Petrolina progresses ExxonMobil Cyprus deal, awaits competition approval

Petrolina (Holdings) Public Limited this week approved a final dividend of 2 cents per share at its 25th annual general meeting of shareholders.

The decision came as the company reported a significant improvement in its financial results for 2024, reflecting stronger profitability and sustained growth.

During the meeting, the company presented in detail its audited consolidated financial results for 2024.

According to the results, total turnover from fuel stations, commercial customers, and other oil companies amounted to €570.1 million, compared to €559.9 million in 2023.

Moreover, profit before taxes reached €3.1 million, significantly higher than the €692,000 recorded in 2023.

At the same time, profit after taxes stood at €2.7 million, up from €1.1 million the previous year.

Based on these results, earnings per share from continuing operations were calculated at 3.11 cents, compared to 1.24 cents in 2023.

Taking into account the company’s prospects, the meeting approved the board of directors’ proposal for the payment of a final dividend of 2 cents per share, representing 5.9 per cent of the nominal value of the share.

In his address, Kostakis Lefkaritis, executive chairman of Petrolina, emphasised the company’s strategic priorities.

“Our group’s constant objective remains the safeguarding of its financial resources, the strengthening of its competitiveness, and the enhancement of sustainable growth prospects within the framework of environment, society, and governance,” he said.

He added that “the group actively invests in these areas and maintains a long-standing contribution to Cypriot society, which will continue in the future as a selfless appreciation towards the country”.

“Our group is continuously evolving, placing particular emphasis on new infrastructure projects with a long-term horizon, aiming to secure its business continuity,” he explained.

Within this context, he referred to the intended acquisition of ExxonMobil Cyprus Limited through the newly established wholly-owned subsidiary Med Energywise Ltd.

“As has already been announced to the relevant supervisory authorities, the acquisition agreement was signed in November 2024 and, in February 2025, a request for notification of business concentration was submitted to the Commission for the Protection of Competition, since the completion of the agreement is subject to its approval,” he stated.

Moreover, the chairman confirmed that the evaluation process of the application by the commission is currently ongoing.

Beyond the petroleum sector, in which the group has been active for more than six decades, Lefkaritis also highlighted an ambitious development project.

The group is advancing the development of “Larnaca: Land of Tomorrow“, which aims to optimally utilise its privately-owned land.

He explained that the involved planners are incorporating respect for the environment alongside development.

“We aim for this project to be a model of attractiveness not only for Larnaca but for the whole of Cyprus,” he stated.