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21st Annual General Meeting of Petrolina

23/06/2021 14:29
  • 2020: Another milestone year, with the acquisition of Greek SILK OIL
  • Continuing the dynamic investment strategy

The 21st Annual General Meeting (AGM) of the shareholders of Petrolina (Holdings) Public Ltd was held, with a limited number of attendees and taking all necessary measures for Covid-19.

The Annual General Meeting presented the consolidated results for 2020 and announced pre-tax profits of €3.8 m., compared to €4.5 million in 2019, while the profits from continuous operations after tax reached € 3.1 m., compared to €4.1 m. in 2019. The total turnover through petrol stations, sales to commercial customers as well as to other oil companies, amounted to €283.2 m. versus €322.9 m. in 2019. Based on these results, earnings per share from continuing operations are estimated at 3,60 cents compared to 4,68 cents in 2019.

The Company's long-term dividend policy remains stable. The Board of Directors proceeded with the distribution of an initial interim dividend of 1,5 cents in November 2020 and at the AGM, taking into account the cash flows and prospects of the Company, the BoD proposed the payment of a final dividend of 2,5 cents, so that the total dividend for the year 2020 rises to 4,0 cents per share or 11,76% on the nominal share value.

As the Executive Chairman of the company Mr Costakis Lefkaritis stated, "beyond the numbers, however, 2020 was another milestone year for us, as at the end of the year, the Greek SILK OIL SA joined our Group as a wholly owned subsidiary. Based in Rhodes with activities throughout Greece, SILK OIL owns fuel storage facilities in Crete and Samos for the use of petroleum and LPG products and maintains four branches in Piraeus, Thessaloniki, Crete and Samos through which it supplies the Greek market with liquid fuels and LPG".

The applications submitted by the Company to the Municipality of Larnaca in October 2020 for the dismantling and demolition of the liquid fuel tank facilities located on the northern coastal front of Larnaca received all the relevant approvals, Mr Lefkaritis noted that "the Company has already proceeded with the demolition of the reservoirs and after completing the cleaning and restoration of the soil, will proceed with the appropriate utilization of its own land, thus contributing to the development and touristic upgrade of Larnaca and consequently of Cyprus".

Refering to the Covid crisis, he said: "It has undoubtedly held back many corporate issues. However, our primary concern was and is to preserve and protect the health of our people, partners and customers, supporting at the same the State and the Society. And we proved it in practice in every call for help. What the coronavirus can not stop is our vision and our goals."

In closing, the Executive Chairman of Petrolina expressed on behalf of the Board of Directors of Petrolina (Holdings) Public Ltd, the deep appreciation to one of the founders of the Group and Honorary President, the late Kikis Lefkaritis, who passed away in November 2020 at the age of 94, having offered many years of valuable contribution to the Group. Finally, Mr. Kostakis Lefkaritis warmly thanked the members of the Board of Directors, the Management, the petrol station owners and managers, the staff, the auditors, the legal advisors, as well as all the shareholders of the Company for their trust.