The Cyprus Telecommunications authority (Cyta), recorded revenues of €415 million and an expected pre-tax profit of €59 million for 2024, chairwoman Maria Tsiakka said on Monday.
Speaking at a House finance committee meeting over the authority’s 2025 budget, she highlighted Cyta’s “significant contributions” to the national economy, saying that since 2000, it has transferred over €1.27 billion to the state. This includes €914 million in dividends and €359 million in taxes.
“This contribution is not just numbers, it is an investment for Cyprus and its citizens,” Tsiakka said.
Cyta, Tsiakka said, is “more than just a public service”, and a “modern telecommunications entity that belongs to Cyprus and supports its economic growth”.
“It ensures equal access to technology for every person, business, and community across the island,” she said.
One of the major highlights for 2024, she said, was the completion of significant infrastructure projects, which have “solidified Cyprus’ position as a leader in the digital age”.
She added that the country has become the “top performer” in Europe for 5G network coverage, overtaking its previous ranking of 17th place in 2021.
Tsiakka said that investments in satellite and undersea infrastructure have turned Cyprus into a reliable telecommunications hub in the eastern Mediterranean.
The organisation, she said, has further strengthened its connectivity with Greece and other Mediterranean nations by securing an agreement to branch the BlueMed cable to Cyta’s landfall station in Yeroskipou.
Looking ahead, she said, Cyta has committed to a €108 million development budget for 2025, with a focus on maintaining its leadership in digital infrastructure.
She said the organisation’s primary goal is to “ensure the full coverage of Cyprus with optical fibre”, making it the first EU country to achieve this feat.
Tsiakka revealed that the expansion of the network into mountainous areas will be completed by the end of 2025, ensuring 100 per cent coverage across the country.
In addition, she said, Cyta’s data centres are undergoing significant upgrades to meet the growing demands of businesses and customers.
She said a “groundbreaking international, green data centre” is under construction, set to be Cyprus’ first with “high-level certification”, and is expected to attract both local and international clients.
Tsiakka also said that Cyta is investing in energy independence, reducing its environmental footprint and operational costs.
After Tsiakka had finished her speech, Akel MP Andreas Kafkalias praised Cyta’s contributions to the public coffers, reiterating that the organisation’s success refutes claims made by those who advocated for its privatisation.
He also reaffirmed Akel’s support for Cyta’s continuous modernisation to maintain its status as a “modern, competitive public institution”.
Dipa MP Alekos Tryfonides congratulated Cyta for its performance, particularly in expanding 5G coverage and enhancing international connectivity.
He stressed his party’s opposition to privatisation, emphasising that Cyta’s public ownership serves the state and its citizens, rather than private interests.
He also expressed concerns regarding the transparency of Cyta’s pension fund investments and the recruitment of 50 executives from the private sector, stressing that these developments “should not undermine” the organisation’s public character.
