Puma Energy announces 2016 full year results
13 Mar 2017
Singapore, 13 March, 2017 - Puma Energy, the global integrated midstream and downstream energy company today releases its audited Full Year Results for the period ended 31 December 2016.
- Record sales volumes, increasing 16% to 22 million m3
- Increase in gross profit (+7%) and EBITDA (+12%) across all segments and regions
- Double digit cash flow from operations growth: +14% to US$838 million
- Reduced capex to US$561 million, entirely financed through operating cash flow
- Increasing diversification and using global scale and market position to drive sustainable cash flow growth
- Finalised major construction projects and increased storage capacity to 7.9 million m3
- Acquired 100th terminal in Belfast from BP
- Expanded retail network to 2,519 (2015: 2,362) and opened 14 new airport facilities
Commenting on these results, Pierre Eladari, CEO, said today:
"I am pleased to announce another significant year for Puma; in which we delivered against all of our KPI’s and leveraged the years of capex to drive the cash flow generation and realise EBITDA growth of 12%. I was also pleased to see the business model responding to a sustained period of organic growth across the business segments and regions; with the completion of the integration of UK activities acquired in 2015, growth in the Americas driven by the retail segment and good operating performance in retail and aviation across all regions.
With the macro-economic environment improving and our ability to leverage the fully invested platform we have established, I am confident in the business’ ability to continue its growth trajectory in 2017."
Commenting on these results, Denis Chazarain, CFO, said today:
"2016 was a year in which we focused on driving cash flow generation and EBITDA growth across the business, whilst reducing capex and concentrating on strengthening management teams, operational capabilities and IT infrastructure. On the balance sheet we kept our working capital ratios stable, while managing a larger portfolio, improved our leverage, strengthened our liquidity position, refinanced and increased our main credit lines."
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Puma Energy Global Press Office
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