20th Annual General Meeting of Petrolina
2019: a milestone year with the completion of the new Vasiliko terminal
11 August 2020

The 20th Annual General Meeting (AGM) of the shareholders of Petrolina (Holdings) Public Ltd was held, with a limited number of attendees and taking all necessary measures for Covid-19.

The Annual General Meeting presented the consolidated results for 2019 and announced pre-tax profits of €4.5m compared to €4.9m in 2018, while the profits from continuous operations after tax reached €4.1m compared to €4.3m the year before. Total turnover through petrol stations and sales to commercial customers as well as to other oil companies amounted to €322.9m against €394.1m in 2018. Based on these results, earnings per share from continuous operations are estimated at 4.68 cents compared to 4.90 cents in 2018.

The company's long-term dividend policy remains stable. The Board of Directors proceeded with the distribution of an initial interim dividend of 1.7 cents in May 2019. A second interim dividend of 1.0 cents was distributed in November 2019 and today, taking into account the cash flow and prospects of the company, the BoD proposed the payment of a final dividend of 2 cents, so that the total dividend for the year 2019 rises to 4.7 cents per share or 13.82% on the nominal share value.

The Executive Chairman Mr. Kostakis Lefkaritis descriped 2019 as a ‘milestone year’ for Petrolina, referring to the new state-of-the-art facilities of the Company: “Petrolina adhering to the tide time schedule, as well as to its vision and philosophy to invest significant resources in infrastructure projects in Cyprus, managed to complete its new fuel terminal in Vasiliko. As a result, in January 2020, we proudly inaugurated one of the largest investments ever made in Cyprus, by a Cypriot company ".

At the same time, Mr. Lefkaritis assured, despite the delays and obstacles due to the pandemic, "the procedures for the construction of the fuel terminal in Vasiliko are progressing together with our strategic partners, as well as the planned demolition and demolition of the old facilities located in northern coastal front of Larnaca, with the demolition of all reservoirs and the clearing of the land ". The ultimate goal underlined by the Executive Chairman of Petrolina is the Company's privately owned plots included in new urban zones to be properly utilized, contributing to the development and tourist upgrade of Larnaca and consequently Cyprus.

Referring to the Covid-19 pandemic, Mr. Lefkaritis emphasized: "Our primary concern was and is to safeguard and protect the health of our people, partners and customers, while supporting the State and Society.

Finally, the Executive Chairman of Petrolina did not fail to warmly thank the members of the Board of Directors, the Management, the petrol station owners, the staff, the auditors, the legal advisors, as well as all the shareholders of the Company for their trust. In closing, he expressed on behalf of the Board of Directors of Petrolina (Holdings) Public Ltd their deep appreciation to the Honorary President Mr. Kikis Lefkaritis for his substantial and continuous advisory offer in the activities of the Company.