On the back of falling oil prices total turnover, including sales to other petroleum companies, reached €426.0 million in 2014 compared with €445.4 million in 2013.

Petrolina announced pre-tax profits of €5.8 million for 2014, compared with €9.6 million in 2013. Post-tax profits reached €5.2 million, compared with €8.5 million in the previous year.

Although the company did not say so explicitly, the investment costs of the move to Vasiliko are likely to have eaten into profits.

Petrolina maintained its dividend policy. It distributed the first interim dividend of €0.017 in October 2014 and the second interim dividend payment of €0.017 in April 2015.

At the AGM, the members approved the proposal of the Board of Directors for the distribution of a final dividend of €0.017 per share. The overall dividend for 2014 therefore amounts to €0.051 cents per share, or 15.0% on the share nominal value.

Addressing the AGM, the Company’s Executive Chairman, Kikis Lefkaritis, announced that the company will continue the organic growth of its petrol stations network, adopting all European specifications concerning the environment, functionality and appearance.

Source: InCyprus