Members of the Parliamentary Committee Finance, from all parties stressed that CYTA is a very good example of a profitable and robust semi-governmental organization that should remain in the ownership of the state, so that the public and the society at large can reap these important benefits, Deputy Chairman of the Committee Chrysis Pantelides told CYTA after the discussion of the Organization's Budget for 2023.
In a CYTA press release, Chairman of the Agency's Board of Directors Michael Ioannides said after the Committee meeting that the legislature was informed that the 2023 budget is the most extensive development budget ever submitted by Cyta in its 60-year history.
He said that this year, the highest revenues in eight years are expected to be in the range of €400m and profitability similar to last year, which set a record.
As Ioannides explained, the 2023 Budget includes development investments in technology infrastructure of €207m to be invested in the completion of Cyta Fiber by the end of 2023, two undersea cables connecting Cyprus with abroad, Cyprus International Green Data Centre and investments for the energy self-sufficiency of Cyta and the country's telecommunications infrastructure.
The CYTA President also said that the organisation has consciously chosen not to pass on the increased costs to the consumer, due to inflation and the increased cost of the electricity it has absorbed.
He added that for the second consecutive year, CYTA is at the top in Europe with the fastest mobile network, with 5G population coverage at 100% and a jump of twelve (12) positions, compared to the rest of Europe, in the European Digital Society and Economy Index.
Mr. Pantelides, who chaired the session, said that the Committee considered positively for CYTA, the information from the Chairman of the Board of Directors of the Agency that in the last 20 years the Agency contributed 1.2 billion euros to public funds, adding that about 73% of this amount went to the public treasury in the form of dividends and 27% in the form of taxes.
As stated in the note accompanying the CYTA Budget, in 2023 revenues are budgeted at 386.8 million euros, an increase of 4.01% compared to 2022, and expenditures are budgeted at 575.7 million euros. EUR 575.7 billion, an increase of 32.5% compared to the current year.
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