Puma Energy, the global integrated midstream and downstream energy company, has released its results for the second quarter of 2017.
Key Highlights
Financial Highlights
• Business delivered a steady performance during the second quarter of the year
• Gross profit grew by 7% to US$416 million, up from Q2 2016, due to stable volumes and improved unit margins from downstream activities
• EBITDA increased by 5% (to US$191 million), compared to the same period in 2016
• Capex for the quarter decreased by 56%, as various large projects have been completed
• Operating cash flow of US$68 million impacted by changes in working capital, which included the rapid ramp-up of activities in Myanmar and Northern Ireland
Operational Highlights
• Storage capacity remained stable, while the Group started operations at five additional airports, mainly in Africa and Asia Pacific
• The Group also recently announced the acquisition of a retail distributor in Pakistan
Commenting on these results, Denis Chazarain, CFO, said: “The Group delivered another solid quarter, with EBITDA increasing by 5% compared to Q2 2016.
Capex has decreased significantly across regions and business segments, as several major construction projects have been completed. Majority of the capex in the first half of 2017 relate to storage construction projects in Ghana and Angola, which are both due to be completed during the second half of 2017. Furthermore, we continued the construction of Rostov airport in Russia, and development of the retail network in Africa, the Americas and Asia Pacific.”
About Puma Energy
Puma Energy 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 8,000 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. 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 2,500 retail service stations. Puma Energy also provides a robust platform for independent entrepreneurs to develop their businesses, by providing a viable alternative to traditional market supply sources.
Source: Ghana/ClassFMonline.com
