Insider Business Aphrodite Hills Resort records profits over the past two years

Aphrodite Hills Resort records profits over the past two years

Aphrodite Hills Resort Limited which also owns Aphrodite Hills Golf in  Paphos recorded profits of €16.6 million over the past two years.

Specifically, the company recorded revenue of €51 million in 2018 and €54.3 million in 2017 with operational profits reaching €11.4 million and €16.4 million, respectively. The biggest share of revenue in 2018 came from the property development sector (€22.1 million).

The hotel business brought in €16.8 million of revenue, €6.8 million came from real estate management and another €5.2 million from other services the Group offers. The company’s asset value amounts to €95.3 million.

However, despite the fact that the company’s liabilities exceeded assets by €900,000 at the end of 2018, net cash flow from activities were in excess of €11 million. And the forecast is that this will be even higher in 2019.

The company’s overall amount of loans amounted to €69.5 million of which the biggest part, namely €55.4 million, must be repaid over a five-year period. The company employed 506 staff by the end of 2018, at the total cost of €9.8 million.

At the same time, its annual report noted that Brexit could pose a risk to ongoing business due to its collaboration with UK-based tour operator TUI which maintains long-term contracts.

However, the risk is mitigated by the fact that some contracts include a provision for minimum guaranteed income, the report also noted.

“The Group’s practice of providing binding contracts aims to reduce the industry’s risks and those of Brexit,” it adds.

Read more:




Top Stories

252 new cases through PCR tests, two deaths announced on Tuesday

Two men, one aged 75 and one 64, both with underlying conditions have died from Covid-19, the Health Ministry said on Tuesday. Both men...

CYPRA owner: I was not convinced

Speaking before the House Agriculture Committee, George Georgiou, the owner of CYPRA slaughter house said he did not do anything illegal and was not...

U.S. federal agency greenlights Biden’s presidential transition

The U.S. General Services Administration (GSA) on Monday told Joe Biden it was ready to begin the formal presidential transition process for him. GSA Administrator...

Cabinet to decide on Wednesday about measures against COVID-19

Cyprus Government Spokesman, Kyriakos Koushos, has told CNA that the Council of Ministers will decide on Wednesday about what will happen as regards the...

Delays in the arrival of postal items due to decrease of flights

The Cyprus Post would like to inform the public that due to the Coronavirus outbreak, a significant decrease of flights to and from Cyprus...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...