17th Annual General Meeting
Petrolina: Renewal of the strategic cooperation with Eni Italy – New infrastructure projects – Continuous improvement of petrol station network
29 June 2017

Important references to the new infrastructure projects and to the continuous improvements to its petrol stations’ network, as well as to the renewal of its international co-operations were made at the 17th Annual General Meeting of the Shareholders of Petrolina (Holdings) Public Ltd, held in the 28th of June 2017.  

The consolidated results of 2016 were presented at the AGM.  During the year, the total sales through petrol stations, commercial clients and other petrol companies reached €379,2 million compared to €404,8 million during 2015.  The profit before tax reached €6.4 million, compared to €8.3 million in 2015, while the profit after tax reached €5.6 million, compared to €7.2 million in 2015. Based on these results, the profits per share are valued at 6.43 cent compared to 8.23 cent in 2015. 

On the basis of the Company’s established dividend policy, the Board of Directors proceeded in the distribution of an initial interim dividend of 2,2 cent per share in October 2016 and a second interim dividend of 1,7 cent per share in April 2017.  Taking into account the prospects of the Company, the General Meeting approved the proposal by the Board of Directors to distribute a final dividend of 2,0 cent per share, so that the total dividend for the year 2016 will reach 5,9 cent per share or 17,4% of the nominal value of the shares.

The address of the Executive Chairman of the Company Mr. Kikis Lefkaritis highlighted the actions the company is taking to safeguard its superior infrastructure, the protection of its financial resources, the conservation of its competitiveness and the reinforcement of its growth prospects.  It also emphasised the continuous improvements to the Company’s petrol stations network, based on EU standards of safety, productivity and appearance, for the benefit of the consumer. 

An update to the Vassilkos storage facilities was made, confirming that with the completion of the second phase of the project, which mainly consists of the construction of the tanker truck filling station, will be fully operational within 2018, provided that the permits the Company has already applied for are given timely.  

Mr Lefkaritis spoke of the importance of the renewal of the Company’s agreements with Eni Italy for a further period of 10 years.  These cover both the rights to use the Eni brand at the Company's petrol stations and the exclusive import and distribution of the high quality Eni lubricants in Cyprus.  He underlined that “all the Company’s petrol stations currently carrying the Agip brand will soon be upgraded to the new standards of the Italian conglomerate and carry the Eni brand”.