Cyprus airports and the port of Limassol brought the state €1.57 billion

Cyprus airports and the port of Limassol were expected to generate a combined revenue of approximately €1.57 billion for the state from contracts with private operators, according to data cited by Cypriot media. The figure includes approximately €1 billion from the airports between 2006 and 2025, and €574 million from the port between 2016 and the end of July 2026. These figures are not based on a single year's revenue.

The airport figure, however, requires clarification: Hermes Airports reports over €715 million in direct concession payments over its 20-year history. Sources do not explain the discrepancy between this figure and the €1 billion indicated in the report. Regardless, the operator is financing the expansion of Larnaca and Paphos airports for €170 million.

Cyprus airports: two different revenue amounts

Hermes Airports took over management of Larnaca and Paphos airports on May 12, 2006. The company is responsible for their financing, maintenance, operation, and development. In exchange for the right to operate, it pays concession fees to the state.

Philenews, citing data from the Ministry of Transport, estimates airport-related revenues at around €1 billion between 2006 and 2025. This figure forms the basis for the headline figure of €1.57 billion.

In its 20th anniversary announcement, Hermes Airports reported over €715 million in direct government revenue from concession fees. No explanation was provided to reconcile the two figures. Therefore, it cannot be assumed that the difference is solely due to accounting treatment.

The contract with the operator was extended in December 2024. Hermes will manage both airports until November 2032.

Port of Limassol: revenues more than double those in 2017

Agreements for the commercial operation of the port of Limassol were signed in April 2016. Private operators began operations in 2017.

By the end of July 2026, the state had received a total of €574 million from this program. Annual revenues increased from €37.9 million in 2017 to €81.1 million in 2025.

Payments are made to the government quarterly and are linked to the operators' revenues. The container terminal is operated by Eurogate Container Terminal Limassol, the general cargo terminal by DP World Limassol, and maritime services are provided by P&O Maritime Cyprus.

However, the reported revenues are not a complete financial statement of the concession. The revenue statement alone does not reflect all costs or liabilities associated with individual contracts.

Airport expansion for 170 million euros

For passengers, the most important change remains the ongoing expansion of both airports. The second phase of the project began at the end of March 2025, with the entire cost covered by Hermes Airports.

In Larnaca, an additional terminal section is being built, with arrivals and departures gates. The work also includes additional baggage claim belts, new passport and security control areas, and more aircraft stands.

In Paphos, the terminal is being expanded and the southern parallel taxiway is being extended.

What do investments mean for travelers?

The larger terminal space and additional service desks are intended to streamline check-in and passenger movement. For Poles traveling between Cyprus and Poland, the most important factors will be the security checks, waiting times, and baggage claim.

The expansion is not yet complete, and the dates indicated remain planned. The target capacity of both airports is expected to be 17.4 million passengers per year.