Petrolina (Holdings) Public Ltd on Thursday announced that it expects improved financial performance for the first half of the year compared to the same period in 2024.

The company stated that this preliminary estimate is based on the financial data available to date.

“Results for the first half of 2025 are expected to show an improvement compared to the results for the corresponding period in 2024” the company said.

The anticipated improvement is “primarily attributed to a higher gross profit margin and increased contribution from associated companies”.

However, the company stated that these positive developments are being “partially offset by a rise in operating expenses“.

The announcement was made on the Cyprus Stock Exchange’s (CSE) regulated market and falls under the category of a profit-loss warning.

Petrolina remains listed on the regulated market of the CSE and continues to trade under the stock type classification.

Last week, meanwhile, Petrolina held its 25th annual general meeting of shareholders, during which it approved a final dividend of 2 cents per share.

The decision followed a strong financial performance in 2024, with total turnover reaching €570.1 million, compared to €559.9 million in 2023.

Profit before taxes climbed to €3.1 million, up significantly from €692,000, while profit after taxes rose to €2.7 million, more than doubling the €1.1 million recorded the previous year.

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

In his address at the meeting, executive chairman Kostakis Lefkaritis stressed the group’s commitment to long-term strategic goals.

“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.