Mall of Cyprus and Engomi Hit €7.2M Combined Profit
Shopping centers Mall of Cyprus and Mall of Engomi reported combined net profits of €7.2 million in the first half of 2026, a 33.6% increase compared to the same period last year. The growth outpaced revenue gains, driven by higher footfall, reduced financing costs, and property valuation adjustments. Total revenue reached €12.7 million, primarily from usage rights and rents. In July, the companies distributed €7 million in interim dividends to shareholders, with Mall of Cyprus paying €6 million and Mall of Engomi €1 million. Profitability surged further due to the total increase in net profits reaching €1.8 million, while their combined operating profits amounted to €10.4 million, compared to €8.6 million in the corresponding period last year.
Mall of Cyprus Financial Performance
The Mall of Cyprus generated net profits of €5.96 million, up by €1.21 million. Revenue grew by €768,179 to €10.4 million, with minimum contractual usage rights for spaces contributing €7.75 million, up from €7.34 million. Other operating income, including advertising and parking fees, rose by €267,521.
Financial adjustments played a key role in profitability. Fair value gains on financial instruments reached €590,856, contrasting with a €94,261 loss the prior year. Investment property adjustments resulted in a €213,461 loss, down from a €18,258 gain. These adjustments significantly influenced the bottom line.
Finance costs fell to €2.17 million from €2.35 million, partially offset by a rise in administrative expenses to €2.75 million. The Mall of Cyprus’ performance was further bolstered by a 7% increase in footfall during the first half of 2026, as reported by management.
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Mall of Engomi’s Profit Surge
Mall of Engomi nearly doubled its net profits to €1.23 million, achieving a profit rise of 94.3%, despite minimal revenue growth of €68,328. The standout factor was a shift in fair value adjustments: the company recorded a €74,297 gain on investment properties, reversing a €296,618 loss from 2025. This improvement added €370,915 to the bottom line. Other operating income surged by €168,085 to €208,228, driven by photovoltaic revenue and storage concessions.
At Mall of Engomi, net profits increased by €596,873, even though revenue growth was limited to €68,328. The difference is largely explained by adjustments in the property’s fair value, the increase in other operating income, and the reduction in finance costs. During the same period, footfall increased by approximately 10%, according to published figures from management.
Finance costs also declined by €87,520, while administrative expenses remained stable. The carrying value of the investment property remained unchanged at €49.03 million as of June 30, 2026. Both companies reported net debt reductions since December 2025, improving their financial positions ahead of the dividend payouts.
Revenue Sources and Adjustments
The unaudited interim financial statements, dated September 29, 2026, cover the commercial premises operated by the companies. Revenue streams extend beyond usage rights and rents to include service charges, utilities, and other recoveries. These additional sources contributed to the overall financial performance without being separately itemized in the reports.
