Logicom operating profit rises 8.8% in first half as shareholder profit falls 39.3%

Nicosia, Cyprus. Technology solutions distributor Logicom Public Ltd reported an 8.8 per cent increase in operating profit in the first half of 2026, despite lower sales. Profit attributable to the company’s shareholders fell by 39.3 per cent compared with the same period a year earlier.

Profit performance

Operating profit rose to €19.61 million in the six months to June 30, 2026, from €18.03 million in the first half of 2025.

Logicom attributed the increase mainly to higher gross profit, lower administrative expenses and reduced expected credit losses.

Profit attributable to shareholders fell to €16.83 million from €27.74 million a year earlier, a decline of €10.92 million.

The company said the decrease was mainly linked to lower other income, higher net finance costs, a reduced share of profit from joint ventures and a significant reduction in negative goodwill recognised from investment acquisitions.

These effects more than offset reductions in administrative expenses, expected credit losses and taxation, Logicom said.

Sales

Gross sales declined by 0.5 per cent to €578.99 million, from €582.04 million in the first half of 2025.

Sales in Logicom’s distribution division increased by 0.4 per cent, mainly reflecting stronger sales in Cyprus, Greece and Jordan.

This was offset by a 14 per cent fall in gross sales from the software and integrated IT solutions division, mainly due to lower sales in Cyprus and Greece.

Reported sales fell by 16.5 per cent to €409.11 million from €489.95 million.

Revenue recognition

Reported sales reflect revenue from contracts in which Logicom acts as principal, together with gross profit from transactions in which it acts as an agent.

Logicom said it acts as an agent rather than a principal in certain transactions involving software licences sold separately from other equipment, as well as cloud products, under IFRS 15.