Greek retail chain Jumbo plans to open two new stores in Cyprus within the next five years, the company announced in its first-half financial results.
The expansion would increase Jumbo’s Cyprus presence from six to eight stores across the island. The company currently operates one store in Larnaca, two in Limassol, two in Nicosia and one in Paphos.
The announcement came as Jumbo reported an 8% increase in sales during the January-August 2025 period compared to the same period last year, reaching €497.28 million across all markets.
“The group continues to offer products at attractive prices with high quality to consumers whilst simultaneously providing dividends to shareholder-partners,” the company said in its financial statement.
Strong financial performance despite challenges
Jumbo’s earnings before interest, taxes, depreciation and amortisation (EBITDA) reached €165.36 million in the first half, compared to €164.68 million in the corresponding period of 2024.
The company maintained its EBITDA margin above 33% despite facing supply chain delays, increased transport costs and inflationary pressures in international markets.
Net profits stood at €117.18 million, down from €121.69 million in the first half of 2024. However, excluding insurance compensation received in 2024 for flood-damaged stores in Greece, net profits increased by 5.11%.
Expansion across four markets
Jumbo operates 89 stores across its network: 53 in Greece, six in Cyprus, 10 in Bulgaria and 20 in Romania. The company targets opening an average of two new super-stores annually.
In Cyprus specifically, the two new stores will be developed within the next five years as part of the company’s strategic expansion plan, though specific locations have not been disclosed.
The retailer also operates through franchise partnerships in seven countries – Albania, Kosovo, Serbia, North Macedonia, Bosnia, Montenegro and Israel – with 41 stores bearing the Jumbo brand.
Investment in technology and infrastructure
Jumbo continues investing in e-commerce development across all markets whilst implementing significant investments in cybersecurity, artificial intelligence tools, and ERP system modernisation.
The company plans to add two new distribution centers with a total investment exceeding €60 million, to be completed within three to five years.
Management maintains that if the annual growth rate remains at 8%, net profits could stay at last year’s organic levels, with the Christmas trading period proving crucial for maintaining positive growth momentum.
