06.08.2022
Nexters, an international game development company headquartered in Limassol, this week released its financial and operating results for the first quarter of 2022. In addition, the company also announced changes to its board of directors, where, among other changes, Ivan Tavrin will leave the board and chair.
The company explained that from August 28, 2022, Tavrin will not be engaged in corporate management of the company. The Board of Directors will vote to elect a new chairman. As for other changes, the board of directors will include three new independent directors. The new directors will be Tal Shoham, who has over 10 years of business development and marketing experience at Supersonic, ironSource and Huuuge Games; Marie Holive , former CFO and managing director of General Electric and Comcast NBCUniversal; and Olga Loskutova, former Managing Director of Nestle and SABMiller, now Vice President of Product and Brand Marketing at Whirlpool EMEA.
“The strong international multidisciplinary experience of the new independent directors will further the growth of Nexters,” the company said in a statement.
According to the company’s unaudited financial and operating results for the first quarter of 2022, Nexters achieved a record quarterly revenue of $126 million, up 45% year-on-year, coupled with a record high quarterly net income of $23 million. In addition, operating cash flow was US$18 million.
Earlier this year, Nexters entered into agreements to acquire three gaming companies for $100 million, namely Cubic Games, RJ Games and Royal Ark. The move placed Nexters ninth in the top 15 strategic investors in the world, according to InvestGame’s Q1 report.
According to data released this week by the Cyprus Consumers Association, liquid fuel prices rose by 58.2% between January and July this year. In addition, there was a marked increase in prices for a number of categories of products and services, as confirmed by data published by the Statistical Office of Cyprus (Cystat).
According to a table prepared by the Cyprus Consumers Association, the biggest increase from January to date has been in liquid fuels, which increased by 58.2%. In addition, there was a significant increase in the price of edible oils, which increased by 53.54 percent during this period. The increase in electricity recorded during this period is also significant, which increased by 48.96% over 7 months.
On Friday, Lanitis Entertainment CEO Giorgos Ioannou spoke about the group’s recent acquisition of the Gloria Jeans Cyprus coffee shop franchise, explaining that the move is in the context of the group’s broader growth strategy. Ioannou also noted that competition in the entertainment and leisure sector in Cyprus has intensified over the past few years.
“We believe that well-managed catering and leisure businesses will survive through this competition and be able to increase their quality levels while meeting the demands of their customers,” Ioannou said. “We are constantly monitoring the market for investment opportunities in this area, and when we were informed that the former owner’s company was interested in diversifying its investments, we came close and I can say that in a short period of time we reached this agreement,” Ioannou . d added.
Finally, the CEO of Lanitis Entertainment stated that “In the near future, we will focus on further strengthening the Gloria Jeans brand and will continue to gradually upgrade existing points of sale as necessary.”
The Cyprus Stock Exchange (CSE) ended Friday, August 5, with losses.
The overall Cypriot stock market index stood at 68.03 points at 13:15 during the day, reflecting a 0.53% drop from the previous trading day.
The FTSE/CySE 20 Index stood at 40.78 points, down 0.51%.
The total value of the transactions was 9,895 euros.
As for the sub-indices, the main, alternative and hotel indexes fell by 0.39%, 0.49% and 3.51%, while the investment companies index remained stable.
Vasiliko cement plant (-0.76%), Bank of Cyprus (-1.42%), CCC Tourist Enterprises (no change) and Tsokkos Hotels Public Ltd (+1.19%) attracted the highest investment interest.
