In 2020 and in the midst of a pandemic, the highest profitability of the last nine years was recorded for CYTA.
In a special event held on Wednesday, June 16, 2021, at the Head Office of Cyta in Nicosia, the President of the Organization, Mr. Rena Rouvitha Panou, who will complete in a few weeks and her second final term, referred to the financial results of 2020, while proceeded to an overall report of the work performed.
Referring to this year's historic anniversary of the founding of Cyta, Ms. Rouvitha Panou underlined that “today, at the age of 60, Cyta is younger and stronger than ever. Because, through her journey, she learned to see the future with flexibility and dynamism. He learned to change and adapt. To face great economic and commercial challenges effectively, purposefully and prudently. To be one step ahead of technology, to design the products of the future and to specify the way we live and work. To consistently support its customers, who trust it, and to offer substantially to the Cypriot society “.
Regarding the financial results of the year ended, Ms. Rouvitha Panou stressed that they acquire even greater value, given the wider economic environment and the difficulties faced by the Cypriot economy during the pandemic period. Specifically, he noted that the after-tax profitability for 2020 amounts to € 70.8m, which is the highest profitability of the last nine years. At the same time, the results of the first five months of 2021 are very encouraging, with a significant increase in revenue, both compared to 2020 and 2019. These positive performances highlight Cyta's resilience in difficult conditions, as well as its dynamics. presence in the competitive environment in which it operates.
Ms. Rouvitha Panou noted that the decisive factor for meeting the challenges was the highly productive cooperation of the management, management and staff of Cyta, since all had as primary goal the continuous development of the Organization and its maintenance at the top of the country's telecommunications us.
As part of the event, the President of Cyta gave an overview of the work of the Council. He noted that all its members worked with the basic principles of responsibility, integrity and transparency, making special reference to decisions concerning significant development investments in state-of-the-art technologies and strategic infrastructure projects such as:
• the greatest upgrade of the national fixed communication infrastructures in our country, through the implementation of the development of the Cyta Fiber optical network with own funds
• the continuous upgrade of the mobile telephony network and the commercial operation of the first 5G network in Cyprus by Cytamobile Vodafone, with a focus on the application of safety and health standards
• the establishment of Cyprus as a reliable Telecommunication Hub for international interconnection and provision of services in the Eastern Mediterranean, as a result of Cyta's ongoing investments in international satellite and submarine connections
• the establishment of an International Data Storage Center (data center) of high standards and security, which will make it possible to attract new local, regional and international customers, including potentially the Cypriot state
Ms. Rouvitha Panou also referred to the important decisions of the Council that brought tangible results in the rationalization and ensuring the viability of the Cyta Pension Fund, in the disengagement of the Organization from subsidiaries in Cyprus and abroad in the context of re-evaluating their activities, of the Organization through the new organic structure, in the implementation of modern performance management systems and promotions, as well as in the adaptation of the corporate culture to the demanding data of the modern era.
Concluding, the President of Cyta stressed that the Agency is focused on the basic principles of sustainable development, ie the triptych “environment, society, corporate governance”, known as ESG. With crucial technological infrastructure, financial strength, commercial dynamics and highly skilled human resources, Cyta has managed to be synonymous with reliability, safety and security. It is part of our place and paves the way for the technological development and the digital transformation of Cyprus.