Cyprus has long established itself as a centre of excellence for international business. Its main advantages include its strategic location and a secure and stable EU environment.
In addition, in recent years the Cypriot government has pursued a consistent policy of rebranding the national economy: harmonising national legislation with that of the European Union, attracting innovative companies and start-ups, and actively developing international cooperation. All of this is having a positive impact on the island state, attracting major entrepreneurs.
In the last two years alone, the number of companies based in Cyprus with a turnover of more than €100 million has almost doubled. Today, the total number of such organisations exceeds 60, which indicates the strengthening of the financial position and the active development of the Cypriot economy.
According to the latest data, the top ten large companies with the highest turnover in Cyprus include:
- ASBIS Enterprises PLC - the company was established in 1995 and is headquartered in Limassol. It distributes brands such as Intel, Apple, AMD, Dell, Lenovo, Microsoft, Samsung, Toshiba, Acer and Seagate. The company also manufactures its own products under the Prestige, Canyon and Perenio brands. Has offices in 28 countries. Annual turnover: 2.8 billion euros.
- Island Oil Holdings - established in 1992, specialises in the supply and trading of marine fuels. Headquartered in Limassol. The company owns a fuel terminal in Crete. It has representative offices in Piraeus, Singapore, Hong Kong, Seoul and London. Annual turnover: 1.3 billion euros
- Logicom Group is an international conglomerate specialising in the provision of technology solutions, consulting and support in the IT industry. Partner of Demetra Holdings PLC. Serves more than 8,000 customers in 30 countries. Headquartered in Nicosia. Annual turnover: 1.2 billion euros.
- Bank of Cyprus Group is the largest bank in Cyprus. It offers a wide range of financial and banking services, including lending, asset management and insurance. It is an active supporter of environmental and social (ESG) projects. Headquartered in Nicosia. Annual turnover: €1.1 billion.
- Hellenic Bank is a large financial institution established in 1976. Offers comprehensive banking and insurance services. Developing digital service channels such as online banking, mobile applications and ATM networks. Hellenic Bank's branch network in Cyprus consists of 68 branches in all towns of the island. Annual turnover: €813 million.
- Petrolina (Holdings) Public - The company's activities include the sale and distribution of petroleum products, including petrol, diesel and kerosene. Operates a network of service stations throughout Cyprus. Annual turnover: €560 million.
- Wargaming is a company engaged in the creation and distribution of online games. It was founded in 1998 and has 17 offices worldwide. Its headquarters are in Nicosia. Wargaming is known for games such as World of Tanks, World of Warships and World of Tanks Blitz. Annual turnover: over 500 million euros.
- Eurobank Cyprus is a large financial institution, established in 2007, which offers its customers the latest innovations in banking, personalised and high quality services. The bank focuses on servicing international business, corporate and investment banking, private banking and private wealth management. The bank is part of the Greek Eurobank Group, which holds a 55.00% stake. Annual turnover: € 437.1 million.
- GDEV is an international developer of mobile and multiplayer games such as Hero Wars, Island Hoppers, Pixel Gun 3D and others, with a combined audience of millions of players. Annual turnover: 430 million euros.
- CYTA is a telecommunications operator offering a full range of telecommunications services and has an extensive infrastructure providing internet connectivity and mobile networks throughout Cyprus. Annual turnover: €405 million.