Salamis Tours (Holdings) Public Ltd on Tuesday posted a robust financial performance for 2024, marked by double-digit revenue and profit growth across its business units, while also undergoing a major change in ownership structure.
The company’s consolidated financial statements, approved by the board and audited by Ernst & Young Cyprus Ltd, show a profitable year, driven largely by maritime operations and supported by positive foreign exchange gains.
Turnover for the Salamis Group reached €93.27 million in 2024, up from €78.80 million in 2023 — an increase of €14.48 million or 18.37 per cent.
Gross profit rose to €29.60 million, reflecting a margin of 31.73 per cent compared to 28.46 per cent the previous year.
Net profit before tax surged by 62.74 per cent to €22.13 million, up from €13.60 million.
“The group’s financial position and performance are considered satisfactory,” the board said in its annual report.
Maritime services led the revenue growth, generating €43.95 million — a 27.23 per cent increase year-on-year.
The logistics and transport division also performed strongly, with turnover of €59.25 million, up 12.88 per cent.
The tourism sector recorded €2.90 million in revenue, a 20.63 per cent increase from 2023, although still 39 per cent lower than pre-pandemic 2019 levels.
The group’s financial performance was further boosted by foreign exchange gains of €669,704, compared to a loss of €254,618 in 2023.
“The appreciation of the US dollar by approximately 6.3 per cent positively impacted results, as the group holds significant financial assets in dollars,” the board explained.
Depreciation expenses were reduced by 4.64 per cent, totalling €3.07 million for the year
Operating profit before taxation, excluding exceptional items such as asset sales, interest income and FX gains, stood at €20 million, up from €13.23 million — a rise of €6.77 million.
Maritime operations generated €14.50 million in segment profit, while logistics and transport delivered €6.64 million.
Moreover, the tourism segment continued to underperform, with a segment loss of €0.80 million
The report also showed that the group’s liquidity position remains strong.
Cash and cash equivalents increased to €59.38 million, up from €42.91 million in 2023.
Working capital stood at €57.39 million, while the current ratio improved from 5.53 to 6.17.
Shareholders’ equity rose to €87.67 million, up 22.89 per cent year-on-year, and earnings per share increased to 56.14 cents from 34.37 cents — a 63.34 per cent jump
A final dividend of €0.12 per share for 2023, totalling €4.38 million, was approved in June 2024
The report also commented on the group’s ownership, where a major development unfolded during the reporting period.
On November 12, 2024, E.V.H. Investments Ltd launched a mandatory takeover offer after increasing its stake in Salamis Tours.
Offering €4.20 per share in cash, the bid sought full control of the company.
Following the offer’s conclusion on January 31, 2025, EVH secured 91.19 per cent of the share capital.
A squeeze-out process was initiated and approved by the Cyprus Securities and Exchange Commission (CySEC) in March 2025, allowing EVH to acquire the remaining 8.81 per cent.
Trading of Salamis shares was suspended on March 21, 2025.
“The company’s performance to date and financial standing are considered satisfactory,” the board stated.
However, it also acknowledged the uncertainty surrounding 2025, citing geopolitical tensions in the Middle East and Ukraine as ongoing risk factors.
The company also reported that it continues to operate without adopting the Cyprus Corporate Governance Code, citing cost concerns.
“The board believes that applying the code would not offer sufficient benefit to shareholders to justify the cost,” it stated.
The code, introduced by the Cyprus Stock Exchange in 2002, aims to strengthen the oversight role of boards, enhance transparency, protect minority shareholders, and safeguard board independence.
While adoption of the code is voluntary for listed companies, they are required to disclose whether they comply with its principles and, if not, to explain why in their annual corporate governance statement.
Meanwhile, Salamis also holds a 9.52 per cent stake in Muskita Tourist Enterprises Ltd, which was valued at €1.96 million as of year-end — down from €2.02 million in 2023.
The decline triggered a €61,000 revaluation loss recorded in reserves
Elsewhere, Salamis’ subsidiary Ionian Blue Maritime Co. Ltd, in which it holds an 80 per cent stake, acquired the vessel Ionia in June 2023.
The ship began operations in July of the same year and contributed to the strong shipping revenues in 2024.
