22nd Annual General Meeting of Petrolina
2021: Another milestone year
22 June 2022

The 22nd Annual General Meeting (AGM) of the shareholders of Petrolina (Holdings) Public Ltd was held on Wednesday, 22 June, 2022.

The Annual General Meeting presented the consolidated results for 2021 and announced pre-tax profits of €5,5m compared to €3,8m in 2020, while the profits from continuous operations after tax reached €4,8m compared to €3,1m in 2020. Total turnover through petrol stations, sales to commercial customers as well as to other oil companies amounted to €480,0m versus €283,2m in 2020. Based on these results, earnings per share from continuing operations are estimated at 5,53 cents compared to 3,60 cents in 2020.

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 per share in May 2021 and a second interim dividend of 2,5 cents per share in October 2021. Today, at the AGM, taking the prospects of the Company into consideration, the BoD proposes the payment of a final dividend of 2,0 cents per share, so that the total dividend for the year 2021 rises to 6,2 cents per share or 18,23% on the nominal share value.

As the Executive Chairman of the company Mr Costakis Lefkaritis stated, “beyond the numbers, 2021 was once more a milestone year for us, as last year, the results of the wholly-owned subsidiary company SILK OIL, which joined our Group on December 31, 2020, were consolidated for the first time. This acquisition is part of the further growth of the Group's existing operations in Greece and is expected to contribute positively to the Group's prospects in the medium term. At the same time, the Group emphasises and constantly examines new infrastructure and development projects as part of our long-term plan, in order to maintain growth and to develop within the evolving market and to ensure business continuity. This includes the recent Group activity in the development of privately owned properties located on the northern coastal front of Larnaka, in the area of ​​the old fuel storage facilities, mainly after the recent acquisition of additional similar properties through the wholly-owned subsidiary Petrolina Bayfront Ltd”.

Referring to the impact of the Covid pandemic and the Russian invasion in Ukraine, he said: “2021 was another difficult year both for our country and globally as the adverse repurcussions of the pandemic continued, bringing significant challenges to the social and economic resilience of the entire planet. The gradual de-escalation of the pandemic has led to a partial recovery in the economy, but simultaneously disturbed the global balance between supply and demand, resulting in inflationary trends, especially in the second half of the year. Russia's invasion in Ukraine this February, beyond all the human and material losses, has brought about an additional imbalance between supply and demand, and the effects of the invasion on inflation globally are now felt in all households and businesses, with unfortunately unpredictable future developments."

In closing, the Executive Chairman of Petrolina expressed his deep appreciation of the members of the Board of Directors of Petrolina (Holdings) Public Ltd, the Management team, the petrol station owners and managers, the staff, the auditors, the legal advisors, all the members that make up the large Petrolina family, and the shareholders of the Company for their enduring trust. “It is within this framework of responsibility and trust that all our efforts are focused on, to achieve the corporate strategic goals we have set, for the benefit of all shareholders,” he said.