The Data Behind the 50 Companies Driving the Cypriot Economy: Infocredit Group Powers the Analysis of Fortune Greece’s Top 50

€16.73 billion in turnover. Net profits up 26.4%. 47 of 50 companies in profit. This is the picture of Cypriot business revealed by Fortune Greece’s first Cyprus Business 50 ranking, “Top 50: The companies driving the Cypriot economy”.

Infocredit Group carried out the data processing and statistical analysis behind the ranking. The financial data comes from financial statements filed with the Registrar of Companies and available through the Infocredit database.

A ranking built on verifiable data

The ranking covers registered companies and groups of Cypriot or Greek interests. It is based exclusively on turnover for financial year 2024, with 2023 figures used as the basis for comparison.

Where consolidated financial statements exist, group-level figures are generally used to avoid double-counting subsidiaries. The analysis combines aggregate figures, the median and the dispersion of company performance, limiting the risk of drawing broad conclusions from extreme or isolated results.

What the data shows

Revenue growth of 5.6% was accompanied by an even stronger improvement in profitability. Operating profit rose by 20% and net profit by 26.4%, while total assets reached €29.53 billion, up 8.8%.

Growth was relatively broad-based: median company revenue growth stood at 4.8%, showing that it did not come solely from the largest players. At the same time, concentration remains significant, with the top five companies generating 43.7% of total turnover and the top ten 57.4%.

By the numbers

• €16.73bn total turnover in 2024
• +5.6% change in turnover
• €2.05bn operating profit
• €1.97bn net profit
• 37 of 50 companies grew revenue compared with 2023
• 47 of 50 companies were profitable
• 57.4% share held by the Top 10
• €80.9m entry threshold for the list

Source: Infocredit Group

The sectors moving the Cypriot economy

Wholesale and retail trade remains the largest sector, with turnover of €7.78 billion and 46.5% of the list’s total. Its operating margin, however, is limited to 3.5%.

Technology and digital services stand out, with 20% turnover growth and a 36.2% net margin, highlighting the contribution of digital exports. Financial and insurance activities post a 36.5% net margin, contributing disproportionately to overall profitability.

A benchmark for the Cypriot market

As the first edition, the ranking establishes the baseline for future editions. This makes it possible to track over time how Cyprus’ largest companies and their financial performance evolve.

For Infocredit Group, The Risk Intelligence Company since 1972, this work reflects a core principle: the value of data lies in the knowledge it creates.

The full ranking appears in Fortune Greece’s Top 50 edition.

• See the full ranking on Fortune Greece