GAP Vassilopoulos reports lower first-half 2026 profit despite 6.03 per cent revenue rise

Nicosia, Cyprus. GAP Vassilopoulos Public Ltd announced on Monday that profit attributable to its shareholders fell in the first half of 2026, even though revenue went up. According to its interim consolidated financial statements, profit was €1.26 million in the six months to June 30, 2026, against €1.48 million in the same period of 2025.

Revenue and earnings

Revenue rose by 6.03 per cent to €38.05m, compared with €35.89m a year earlier. Earnings before interest, tax, depreciation and amortisation slipped to €2.81m from €2.99m in the first half of 2025.

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After deducting depreciation on fixed assets and leases, which the company characterised as non-cash expenses, the group reported earnings of €2.16m. The comparable figure for the first half of last year was €2.31m.

Gross profit

Gross profit increased to €11.82m from €11.12m a year earlier. The gross profit margin stayed unchanged at 31 per cent.

Business activities

The group’s main activities did not change during the reporting period when compared with the year ended December 31, 2025. Its operations span tourism, hotel operations, logistics and transport, including cash-in-transit services, and insurance services.

Outlook

Management stated that its principal aims are steady growth and a stronger presence for the group abroad, while keeping and reinforcing its leading position in its main business sectors. It placed particular emphasis on its logistics operations in Cyprus.