**Petrolina Profit More Than Triples to €9.9m After eWise Takeover**
Petrolina, a prominent player in the Cypriot fuel market, has reported a remarkable surge in its net profit for the first half of 2026, which more than tripled to €9.94 million. This significant increase is attributed primarily to the acquisition of eWise Cyprus, previously known as ExxonMobil Cyprus, which was finalized on January 30, 2026. The company’s interim results reveal that net profit for the six months ending June 30 soared from approximately €3 million during the same period in 2025.
The acquisition of eWise Cyprus has had a profound impact on Petrolina's financial performance, contributing to a 56% increase in turnover, which reached €415.5 million. This growth was largely driven by the consolidation of eWise’s operations into Petrolina’s financials, as well as higher international petroleum product prices that bolstered revenue during the reporting period.
eWise Cyprus, now a wholly owned subsidiary of Petrolina, operates the Esso-branded fuel network across Cyprus. The integration of eWise has expanded Petrolina’s market presence and provided access to a wider network of service stations throughout the island. The acquisition aligns with Petrolina’s growth strategy, aimed at achieving economies of scale and enhancing operational efficiency across its supply chain.
In addition to the revenue generated from the eWise acquisition, Petrolina also reported an increased contribution from its associated companies involved in aircraft refueling at Larnaca and Paphos airports. This diversification of revenue streams has further strengthened the company’s financial position.
The company had previously indicated in June that it anticipated a substantial improvement in profitability for the first half of 2026, primarily due to the consolidation of eWise’s results from the acquisition date. The positive accounting effects from this transaction were expected to enhance earnings, a prediction that has now been confirmed by the interim financial results.
Petrolina's robust performance follows a strong showing in its 2025 fiscal year, where the company reported a turnover of €559.4 million, slightly down from €570.1 million in 2024. However, profit before tax saw a significant increase, rising to €8.7 million from €3.1 million, while profit after tax from continuing operations jumped to €8.3 million from €2.7 million. Earnings per share from continuing operations also improved, reaching 9.49 cents compared to 3.11 cents the previous year.
On September 28, Petrolina's board convened to review the interim consolidated financial statements for the first half of 2026 and to deliberate on the potential for a second interim dividend for the year. The company had already declared an interim dividend earlier in the year, reflecting its strong financial performance and commitment to returning value to shareholders.
The successful acquisition of eWise Cyprus marks a pivotal moment for Petrolina, reinforcing its position in the competitive fuel market of Cyprus and setting the stage for continued growth and profitability in the future. As the company moves forward, it remains focused on leveraging its expanded operations to enhance service delivery and customer satisfaction across its network.