24th Petrolina Annual General Meeting
Preservation of financial resources, enhancement of competitiveness, and strengthening prospects for sustainable development remain Petrolina's steady goals
19 June 2024

On Wednesday, the 19th of June, the 24th Annual General Meeting of the Shareholders of Petrolina (Holdings) Public Ltd took place.

During the meeting, the audited consolidated financial results for 2023 were extensively presented. According to these results, the total turnover from service stations, commercial customers, and other oil companies amounted to €559.9 million compared to €644.4 million in 2022. Profit before tax amounted to €692,000 compared to €3.8 million in 2022, while profit after tax from continuing operations amounted to €1.1 million compared to €2.8 million in the previous year. Based on these results, earnings per share from continuing operations are calculated at 1.24 cents compared to 3.25 cents in 2022.

Regarding the Company's long-term dividend policy, the Board of Directors proceeded with the payment of an interim dividend of 1.7 cents in August 2023. Today, considering the Company's prospects, they propose the payment of a final dividend of 1.0 cent, bringing the total dividend for the fiscal year 2023 to 2.7 cents per share or 7.9% of the nominal value of the share.

In his address Mr. Costakis Lefkaritis, Executive Chairman of Petrolina emphasized, "Our Group's goal remains the preservation of its financial resources, the enhancement of its competitiveness, and the strengthening of sustainable development prospects within the framework of the Environment - Society - Governance triad. Indicative of this is the recent registration of Petrolina (Holdings) Public Limited in the State Registry of Business / Organizations of Corporate Social Responsibility (CSR), as the first company to achieve this in Cyprus. This certification confirms our longstanding support and social contribution to Cypriot society, which will continue in the future, as a sincere appreciation towards our country."

“Beyond its longstanding involvement in the petroleum trade, our Group focuses on new infrastructure projects with a long-term horizon, aiming to ensure its business continuity. This includes the ambitious "Larnaka Land of Tomorrow" project, where our Group optimistically anticipates developing the privately-owned properties where the old fuel terminal was located on Larnaka's northern coastal front, transforming the area into a modern and attractive space for future generations."

In a somber note, Mr. Costakis Lefkaritis referred to the recent loss that marked the Group's journey this year—the loss of longtime Executive Director, the late Dimitris Lefkaritis, who passed away in January 2024 at the age of 67. "On behalf of the Board of Directors of Petrolina (Holdings) Public Limited, I would like to express our deep appreciation for his many years of invaluable contribution to our Group," he said.

In closing, the Executive Chairman of Petrolina expressed his sincere thanks and appreciation to all members of the Board of Directors, Management, service station owners, staff, auditors, legal advisors, and all stakeholders who always support Petrolina’s large family, for their contribution to the smooth execution of the company's activities. He also extended special thanks to all the company's shareholders for the trust they place in it. "It is within this framework of responsibility and trust that all our efforts are focused on achieving corporate strategic goals and seizing opportunities for the benefit of all shareholders," he said.