With €40m plant in Tseri, Olympus becomes new major player in Cyprus’ Halloumi production industry

A major player in the Greek dairy production industry, and which is also active in Romania, has expanded to Cyprus and is officially entering the economically vital halloumi production industry, the country’s second-largest export.

Olympus, a member of the Trikala-based Hellenic Dairies group, has since last June also been active on the island through Olympus Foods Cyprus and the production of Halloumi and other dairy products in the group’s new state-of-the-art factory, located in the industrial area of ​​Tseri, Nicosia.

An investment of more than €40 million, the unit is being inaugurated on the afternoon of 10 October in the presence of the Minister of Agriculture, Rural Development and Environment Maria Panayiotou and the Minister of Energy, Commerce and Industry George Papanastasiou, who will address the opening on behalf of the President of the Republic.

Greece’s Minister of Digital Governance Dimitris Papastergiou, and Deputy Minister of Rural Development Christos Kellas as well as Konstantinos Skrekas a Member of Parliament representing the New Democracy party in the district of Trikala, will also address the event.

The new unit, which as mentioned above is located in the industrial zone of Tseri and has been operating since June, processes milk for the production of Halloumi with a maximum processing capacity of 180.00 tons of milk per day.

It is noted that the design of the factory was undertaken and implemented by Zenonos Architects, while the construction work was undertaken and carried out by Psaras Construction.

Local production

The milk comes from local producers in Cyprus with whom the company has signed cooperation and development contracts, while the produced products will be sold partly in the Cypriot market and for the most part in foreign markets (EU, USA etc.).

This development follows Olympus’ acquisition of 49% of the share capital of the historical Kouroushis Dairies, which retains management rights and a provision for the acquisition of the remaining shares in a second year, as well as the successful commercial activity of Hellenic Dairies in the Cyprus market.

Hellenic Dairies

The Hellenic Dairies group is the largest dairy products company in the Greek market and one of the largest food companies in Greece.

It has under its umbrella the brands Olympos, Tyras, Rodopi, Agno, Doumbia and Kliafa, and also already has six other factories (five in Greece and one in Romania) processing milk and producing dairy products, bottled water, juices and soft drinks.

The group's sales for 2023 amounted to €598.5 million, compared to €493.8 million in 2022, while the group's EBITDA reached €90 million in 2023, significantly increased in compared to €65 million, which was the corresponding amount in 2022.

Pre-tax profits from €33 million were €36 million.

It is noted that the company has significant expertise in supporting local producers for the development of stable livestock breeding, through special programs that it has successfully implemented, both in Northern Greece and in Romania.

Cyprus' exports of Halloumi

The group's investments in the Cypriot dairy industry and especially Halloumi are not accidental, as it is a sector with enormous potential and added value for our country's economy.

As is known, Halloumi is the second largest export product of Cyprus, with more than 41,000 tons of Halloumi, worth €350+ million, to more than 50 countries, while according to the latest figures from the Statistical Service, the first half of 2024 was the main export product of Cyprus with exports in the first four months reaching €186.5 million, representing 18.5% of total exports.

The sector's contribution to the Cypriot GDP amounts to almost 2%, while more than 10,000 workers are employed in the various sectors of cheese production.

(Source: InBusinessNews)