Puma Energy announces Q1 2019 results

23 May 2019

Singapore, 23 May 2019 – Puma Energy, the leading global energy business, today releases its audited financial results for the period ended 31 March 2019.



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

“We have made good progress in stabilising the performance of the business, reflected in steady EBITDA and sales volumes over the past three quarters. The strategic review is complete and we are now focused on systematically accessing the material opportunity to grow our customer-focused businesses in retail, lubricants, aviation and other key B2B segments. We continue to maintain strict cost and capital discipline as part of our commitment to deleveraging the balance sheet and we are making good progress in refocusing the portfolio with a number of small transactions anticipated this year. I am confident that we are putting in place the building blocks that will deliver sustainable medium-term growth.”

Financial Highlights

  • Sales volumes have stabilised at 6.1 million m³ flat year-on-year (“YoY”) underpinned by 8% growth in Africa and Asia Pacific which offset a decrease in the Americas
  • Throughput volumes increased by 18%, to 4.1 million m³, due to higher volumes at terminals, mainly in Asia Pacific (United Arab Emirates) and Africa (Ivory Coast)
  • We delivered US$ 347 million in gross profit, a 13% reduction YoY, impacted by lower unit margins which were primarily affected by currency devaluations versus the US$
  • EBITDA was US$ 130 million, in line with expectations, and the two previous quarters, but 21% lower YoY
  • Low level of net capital expenditure at US$ 22 million, as the group maintains strict capital discipline across all segments of the business
  • Operating cash flow increased by 64%, to US$ 131 million, through efficient working capital management
  • Reduced gross debt and higher inventory in value, reduced leverage to 2.8x for the quarter
  • Strong capital structure position with a balanced maturity profile and limited US$ interest rate exposure

 Operational Highlights

  • Strong volume and margin performance in aviation with the company now servicing a total of 85 airports, an increase of 14 versus the same quarter of last year
  • Bitumen volumes grew strongly YoY
  • Small decline in Global Retail network from 3,064 to 3,038 sites driven by rationalisation of our South Africa and Puerto Rico networks
  • Stabilisation of downstream and midstream unit margins over the last three quarters
  • Increase in both downstream and midstream volumes of 3% and 13% respectively YoY
  • Organic investment for the quarter was entirely financed by operating cash flows, which also allowed for the reduction of gross debt

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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