Cyta projects 2022 takings at €400 mln
After discussing Cyprus telecom Cyta’s 2023 budget, the Cyprus Parliament’s Finance Committee Deputy Chairman Chrysis Pantelides told the company’s board Cyta is a very good example of a profitable and robust semi-governmental organization that should remain in the ownership of the state so the public and society at large reap these important benefits.
According to a Cyta press release, the company’s chairman of the Board of Directors, Michael Ioannides, stated that following the committee meeting, the legislature was informed that the 2023 budget is the most comprehensive development budget ever submitted by Cyta in its 60-year history.
He stated that this year’s revenues are expected to be in the range of 400 million euros, with profitability matching last year’s record-breaking level.
Ioannides explained that the 2023 budget includes €207 million in development investments in technology infrastructure to be invested in the completion of the Cyta Fiber network by the end of 2023, two submarine cables connecting Cyprus with the rest of the world, the Cyprus International Green Data Center, and investments in Cyta’s energy self-sufficiency and the country’s telecom infrastructure.
