The recipients of the 17th IN Business Awards

In an evening that once again served as the most significant celebration of Cyprus' business community, the IN Business Awards—a long-standing institution that for 17 years has honoured distinguished companies and individuals—affirmed an undeniable truth: That good business practices will always find a way to flourish and be recognised, and that the entrepreneurial ecosystem of our country is something to be proud of.

The awards ceremony for the 17th IN Business Awards took place on the evening of Wednesday, 14 May 2025, at the Hilton Hotel in Nicosia, in the presence of President Nikos Christodoulides, the full state leadership, and, of course, the island’s business elite.

With Demetra Makriyianni as the evening’s host, the 17th IN Business Awards celebrated companies and business leaders who stood out as the best of the best. The core message and essence of the event was captured in a statement by IMH CEO, George Michael, addressed to all the companies and managers nominated: “To us, you are all winners…”

As part of this year’s awards, nine awards were presented across an equal number of main categories, along with four special honorary distinctions.

The companies and individuals from Cyprus' business community who stood out and were recognised as part of the 17th IN Business Awards are as follows:

Small and Medium-Sized Enterprise (SME), presented G.A.P. Vassilopoulos Group

Capacitor Partners was the recipient of the award in category Small and Medium-Sized Enterprise (SME), which was presented G.A.P. Vassilopoulos Group.

Capacitor Partners offers transformation services that combine strategic analysis, process redesign, and advanced automation for maximum performance.

Starting from Cyprus, the company expanded internationally within just four years of operation, establishing a presence in Greece and Malta.

It serves businesses with six-figure or higher revenues, as well as government entities, offering services in transformation consulting, product management, and change management.

In 2024, Capacitor Partners invested in ThinkBloom, specialising in marketing transformation, and Experientix, focusing on user experience and product research, thus expanding the range of services and its innovative ecosystem.

Retail - Industry/Manufacturing

The award in the Retail - Industry/Manufacturing category was awarded to Charalambides Christis LTD.

Charalambides Christis has shaped the history of Cyprus' dairy industry.

It stands out in both the production and distribution of high-quality, nutritionally valuable food products, with export activity spanning 37 countries.

In line with its mission to contribute to a sustainable and better future for all, the company implements a comprehensive Environmental, Social, and Corporate Governance (ESG) policy that extends across its entire ecosystem.

At the same time, it runs the "Symmetochi" social solidarity and contribution program, which focuses on children and young people. The initiative supports actions that improve their nutritional health, education, learning, and recreation.

Services

In the Services category, Athlos Capital was the recipient of the award.

Athlos Capital operates in the investment services sector, offering a full range of services including portfolio management, investment advice, custody, and order reception and transmission.

The company also specialises in bond brokerage services. In 2024, it launched Sophic, a first-of-its-kind innovative digital platform in Cyprus, enabling individuals and businesses to easily invest in financial products such as treasury bills and government bonds from countries with high credit ratings.

With an extensive network of counter-parties and the use of advanced technology, Sophic is designed to deliver optimal results for its clients.

Special Award - Overall Contribution to the Shipping Sector

Thomas Kazakos, the Secretary General Elect of the International Chamber of Shipping (ICS), having previously served as Director General of the Cyprus Shipping Chamber (CSC), was awarded for his contribution to shipping, with the Special Award - Overall Contribution to the Shipping Sector. His award was picked up on his behalf by his wife, Evangelia Christodoulou Kazakou.

With more than three decades of dedicated service in the maritime sector, Thomas A. Kazakos has played a leading role in shaping maritime policy and establishing Cyprus as a prominent global shipping hub.

From 1992 to 2025, he served at the Cyprus Shipping Chamber, holding the position of Director General for the past 30 years.

During his tenure, the Chamber was firmly established as the official representative body of the Cyprus shipping industry, both nationally and internationally.

Kazakos also actively participated in the boards of directors of OEB (the Employers and Industrialists Federation) and CCCI (the Cyprus Chamber of Commerce and Industry), while for many years he represented the Chamber at the International Chamber of Shipping and the European Community Shipowners’ Associations, where he also served as Chair of the State Aid Committee.

He was additionally appointed by the European Union to the Board of the European Maritime Safety Agency (EMSA) as the representative of European shipowners.

