The state collected 1.57 billion euros between 2006 and 2026 from handing Larnaca and Paphos airports and the commercial operations of Limassol port to private investors.
Airport concession fees, paid in return for exclusive management rights, brought in 1 billion euros between 2006 and 2025. The port generated 574 million euros over the past decade up to the end of July 2026, according to Ministry of Transport, Communications and Works data submitted to parliament.
The state collected 81.1 million euros from the port in 2025, up from 72.8 million in 2024 and 70.3 million in 2023. It received 44.6 million euros between January and July 2026, and revenue for the full year is estimated to exceed 80 million.
Airports
The airports were handed to Hermes Airports on 12 May 2006. The company is responsible for financing, designing, building, maintaining, operating, managing and developing the Republic’s international airports.
In December 2024 the state and Hermes Airports signed a new agreement extending the concession until November 2032. The deal also provides for a compensation payment of 30 million euros and the right to use 20 million euros from the concession fee as a loan, with interest paid to cover the Republic’s costs.
The agreement settled all of the company’s claims against the state, which exceeded 430 million euros. Hermes Airports waived its right to seek compensation over the operation of the illegal Tymbou airport and withdrew all its claims against the Republic, and other disputes covering 2015 to 2023 were settled.
The first phase of airport development began when the original agreement was signed. Larnaca airport’s terminal facilities can handle 7.5 million passengers a year and Paphos airport’s 2.7 million.
The second phase began in March 2025 and is expected to be completed in April 2027 at Paphos and September 2027 at Larnaca. The work will cost 170 million euros, which the operator will cover. Once complete, Larnaca airport will be able to handle 12.4 million passengers a year and Paphos 5 million.
Limassol port
The port concession agreements were signed in April 2016 with three companies, which took over operations in 2017 and pay the state quarterly.
Eurogate Container Terminal Limassol Ltd, a joint venture of EUROGATE International GmbH (60 per cent) and Zirando Investments Ltd (40 per cent), runs the container terminal, with a revenue share of 62.71 per cent.
DP World Limited (75 per cent) and GAP Vassilopoulos Public Ltd (25 per cent) jointly own P&O Maritime Cyprus Ltd, which provides marine services with a revenue share of 10.1 per cent, and DP World Limassol Ltd, which runs the general cargo terminal with a revenue share of 52.1 per cent.
Port revenue was 57.2 million euros in 2022, around 49.6 million in 2021 and 50 million in 2020. It stood at 54.6 million in 2019, 46.5 million in 2018, 37.9 million in 2017 and 10 million in 2016.
