Puma Energy announces Q1 2017 results - sales volume up 3%
22 May 2017
Singapore, 22 May, 2017 - Puma Energy, the global integrated midstream and downstream energy company, today releases its results for the first quarter of 2017.
- Business delivered a steady performance during the first quarter of 2017
- Sales volumes grew by 3% to 5.4 million m3, thanks to good retail and aviation performance, whilst B2B still negatively affected by the slowdown of certain economies, particularly in Africa
- Gross profit and EBITDA decreased compared to a very strong first quarter of 2016
- Capex for the quarter decreased by 60% compared to last year as several major construction projects have been completed
- Operating cash flow of US$ 18million was impacted by changes in working capital from the start-up of new activities in Myanmar, at Richard’s Bay in South Africa, and at the newly acquired terminal in Belfast; as well as timing effects on some transactions
- Downstream sales volumes increased, thanks to organic growth across most regions and good retail and aviation performance
- 40 additional service stations were opened in Q1 2017, mainly in South Africa, Ghana, Guatemala and Australia. This brings the service station network to 2,559 sites
- The Group’s storage capacity increased to 8.0million m³ thanks to the successful completion of Dinh Vu terminal in Vietnam and the integration of the terminal acquired from BP in Northern Ireland
Commenting on these results, Denis Chazarain, CFO, said today:
“I am pleased to report that, despite facing headwinds in certain regions, we have had a steady start to the year, with a 3% increase in sales volume this quarter (compared to Q1 2016) and a gross profit of $407 million.
“With the completion of several of our projects; capex was predominantly spent on storage construction and infrastructure projects, while a new terminal in Vietnam has increased storage capacity to 8.0million m³. The refinancing and extension of some tranches of our credit facilities announced post period end in May 2017 gives us comfort with the level of liquidity currently available to us as we start to reap the benefits of the established and well invested platform. Puma Energy remains in good shape and, with strict credit discipline and a focus on working capital management, we will continue to leverage our positions in our key markets and I look forward to a successful remainder of the year.”
Further information can be located at: https://www.pumaenergy.com/en/investor-relations/home/
About Puma Energy
Puma Energy International is a global integrated midstream and downstream oil company active in 47 countries. Formed in 1997 in Central America, Puma Energy has since expanded its activities worldwide, achieving rapid growth, diversification and product line development. The company directly manages over 7,700 employees. Headquartered in Singapore, it has regional hubs in Johannesburg (South Africa), San Juan (Puerto Rico), Brisbane (Australia) and Tallinn (Estonia).
Puma Energy’s core activities in the midstream sector include the supply, storage and transportation of petroleum products via a network of over 101 bulk storage terminals. Puma Energy’s activities are underpinned by investment in infrastructure which optimises supply chain systems, capturing value as both asset owner and marketer of product. Puma Energy’s downstream activities include the distribution, retail sales and wholesale of a wide range of refined products, with additional product offerings in the lubricants, bitumen, LPG and marine bunkering sectors. Puma Energy currently has a global network of over 2,559 retail service stations and supplies 63 airports. Puma Energy also provides a robust platform for independent entrepreneurs to develop their businesses, by providing a viable alternative to traditional market supply sources.
For further information visit: www.pumaenergy.com