Among the major milestones of his tenure were:

• The Chamber’s participation in Cyprus’ 2004 EU accession negotiations as the national shipping expert,
• The approval of Cyprus’ specialised shipping taxation system by the European Commission in 2010 and its renewal in 2019, securing long-term sectoral stability,
• The establishment of the Deputy Ministry of Shipping in 2018, a result of his long-standing consultation efforts and personal initiative.

In 2024, he became the first officially registered lobbyist with the Independent Authority Against Corruption in Cyprus.

Later that year, he was appointed as the first Cypriot to serve as Secretary General / CEO of the International Chamber of Shipping.

BMW Excellence Award - Cypriot businessperson/professional Excelling Overseas

Andreas Shiamishis, CEO of HELLENiQ ENERGY, was handed the honorary BMW Excellence Award - Cypriot businessperson/professional Excelling Overseas.

Andreas Shiamishis hails from Morphou. He studied economics with a specialisation in econometrics at the University of Essex and is a Fellow (FCA) of the Institute of Chartered Accountants in England and Wales.

He began his career at KPMG London, specialising in the banking sector and large multinational groups.

He later held executive positions at Diageo across Europe, the Middle East, and North Africa, and also worked with the Leventis Group, as well as in a publicly listed high-tech and telecommunications company.

In 2003, he joined PETROLA, and following its merger with Hellenic Petroleum (HELPE) in 2005, he assumed a series of senior leadership roles.

Since 2019, he has served as Chief Executive Officer of the HELLENiQ ENERGY Group and is an executive board member of HELLENiQ ENERGY Holdings. In 2024, he was also appointed Vice President of the Hellenic Federation of Enterprises (SEV).

It is also worth noting that he previously served as Chairman of the Council for Sustainable Development.

Tourism - Hotels - Entertainment - Food & Beverage

The Tourism - Hotels - Entertainment - Food & Beverage Award was delivered to Thanos Hotels & Resorts.

The Thanos Hotels & Resorts Group was founded 51 years ago and consists of three hotels in the Paphos district—Anassa, Almyra, and Annabelle—along with the high-end boutique stores Kult and the Antasia Beach Club.

In 2023, the group entered the Greek luxury hospitality market with two hotels: Amyth of Mykonos Agios Stefanos and Amyth of Mykonos Super Paradise. In March 2025, it expanded further with the opening of Amyth Nicosia in the capital.

The group’s next major projects, through its hotel management services, include the revival of the historic Berengaria Hotel in Prodromos and the Palm Beach Resort in Larnaca.

Βest Workplace / Employer of Choice

XM was the recipient of the Βest Workplace / Employer of Choice Award.

Since its founding in 2009, XM has evolved into an international fintech group headquartered in Cyprus, with offices around the globe and a workforce of over 1,500 employees.

At the core of its philosophy is maintaining a work environment that fosters growth, flexibility, and engagement. Guided by its core values—big, fair, human—XM invests in innovative practices that nurture a culture of continuous development.

Through its “everyone a leader” model, the company encourages active participation in decision-making at all levels. Meanwhile, ongoing training, hybrid work formats, and wellness initiatives support the professional and personal growth of its people.

Real Estate - Construction

Zemco Group received the Real Estate – Construction Award.

The Zemco Group comprises a range of companies with diverse specialisations in construction and support services.

Zemco Construction has been active in the construction sector since 1956, while Zemco (Electromechanical) specialises in mechanical and electrical engineering projects.

Zemco Transport handles the group’s logistics and transportation needs.

Zemco Asphalt Works is responsible for the production and laying of asphalt concrete, and Z.S. Cementotechniki manufactures and distributes precast concrete products.

This combination of specialised companies enables the group to deliver comprehensive solutions for infrastructure and construction projects.

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ESG – CSR

Exness received the ESG – CSR Award.

Exness demonstrates a multifaceted commitment to social responsibility through a wide range of initiatives across various sectors.

Among its efforts, the company supports students by awarding 61 annual STEM scholarships. It also funds three technologically advanced drones, their operations, and the training of the team that operates them, for detecting wildfires in remote areas of Cyprus and protecting the island’s forests.

In addition, starting in 2024, Exness began donating vehicles to organisations that support cancer patients, helping facilitate their transportation needs. It has also supported the healthcare system with €1.1 million in medical equipment and assistance to hospitals.

