Puma Energy announces full year 2018 results

28 Mar 2019

Singapore, 28 March 2019 - Puma Energy, the leading global energy business today releases its audited Full Year Results for the period ended 31 December 2018.  

Commenting on the results, Emma FitzGerald, CEO, said:

“2018 was a very tough year for Puma Energy, but I am pleased that the team managed to deliver full year results in line with the guidance given at the third quarter. Sales volumes were at record levels at almost 25 million cubic metres, up 9% on 2017 and gross revenue was strong at US$ 18 billion for the year.  However, margins were affected by macro-economic headwinds and this led to a reduction in gross profit and EBITDA. Looking ahead we remain very focused on delivering our plan, reducing the leverage in our balance sheet and maintaining strict cost and capital expenditure controls. Puma Energy has built a strong platform for sustainable growth in high potential countries and we are well advanced with our strategic plans to access this opportunity.”


Key Highlights


  • Record sales volumes across the business of 24.8 million m3, a 9% increase compared to the prior year, driven by strong performance in the retail, wholesale and aviation segments
  • Throughput volumes of 15 million m³, a 9% decrease, due to lower volumes at terminals
  • Generated gross revenue of US$ 18 billion for the year
  • Gross profit amounted to US$ 1,460 million which was impacted by lower unit margins
  • EBITDA of US$ 554 million, in line with stated guidance provided at Q3 2018 results
  • Net capital expenditure decreased by 22% to US$ 231 million, and the Group did not commit to any major new capex projects in 2018
  • Operating cash flow of US$ 927 million, a significant increase compared to 2017, reflecting solid operating performance and strict working capital discipline
  • Investments for the year were entirely financed by operating cash flows which were further enhanced by structural changes of payment terms with suppliers
  • Divested non-core assets in Peru and Malaysia to free up cash flow
  • Selective investments with 18 additional retail stations, 13 new airports, 2 new terminals
  • Reduced gross debt by US$ 257 million and net debt by US$ 204 million compared to prior year
  • Net Debt / EBITDA multiple at 3.3x, increased because of lower EBITDA but remains in line with capital structure policy
  • Strong capital structure position with a balanced maturity profile and limited US$ interest rate exposure


For press queries, please contact:

FTI Consulting

Elizabeth Adams | Genevieve Ryan

Tel: +44 (0) 20 3727 1000

Email: pumaenergy@fticonsulting.com

For investor queries, please contact:


Further information can be located at: https://www.pumaenergy.com/en/investor-relations/home/

About Puma Energy 

Puma Energy is a leading global energy business which supplies, stores and distributes petroleum products in 48 countries across six continents. Founded in 1997, Puma Energy has its headquarters in Singapore and Geneva and regional hubs in South Africa, Puerto Rico, Australia and Estonia, and employs over 8,000 people globally. 

Puma Energy has a network of 100 storage terminals, more than 3,000 retail sites, and a presence at over 80 airports. Our mission is to energise communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world. 

For further information visit: www.pumaenergy.com


Cautionary Statement  

This announcement is not being made in and copies of it may not be distributed or sent into any jurisdiction where distribution would be unlawful.  

The securities referred to herein may not be sold in the United States absent registration or an exemption from registration under the U.S. Securities Act of 1933, as amended. The Issuer does not intend to register any of the securities in the United States or to conduct a public offering of the securities in the United States.  

This communication does not constitute an offer of the securities referred to herein to the public in the United Kingdom. No prospectus has been or will be approved in the United Kingdom in respect of the securities referred to herein. This communication is being distributed to and is directed only at (i) persons who are outside the United Kingdom or (ii) persons who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”) and (iii) high net worth entities, and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order (all such persons together being referred to as “Relevant Persons”). 

Any investment activity to which this communication relates will only be available to and will only be engaged with, Relevant Persons. Any person who is not a Relevant Person should not act or rely on this document or any of its contents.  

Forward-looking statements  

Some of the information included in this announcement contain forward-looking statements. You can identify these forward-looking statements by use of words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “intends,” “projects,” “goals,” “objectives,” “guidance,” “targets,” “forecasts” or “could”, the negative of such terms and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. Although Puma Energy believes that the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors. .  Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement.



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