Ermes Department Stores Plc recorded a net profit of €15.3 million in the first half of 2025, primarily due to the completion of the disposal of its subsidiary Superhome Center DIY Ltd.
According to an announcement released on Monday, the company approved its audited financial statements for 2024 and the unaudited condensed interim financial report for the six months ending June 30, 2025, at its board meeting on November 14, 2025.
For the full year 2024, Ermes Department Stores Plc reported turnover of €43,200,000, compared with €43,600,000 in 2023, after adjustments linked to the planned year-end disposal of the Superhome subsidiary.
The disposal of Superhome, completed in January 2025, means its results are presented under the group’s discontinued operations.
Operating profit for 2024 reached €4,200,000, compared with adjusted profit of €7,800,000 in 2023.
In 2023, approximately €2,300,000 of non-recurring income had been recorded.
Results for 2024 were negatively affected by €3,700,000 due to the outcome of a court ruling on the Debenhams Avenue department store on Makariou Avenue in Nicosia.
They were also affected by the full write-off of the internal commercial goodwill held by the company, amounting to €1,900,000.
As a result, the Ermes group posted a net loss after tax of €3,000,000 in 2024, compared with a net profit of €676,000 in 2023.
The unaudited interim results for the six months ending June 30, 2025, showed that the group recorded turnover from continuing operations of €5,900,000, compared with €7,700,000 for the same period in 2024.
The figures were adjusted for the disposal of Superhome Center DIY Ltd and for the agreement to dispose of the group’s department store operations, the results of which are reported as discontinued operations.
Operating profit for the period amounted to €2,300,000, compared with €1,400,000 in the same period last year.
Of this, €1,300,000 was attributable to gains from the sale of stores during the first half of the year.
The group’s net asset position as of June 30, 2025, was €3,400, compared with a negative position of €1,800,000 on June 30, 2024.
The date for the company’s annual general meeting will be announced at a later stage, the board confirmed.