Manager (In memory of Andy Hadjicostis)

The award for Manager (In memory of Andy Hadjicostis) was handed to Dimitris Zorbas, CEO of the Zorbas Group.

Dimitris Zorbas leads one of Cyprus’ largest companies in the bakery, confectionery, and food service sectors.
The company was founded in 1975 by his father, Andreas Zorbas, and has grown into an industry leader with over 100 retail locations, three production units, and a team of 3,500 members.

Under Dimitris Zorbas’ leadership, the company has embraced innovative technologies, expanded its store network, and entered the U.S. market.

He is a strong advocate of participatory management and takes pride in the fact that his team continues to be guided by a human-centred approach and the values on which the company was built.

Business, presented by Demetriades Handling

The award in the Business category, presented by Demetriades Handling, was awarded to Petrolina.

Petrolina operates in the broader energy sector, managing one of the largest fuel station networks in Cyprus—Petrolina, Eni, and Agip—as well as retail points in Greece through its subsidiary, Silk Oil S.A.

It owns storage and management facilities in Cyprus (Vasiliko) and Greece (Samos, Chania), and is also active in aircraft refuelling, among other services.

Petrolina is a leader in electric vehicle charging through pcharge, the largest charging network in Cyprus.

In strategic partnership with the Lefkaritis Group, it is also expanding into land development with the Land of Tomorrow project, focusing on the sustainable urban transformation of Larnaca.

Editor’s Choice Award

The Editor’s Choice Award was received by Invest Cyprus.

Invest Cyprus (Cyprus Investment Promotion Agency – CIPA) is the official investment authority of the Cypriot government, tasked with attracting and facilitating foreign direct investment (FDI) into the country.

In close collaboration with all government authorities, public organisations, and the private sector, Invest Cyprus has emerged as the primary entity driving the positioning of Cyprus as a global destination for international business and investment.

The organisation focuses on enhancing global awareness of Cyprus as a prime location for FDI, provides comprehensive information on doing business on the island, and supports investors in the development and expansion of their business ventures in Cyprus.

In 2023, foreign direct investment in the country reached €3.5 billion, marking a 129% increase, and contributed to the creation of over 2,500 jobs.

Seventeen years after its establishment, Invest Cyprus continues to serve as a bridge between investors, businesses, and the state, offering guidance across all stages of the investment cycle—from promotion and facilitation to the continuous improvement of the investment environment.

Lifetime Achievement Award, presented by Montblanc

The managers of MSJ group, Sotos Jacovides (Chairman and CEO, MSJ group), Savvas Jacovides (Chairman of the Board, Lifepharma-Z.A.M.), Alexandros Jacovides (Chairman of the Board, Genesis Pharma) and Aris Jacovides (Chairman and CEO, M.S. Jacovides Hellas), were awarded the "Lifetime Achievement Award", presented by Montblanc.

The story of the MSJ Group began in 1944, when Michalakis Jacovides, a young pharmacist at the time, opened his first pharmacy in Cyprus.

Today, 80 years later, Sotos, Savvas, Alexandros, and Aris Jacovides —all members of the boards of directors of the MSJ Group companies—lead the family business, which has become one of the leading healthcare groups in Cyprus and Greece.

The four brothers joined the family business in the 1970s with the aim of exploring new commercial opportunities. Through their efforts, they successfully expanded the group's operations and established partnerships with renowned international firms.

Today, the MSJ Group consists of 400 professionals in Cyprus and Greece, with a presence in 14 countries across Southeast Europe, through its companies: M.S. Jacovides, Lifepharma, Genesis Pharma Cyprus, Vetagrica, Agrolan, EvZeen.com, M.S. Jacovides Hellas, and Genesis Pharma Hellas.

The group’s companies are active in various healthcare sectors.

Some of the product categories they manage include: pharmaceuticals, immunoglobulins, biopharmaceuticals, over-the-counter (OTC) medications, nutritional supplements, clinical and infant nutrition, medical devices, consumer goods, oral hygiene products, dermocosmetics, animal health and nutrition products, and crop protection solutions.

Today, guided by the same principles and values of their founder, the four brothers, together with the third generation of the family, work in harmony to ensure the continued success of the group. They uphold the MSJ Group’s promise: to support and enhance every stage and aspect of life.

The IN Business Awards were presented by European University Cyprus.

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• Organisers: ΙΜΗ and ΙΝ Βusiness magazine.