Cyta creates more than €551m in total value for Cyprus economy

Cyta chief operating officer Nicos Stylianou on Friday outlined the organisation’s True Value assessment and its broader contribution to the Cypriot economy and society.

Beyond communication technologies and services, Cyta has long formed part of daily life in Cyprus and the country’s development, he said, describing the organisation’s role as extending well beyond connectivity.

He explained that the decision to proceed with the True Value methodology was driven by growing public demand for transparency about what organisations, especially those of public benefit, genuinely offer to citizens and the country.

“Today citizens want to know what an organisation, particularly one of public benefit, truly offers to their lives and to the country,” he said.

He stated that Cyta generates economic value through its services, investments and network of partners, while at the same time producing social value and environmental impact that affect people’s daily lives and the course of the economy.

“With True Value we sought to see this overall picture clearly and to capture with data how our activity translates into real value for Cyprus, into figures that clearly show the benefit for the country,” he said.

He explained that economic value typically includes what is reflected in annual financial statements, such as revenue, operating costs and profitability.

He described True Value or Real Value as a methodology aligned with international standards that captures the broader impact created by Cyta on society.

Stylianou said that this is achieved by measuring the organisation’s economic, social and environmental contributions and converting them into an equivalent financial value.

He added that the approach records positive effects such as investments in technological infrastructure, tax payments, job creation, training and social responsibility initiatives, while also taking into account impacts such as environmental effects arising from operations.

“This comprehensive approach enhances transparency and allows more responsible decisions for the future, based on complete data,” he said.

“In other words, it is a meaningful way of accountability to the society that trusts us and differs from most similar methods we see in the market, mainly because it does not count exclusively the positive contributions,” he added.

Turning to what this means for citizens, he said that “behind everyday activities taken for granted, such as home connectivity, work, education and communication, there is a network of people, partners and infrastructure that consistently supports Cyta’s operation and contributes significantly to economic activity”.

He revealed that in 2024 alone, the total value created by Cyta and retained in Cyprus exceeded €551 million, underlining the scale of the organisation’s footprint.

He added that approximately 3,000 people work or collaborate with the organisation, with this activity translating into income, opportunities and development that remain within the country.

At a time when the role of Cyta in the country’s future is being widely discussed, he described the organisation’s greatest contribution to date as its consistent support for national development.

Moreover, Stylianou said that “through steady investments, reliable services, responsible operation and continuous evolution, Cyta supports the country’s growth and stands alongside citizens and businesses in every moment of their daily lives”.

He stressed that all of this has a necessary precondition, stating that “trust is the foundation upon which our contribution to the economy and society continues“.

Addressing how Cyta’s activity connects with the future of the Cypriot economy, he highlighted the central importance of digital infrastructure as a driver of growth and stability for any modern economy.

He said that “investments in next generation networks, green energy and digital skills create conditions for innovation, resilience and new opportunities for citizens and businesses”.

Furthermore, Stylianou linked this value directly to the country’s ability to evolve, attract investment and create quality jobs.

He added that “a healthy economic trajectory enables investments that generate social progress, while a society characterised by stability and opportunity supports the sustainable development of the economy”.

Meanwhile, he also summarised the message Cyta seeks to convey through the True Value framework.

“The value of an organisation is reflected in what returns to society and remains in the country,” he said.

“In the infrastructure that keeps the country connected, in the opportunities created for people and in the stability that supports the future,” he added.

“True Value clearly shows that Cyprus’ progress is linked to strong digital infrastructure and responsible investments that create jobs and support the income of thousands of our fellow citizens,” he continued.

“This is the role that Cyta continues to serve, with responsibility towards society and confidence in the future of the country,” he concluded.