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23 July, 2024
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Cyta's CEO Neocleous redefines Cyprus's digital future

Leading the charge for change at Digital Agenda Summit

Maria Eracleous

Maria Eracleous

If you're looking to bring digital transformation to Cyprus, CYTA CEO Andreas Neocleous has a compelling starting point. During his presentation at the Digital Agenda Cyprus Summit today, he showcased a snapshot of the passport control system at Larnaca airport, highlighting the need for change.

The current process, involving long queues and outdated procedures, leaves a negative first impression on visitors. Neocleous emphasized that despite bureaucratic challenges and objections, CYTA focused on action, not excuses.

Over the past five years, they've made remarkable progress, improving the 5G network, increasing profits, and reducing customer service wait times.

In 2023, the average wait time has dropped to 47 seconds, down from 59 seconds in 2018. The turnaround time for fault repairs for businesses and residential consumers has also significantly improved.

The organization's financial performance has seen substantial growth, with revenues rising from 343 million in 2018 to 400 million in 2022. Gross profit has surged from 63.7 million in 2018 to 95.3 million, and net profit has increased from 60.6 million in 2018 to 76.1 million in 2022, with a rising profit margin of 23.8%.

Neocleous highlighted CYTA's commitment to delivering on their promises, emphasizing their practical approach to 5G. They didn't just make announcements; they executed their strategy efficiently. The result? Cyprus became the first country in the world with 100% 5G population coverage.

[This article was translated from its Greek original]

Cyprus  |  summit  |  cyta  |  digital  |  technology

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