Lanitis Golf Public Co Limited reported a profit of €1.72 million for the year ended December 31, 2025, as it continued to advance its integrated golf and residential development project in Limassol.

According to an official announcement, the board of directors approved the annual financial statements, adding that the full report will be available at its offices at Lanitis Farm in Fasouri and on the Cyprus Stock Exchange (CSE) website.

The annual general meeting has been scheduled for June 4, 2026 at 9:00 a.m. at the company’s head office in Fasouri, Limassol.

Lanitis Golf reported that its core activity remains the development of a leisure and residential golf course project, with key milestones stretching back to the approval of the town planning permit on November 14, 2012 and the building permit granted on July 25, 2019.

Construction began in 2021, with the company entering into agreements for the reservation and sale of plots and apartments.

Between 2022 and 2024, additional agreements were secured covering the construction of the golf course, clubhouse, villas, townhouses, apartment blocks and internal road network, alongside new sales agreements.

During 2024, the company completed the transfer of control of certain plots to buyers, allowing revenue recognition.

Throughout 2025, construction progressed significantly, with the company completing the golf course, clubhouse and internal road network.

These developments, the report explained, enabled the company to enhance its offering to buyers and residents, while also transferring control of additional plots and residences, contributing to increased revenue.

The report also revealed that new agreements were signed for further sales and construction, reflecting strong demand and growth expectations.

The company owns approximately 1,400 decares of land near Tserkezoi and Asomatos, positioned close to key attractions such as My Mall Limassol, Fasouri Waterpark and the casino.

The company pointed out that this location has strengthened the project’s appeal as a luxury residential and leisure destination, supporting rising real estate values and investor interest.

Moreover, management stated that progress in 2025 confirms the company remains on track to deliver a fully integrated golf and real estate development.

By the end of the year, total development expenditure reached €26.79 million, compared with €40.20 million in 2024, financed through bank borrowings, related party loans and client prepayments.

Total assets increased to €177.81 million from €166.30 million, while net assets rose to €68.27 million from €64.39 million.

“The financial position, development and performance of the company as presented in these financial statements are considered satisfactory,” the board stated.

The company identified its main risks as credit and liquidity risks, which are monitored through daily management rather than a formal risk programme.

Exposure to interest rate risk stems from variable rate borrowings and assets, with liabilities bearing variable rates amounting to €35.14 million at December 31, 2025.

Management continues to monitor interest rate fluctuations but does not apply hedge accounting.

Credit risk arises mainly from financial assets of €3.04 million and bank balances of €15.05 million, with all such assets fully performing at year-end.

Liquidity risk is managed through monitoring expected cash flows and revenue streams, with management expressing confidence in its approach.

Looking ahead, the company confirmed that sales of plots, apartments, villas and townhouses continued into early 2026, with a focus on accelerating transactions and maintaining steady construction progress.

The board stated that no dividend will be paid, with profits retained within the company.

Finally, it mentioned that there were no changes to the company’s share capital during the year.