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Next Announce profits of 4.8 million Petrolina HOME for 2021 HOME • INSIDER • BUSINESS • Petrolina announced profits of 4.8 million euros for 2021
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At the 22nd Annual General Meeting of Shareholders of Petrolina (Holdings) Public Ltd, profits of € 4.8 million for 2021 were announced compared to € 3.1 million last year.
At the General Meeting, during which the audited consolidated financial results for 2021 were extensively presented, pre-tax profits of € 5.5 million were announced compared to € 3.8 million in 2020, while profit after deduction of tax from Ongoing activities amounted to € 4.8 million compared to € 3.1 million last year. The total turnover through service stations, to commercial customers as well as to other oil companies amounted to € 480.0 million compared to € 283.2 million in 2020. Based on these results, the profit per share from ongoing activities is estimated at 5 , 53 cents against 3.60 cents.
Petrolina: Utilization of plots of land on the northern coastal front of Larnaca The major shareholders of Petrolina
The Company's long-term dividend policy remains stable. The Board of Directors paid the first interim dividend of 1.7 cents per share in May 2021, the second interim dividend of 2.5 cents per share in October 2021 and today, taking into account the Company's prospects, proposes the payment of a final dividend of 2.0 cents per share, so that the total dividend for the year 2021 amounts to 6.2 cents per share or 18.23% on the nominal value of the share.
As stated by the CEO of the company, Kostakis Lefkaritis “Apart from the numbers, 2021 was another milestone year for us as last year the results of the full subsidiary SILK OIL, which joined our Group on December 31, are consolidated for the first time. 2020. This acquisition is part of the further development 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 gives special emphasis and constantly examines new infrastructure projects with a long-term horizon, in order to maintain its development and evolution with the new market data and to ensure its business continuity. This includes the recent activity of the Group in the field of exploitation and development of privately owned properties located on the northern coastal front of Larnaca, in the area of the old facilities, mainly after the recent acquisition of additional similar properties through the full subsidiary Petrolina Bayf Ltd ».
Referring to the effects of the Covid 19 pandemic and the Russian invasion of Ukraine, he said: “2021 was another difficult year both for our country and globally as the effects of the pandemic continued to a great extent which brought significant tests to the social and economic resilience of the entire planet. The gradual de-escalation of the pandemic led to a partial recovery in the economy, but disturbed the global balance between supply and demand, resulting in inflationary trends, especially in the second half of the year. “Russia's invasion of Ukraine in February this year, in addition to all the human and material losses, has brought about an additional imbalance between supply and demand, and the inflationary effects are now being felt in all households and businesses, with unfortunately unpredictable developments.”
In closing, the Executive Chairman of Petrolina expressed his warm thanks and expressed his special appreciation to the members of the Board of Directors, the Management, the service stations, the staff, the auditors, the legal advisors – all his associates and companions in the great Petrolina family – for their contribution to the smooth running of the corporate activities, as well as all the shareholders of the Company for their trust. “It is in this context of responsibility and trust that all our efforts are focused on achieving the corporate strategic goals we have set for the benefit of all shareholders,” he said.