A total of €238.2 million in state funds was distributed to major construction firms and joint ventures across Cyprus in 2025, according to official expenditure figures published by the General Accounting Office of the Republic. The newly released report details all individual government disbursements exceeding €1 million made by ministries, deputy ministries, departments, and public services to private contractors over the course of the year.
Major Contracting Players Drive Infrastructure Spending
The data underscores a high degree of market concentration, with a small number of prominent corporate groups securing the vast majority of public infrastructure payouts:
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Cyfield Group: Topped the rankings after securing €102.5 million, representing 43.0% of all major state payments to the construction sector, collected through both individual company contracts and joint-venture projects.
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Iacovou Group: Ranked second, taking in €74.8 million (31.4% of the total funds distributed).
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Cybarco / Pharmakas Group: Positioned third with €25.0 million (10.5%), including payments made to its consortium partnerships.
Mid-Tier Firms and Consortium Partnerships
Beyond the top three entities, several other contracting firms absorbed significant portions of the 2025 budget:
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A. Aristotelous Group & S. Hadjichristofi: A. Aristotelous (Construction) Ltd, together with its joint venture with S. Hadjichristofi Constructions Ltd, collected €19.3 million (8.1%). Independently and through joint operations, S. Hadjichristofi accumulated €10.1 million (4.2%).
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Wade Adams Alliances: Participating in three separate joint ventures alongside Lois Builders, Phoenix, and Medcon, the group recorded €13.3 million (5.6%).
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A. & C. Angeli Group: Received €6.3 million (2.6%) via direct payments and a joint venture with Midsign Cyprus Ltd.
Additionally, individual payments exceeding €3 million were directed to:
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Araco Construction Cy Ltd and N. Gabriel & Sons Limited (€5.4 million / 2.3% each).
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KEPA Attikis S.A., CGKokias Ltd JV and A&A Apostolidis Ergoliptiki Etairia Ltd (€4.1 million / 1.7% each).
An additional 19 companies and consortiums received payouts ranging between €1 million and €2.9 million, accounting for a combined €32.6 million (13.7% of overall sector expenditure).
Key Methodological and Sectoral Context
The General Accounting Office noted that total calculated market shares for certain major groups reflect the full amount allocated to joint-venture partnerships in which they participate. Consequently, effective net earnings for individual corporate entities within these consortiums may be lower once internal distribution is accounted for.
The official records also clarify that selected entities listed under contracting groups were compensated for non-construction public services. A primary example is Caramondani Desalination Plants Ltd, which received €31.4 million during 2025 specifically for municipal water purchasing agreements rather than structural works.
Source: Stockwatch.com.cy