Mitsides in Cyprus increases net profit by 13.6% — Cyprus Mail
In Cyprus, Mitsides Public Company Ltd increased its net profit by 13.6% in the first half of 2026, to €727,134, despite a slight decline in sales. Cyprus Mail reports, citing the group’s interim financial statements.
For the six months ended June 30, profit after tax rose from €640,011 in the same period of 2025. At the same time, the company’s turnover declined by 1.05%, from €19.12 million to €18.92 million.
Margins and finance costs
Higher gross margins and lower finance costs partly contributed to the increase in profitability. The gross margin rose to 27.96%, compared with 26.7% a year earlier, while operating profit increased from €1.03 million to €1.07 million.
Selling, promotion and administrative expenses, by contrast, rose to €4.21 million. This represented 22.25% of sales, compared with €4.03 million, or 21.08% of sales, in the first half of 2025.
More current news is available on the UA.News Telegram channel Telegram.
The group’s net finance costs fell by approximately a quarter, from €217,775 to €163,225. Profit before tax increased to €902,192, compared with €810,508 a year earlier, while earnings per share rose from 7.81 to 8.87 cents.
Assets and company plans
Mitsides’ total assets at the end of June stood at €38.01 million, compared with €40.01 million at the end of December 2025. Equity increased from €19.23 million to €19.95 million, while net asset value per share rose from €2.35 to €2.43.
As of June 30, the group had €6.94 million in variable-rate borrowings, trade receivables of €7.75 million and €717,088 in bank accounts. Mitsides manufactures and distributes flour and pasta products, imports and distributes food products, trades in grain, and operates in Serbia through its subsidiary Mitsides Point.
The group said it intends to continue its investment program, increase exports and maintain its position in the Cypriot market. The board of directors did not recommend the payment of interim dividends. In August, the company completed the payment of final dividends totaling €410,000, or €0.05 per share, from profit for the 2023 financial year.
