Puma Energy announces Q2 2019 results
28 Aug 2019
Singapore, 28 August 2019 – Puma Energy, the leading global energy business, today releases its unaudited financial results for the second quarter ending 30 June 2019.
Commenting on the results, Emma FitzGerald, CEO, said:
“Puma Energy’s commitment to driving operational improvements is reflected in a year-on-year improvement in sales volumes of 3% and an increase in EBITDA of 10% in Q2. We have continued to focus on disciplined management of costs and working capital, despite ongoing unit margin pressures in some markets.
During the quarter I have been very focused on the priorities identified in our strategic review. We are making good progress in improving operational efficiency and are on track with ensuring we have the right portfolio balance and deleveraging the balance sheet by the end of 2020. We expect a planned refinery outage to weigh on results in Q3, but are confident that our strategic, centred on developing a customer-focused, margin-driven business will begin to deliver sustainable growth in the fourth quarter.”
- Sales volumes increased by 3% year-on-year (“YoY”) to 6.2 million m³, driven by higher sales, specifically in Asia-Pacific and Africa
- Throughput volumes 9% lower YoY, to 3.5 million m³, due to lower activity in UAE and Angola
- Delivered US$356 million in gross profit, similar to Q2 2018
- Fixed costs were US$211 down 8% compared to Q2 2018
- EBITDA was US$136 million, a 10% increase YoY
- Focused capital expenditure at US$24 million, down 58% YoY, reflecting strict capital discipline
- Disposals at US$20 million reflected continuing focus on optimising portfolio
- Strong operating cash flow at US$177 million
- Reduced gross debt by US$97 million, whilst net debt was US$104 million higher than Q1’19, as inventories returned back to expected levels at the end of the second quarter
- Net Debt / EBITDA multiple at 2.9x, in line with capital structure policy
- Maintained strong capital structure position with a balanced maturity profile and limited US$ interest rate exposure
- Continued focus on operational improvements and implementation of the overall strategic plan
- Optimisation of the asset portfolio remains a top priority: one non-core asset disposal complete and additional potential transactions in progress
- Organic investment for the quarter was entirely financed by operating cash flows, which also allowed for the reduction of gross debt
- Andrew Kemp joined as CFO in June. With other senior hires, including Chief Transformation Officer, Alan McGown and Eghosa Oriaikhi Mabhena, Head of Africa joining in July, we now have a strong leadership team in place to support the delivery of the long term sustainable strategy for Puma Energy
For press queries, please contact:
Elizabeth Adams | Genevieve Ryan
Tel: +44 (0) 20 3727 1000
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 47 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 over 100 storage terminals, more than 3,000 retail sites, and a presence at over 80 airports. Our purpose 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
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