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Retail giant Jumbo has confirmed its interest in opening two new stores in Cyprus, one in Larnaca and another in Protaras, but clarified that there’s no set plan or timeframe at this stage. The company told Kathimerini that this goal is part of its broader five-year vision, not an active development project.
According to Kathimerini's Dorita Yiannakou, the intention to expand in Cyprus was mentioned in Jumbo’s 2024 financial results. The group currently operates 89 stores, including six in Cyprus, alongside others in Greece, Bulgaria, and Romania.
Strong 2024 financial results
Jumbo had a solid year in 2024, posting a net profit of €320.1 million, a 5.64% increase from 2023. Total sales rose by 6.33%, reaching €1.15 billion. The company credited its consistent pricing, service, and quality for continued consumer loyalty across its markets.
Operating profits (EBITDA) also climbed 6.6% to €424.5 million. Even excluding insurance compensation, EBITDA still rose by nearly 4%, reflecting strong fundamentals despite rising costs from wage hikes and new store preparations.
Retail challenges and Easter's impact
The company noted that the retail landscape is shifting fast due to global market changes and supply chain pressures. It also pointed out that first-quarter comparisons were skewed by an earlier Easter, which affected seasonal sales patterns and made year-on-year data less useful. The company prefers to assess performance after the first half of the year.
Insurance payout and resilience
Jumbo also reported a €10.79 million insurance payout in 2024 for two stores in Larissa and Karditsa that were shut down by extreme flooding in September 2023. Both reopened in under nine months thanks to effective insurance coverage and logistics management.
Strong cash reserves, shareholder returns
As of the end of 2024, Jumbo’s cash and equivalents exceeded debt and lease obligations by €372.5 million. The company returned €1.60 per share to shareholders, a total of €217.7 million, and continued its share buyback program, which it says helps shareholders strengthen their position in the company amid inflation.
In early 2025, it paid an additional one-off cash return of €63.5 million.
Growth plans in Greece, Romania, and beyond
In Greece, Jumbo aims to open a new store every three years, while in Bulgaria, it plans to launch another superstore in the next 2–3 years and sell off unused land. In Romania, the goal is 1–2 new superstores annually. Expansion is supported by two new logistics centers, one near Thessaloniki and another in Oinofyta, with a combined budget exceeding €60 million over the next five years.
Jumbo also runs online shops in Greece, Cyprus, and Romania, and plans to launch one in Bulgaria in 2025.
Expanding international footprint
Through franchise deals, Jumbo now has 40 branded stores in seven countries, including Albania, Kosovo, and Israel. A third superstore opened in Israel in April, and two more are expected by the end of 2025, bringing the total to five.
