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Thursday, July 25, 2024

24th Annual General Meeting Petrolina

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Preserving financial resources, enhancing competitiveness and strengthening sustainable development prospects are Petrolina's fixed goals

24η Ετια Γενικor Συε&sigma ;η Πετρολνα

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

The audited consolidated financial results for 2023 were presented at length to the Assembly, based on which the total turnover through gas stations, to commercial customers as well as to other petroleum companies amounted to €559.9m. against €644.4m in 2022. The profit before tax amounted to €692 thousand. against €3.8m in 2022, while profit after tax from continuing operations amounted to €1.1m. against €2.8m the last year. Based on these results, earnings per share from continuing operations are estimated at 1.24 cents versus 3.25 cents in 2022.

Regarding the Company's long-term dividend policy, the Board of Directors proceeded to pay an interim dividend of 1.7 cents in August 2023, and today, taking into account the Company's prospects, proposes to pay a final dividend of 1.0 cents, so that the total dividend for the year 2023 to reach 2.7 cents per share or 7.9% of the nominal value of the share.

In his speech, Mr. Kostakis Lefkaritis, Executive Chairman of Petrolina, emphasized that, “the goal of our Group remains the safeguarding of its financial resources, strengthening its competitiveness and strengthening the perspectives of sustainable development in the context of the threefold environment – Society – Governance. The very recent registration of Petrolina (Holdings) Public Limited in the State Business Register & Organizations of Corporate Social Responsibility, as the first company to achieve this in Cyprus. This certification is a confirmation of the long-term contribution to the Cypriot society which will continue in the future, as a selfless appreciation for our country.

In addition to the long-term activity in the sale of petroleum products, our Group emphasizes targeting new infrastructure projects with a long-term horizon, with the aim of ensuring its business continuity. In this context, the grandiose project “Larnaka Land of Tomorrow” is included, in which our Group optimistically looks forward to the development of the privately owned properties where the old fuel terminal was housed on the northern beach front of Larnaca and their transformation into a modern and attractive space for the next generations”.

In the sad event, which marked the course of the Group this year, the recent loss of its longtime Executive Advisor, the late Dimitris Lefkaritis, who passed away in January 2024 at the age of 67, Mr. Lefkaritis was finally mentioned. “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 valuable contribution to our Group,” he said.

In closing, the Executive President of Petrolina, expressed his warm thanks and expressed his special appreciation to all the members of the Board of Directors, the Management, the gas station owners, the staff, the auditors, the legal advisors and all the partners who have always stood by the great family of Petrolina, for their contribution to the smooth execution of its corporate activities. He also addressed special thanks to all the company's shareholders for the trust with which they surround it. “It is within this framework of responsibility and trust that all our efforts are focused to achieve corporate strategic goals and opportunities for the benefit of all shareholders,” he said.

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Source: www.kathimerini.com.cy

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