The Motor Oil group’s management is expected to recommend – towards the annual general assembly of shareholders – the biggest ever dividend ever paid out by the refinery concern since it was listed on the Athens Stock Exchange (ASE).

The total dividend proposed is 199.4 million euros, or 1.80 euros per share.

A pre-dividend of 44.3 million euros, based on 2023 results, has already been distributed (0.40 euros per share) last December.

The proposed total dividend for the 2023 fiscal year corresponds to a yield of 7.58% based on the closing price of Motor Oil’s share on Dec. 29, 2023. Additionally, it corresponds to 7.78% based on the volume weighted average Price.

Turnover in 2023 reached 13.3 billion euros, down by 19.93% from 2022, when the figure reached 16.6 billion euros.

The lower turnover is attributed to a decrease in the volume of sales by 3.54%, in tandem with a lower average price for oil prices (as expressed in US dollars) by 18.37% and compared with prices in 2022. A stronger euro vis-à-vis the dollar, by 2.62%, is also cited.

The greater portion of the parent company’s sales are conducted with the US dollar.