12° Nicosia,
02 December, 2022

CYTA expects €400 million in revenue this year

Members of Parliament's Finance Committee emphasized the importance of CYTA to the national treasury

Source: CNA

Deputy Chairman of the Committee Chrysis Pantelides told CYTA after discussing the organization's budget for 2023 that CYTA is a very good example of a profitable and robust semi-governmental organization that should remain in the ownership of the state so that the public and society at large reap these important benefits.

According to a CYTA press release, the Agency's Chairman of the Board of Directors, Michael Ioannides, stated that following the Committee meeting, the legislature was informed that the 2023 budget is the most comprehensive development budget ever submitted by Cyta in its 60-year history.

He stated that this year's revenues are expected to be in the range of €400 million, with profitability matching last year's record-breaking revenues.

Ioannides explained that the 2023 Budget includes €207 million in development investments in technology infrastructure to be invested in the completion of Cyta Fiber by the end of 2023, two submarine cables connecting Cyprus with the rest of the world, the Cyprus International Green Data Centre, and investments in Cyta's energy self-sufficiency and the country's telecommunications infrastructure.

The CYTA President also stated that the organization has chosen not to pass on the increased costs to consumers as a result of inflation and the increased cost of the electricity it has absorbed.

He also stated that for the second consecutive year, CYTA is at the top of Europe with the fastest mobile network, with 100% population coverage of 5G and a jump of twelve (12) places in the European Digital Society and Economy Index when compared to the rest of Europe.

Pantelides, who presided over the session, stated that the Committee viewed positively for CYTA the information provided by the Agency's Chairman of the Board of Directors that the Agency contributed 1.2 billion euros to the public coffers over the last 20 years, adding that approximately 73% of this amount went to the public treasury in the form of dividends and 27% in the form of taxes.

According to the note accompanying the CYTA Budget, revenues are budgeted at 386.8 million euros in 2023, up 4.01% from 2022, and expenditures are budgeted at 575.7 million euros, up 32.5% from the current year.

[This article was translated from its Greek original]

Cyprus  |  CYTA

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