Greek retail giant Jumbo has confirmed its interest in opening two new stores in Cyprus – one in Larnaca and the other in Protaras – but clarified that there’s no set plan or timeframe at this stage. The company told Kathimerini that the move is part of its broader five-year vision, not an active development project.
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.
Jumbo had a solid year in 2024, posting a net profit of 320.1 million euros, a 5.64% increase from 2023. Total sales rose by 6.33%, reaching €1.15 billion. The company credited its consistent pricing, services 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.
Jumbo also reported a €10.79 million insurance payout in 2024 for two stores in Larissa and Karditsa, in Thessaly, that were shut down by extreme flooding in September 2023.
