Mitsides first-half profit rises 13.6% despite lower sales
Mitsides Public Company Ltd reported higher profit in the first half of 2026 as a wider gross margin and lower financing costs offset a slight decline in turnover.
Nicosia, Cyprus. Mitsides Public Company Ltd reported a 13.6 per cent rise in profit after tax to €727,134 for the six months to June 30, 2026, from €640,011 a year earlier. Turnover fell 1.05 per cent to €18.92 million from €19.12 million, according to the group’s newly published interim financial statements.
Margins and costs
The group’s gross margin widened to 27.96 per cent from 26.7 per cent a year earlier. Operating profit rose to €1.07 million from €1.03 million in the first half of 2025.
Selling, promotion and administrative expenses increased to €4.21 million, or 22.25 per cent of sales, from €4.03 million, or 21.08 per cent of sales. Net finance expenses fell by roughly 25 per cent to €163,225 from €217,775.
Profit before tax increased to €902,192 from €810,508, while earnings per share rose to 8.87 cents from 7.81 cents.
Balance sheet and operations
Mitsides’ current ratio stood at 1.35 at the end of June, up from 1.25 at the end of 2025, while its quick ratio fell to 0.63 from 0.69.
Total assets were €38.01 million, compared with €40.01 million at the end of December. Shareholders’ equity rose to €19.95 million from €19.23 million, and net asset value per share increased to €2.43 from €2.35.
The company produces and distributes flour and pasta, imports and distributes food products, trades grain and operates in Serbia through its wholly owned subsidiary Mitsides Point.
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