Press Release
On Thursday, the 19th of June, the 25th Annual General Meeting of the Shareholders of Petrolina (Holdings) Public Limited took place.
During the meeting, the audited consolidated financial results for 2024 were extensively presented. According to these results, the total turnover from service stations, commercial customers, and other oil companies amounted to €570,1 million compared to €559,9 million in 2023. Profit before tax amounted to €3,1 million compared to €692,000 in 2023, while profit after tax from continuing operations amounted to €2,7 million compared to €1,1 million in the previous year. Based on these results, earnings per share from continuing operations are calculated at 3,11 cents compared to 1,24 cents in 2023.
Regarding the Company's long-term dividend policy, the General Meeting, taking into account the Company’s prospects, approved the Board of Directors’ proposal for the payment of a final dividend of 2,0 cents, or 5,9% on the nominal value of the share.
In his address, Mr. Costakis Lefkaritis, Executive Chairman of Petrolina, emphasized that, “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. Our Group continues to actively invest in these areas, maintaining a longstanding commitment to Cypriot society, which will continue in the future as a sincere appreciation for our country.”
“Our Group is constantly evolving, placing special emphasis on new infrastructure projects with a long-term horizon to ensure business continuity. Within this framework, is the proposed acquisition of ExxonMobil Cyprus Limited by our new wholly owned subsidiary, Med Energywise Ltd. As already announced to the competent Supervisory Authorities, the Share Purchase Agreement was signed in November 2024, and in February 2025, a concentration notification was submitted to the Commission for the Protection of Competition, as the completion of the transaction is subject to their approval. The application is currently under review by the Commission.
Beyond its longstanding involvement in the petroleum industry in which the company has been operating for over six decades, our Group is moving forward with the ambitious ‘Larnaka: Land of Tomorrow’ project which aims to transform the landscape of own plots of land. The appointed experts are dedicated to a development vision that thoughtfully balances environmental respect and sustainable development. We aspire for the project to become an attractive landmark, not only for Larnaka but for Cyprus as a whole.”
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.
