. First, the commitment and dedication of the well-trained and experienced Cyta personnel and second, the outstanding financial results of the organisation.

Cyta reported an after-tax surplus for 2023, which is expected to reach approximately €63 million. This includes an extraordinary expense of €17.9 million related to employee compensation for early retirement, part of the Voluntary Retirement Plan implemented in 2023.

A significant component of the improved profitability is the continued positive trend of revenue growth over the last five years, exceeding the sector’s average with revenues surpassing €405.4 million—a figure marking a decade-long record.

Cyta said that it expects to keep its momentum in 2024, with revenues projected at the same levels as 2023.

Furthermore, the announcement noted that the organisation’s profitability is directed toward developmental projects that strengthen Cyta’s dominant position in the telecommunications sector.

At the same time, the announcement added, these projects align with Cyta’s mission and corporate responsibility, contributing significantly to the progress of Cypriot society and the economy.

“Our commitment to innovation, value-driven services, and societal advancement remains unwavering,” Tsiakka said.

“Cyta is poised to continue its positive trajectory, contributing to the growth of Cyprus and its role in the global digital landscape,” she concluded.