Petrolina AGM reveals resilience in the face of challenging and evolving market conditions

The 23rd Annual General Meeting (AGM) of the Shareholders of Petrolina (Holdings) Public Ltd took place on 14 June, during which the company's audited consolidated financial results for 2022 were presented in detail.

The results presented at the meeting also showed the total turnover from service stations, commercial customers, as well as other oil companies, amounted to €644.4 million compared to €479.5 million in 2021. Profit before tax amounted to €3.8m compared to €5.5m in 2021, while profit after tax from continuing operations amounted to €2.8m compared to €4.8m in the previous year. Based on these results, earnings per share from continuing operations is estimated at 3.25 cents compared to 5.53 cents in 2021.

Concerning the Company's long-term dividend policy, the Board of Directors made a first interim dividend payment of 1.7 cents in September 2022, a second interim dividend payment of 2.0 cents in November 2022, and today (14 June), taking into account the Company's prospects, proposes the payment of a final dividend of 1.5 cents, bringing the total dividend for the 2022 financial year to 5.2 cents per share or 15.3% on the nominal value of the share.

As stated by the company's Executive Chairman Costakis Lefkaritis, the past year has undoubtedly been a difficult one both internationally and locally. "The commencement of the Russia-Ukraine war in February 2022, combined with the imbalances between supply and demand of goods previously created by the effects of the pandemic, intensified and brought about significant increases in the international prices of fuel and other commodities, especially in the second quarter of 2022. These challenges had a significant impact on our Group's operations, primarily the significantly increased costs of financing the importation of petroleum products. Our Group was able to successfully cope with the unprecedented new world order and to adapt to changing and challenging circumstances, as it has done throughout our history."

Lefkaritis stressed that "our Group's constant objective remains to ensure sustainable development in the context of the Environment - Society - Governance triptych while safeguarding its financial resources, enhancing its competitiveness and its growth prospects. In addition, our Group, through various Corporate Social Responsibility initiatives, supports the Cypriot society and the needs of our fellow human beings over time, when they arise. This contribution will continue in the future as a reflection of our appreciation towards the Cypriot society."

Regarding the integration of SILK OIL into the Group at the end of 2020, Lefkaritis said, "It is expected in the medium term to have a positive impact on the Group's prospects and results due to economies of scale and synergies in Greece."

Referring to the Group's activities beyond oil products, Lefkaritis said that "our Group places particular emphasis and is constantly considering new infrastructure projects with a long-term perspective, to ensure business continuity. Larnaka Land of Tomorrow, a mega project through which our Group oversees the development of privately owned properties located on the northern Larnaka seafront, transforming the area into a modern and attractive space for future generations, is part of this context."

In closing, the Executive Chairman of Petrolina expressed his sincere thanks and appreciation to all the members of the Board of Directors, the Management team, the petrol station owners, the staff, the auditors, the legal advisors, and all stakeholders who always support Petrolina's large family, for their continued contribution to the smooth running of the company's business activities. He also expressed special thanks to all the company's shareholders for the trust which they have placed in the company. "It is within this framework of responsibility and trust that all our efforts to seize opportunities and achieve corporate strategic objectives for the benefit of all shareholders are focused," he said.