Puma Energy, the global integrated midstream and downstream energy company which forayed into Ghana not too long ago, has delivered strong half-year profits for 2016.
Financial Highlights – H1 2016
• 21% increase in sales volumes supporting gross profit growth.
• 19% increase in EBITDA, with contained operating expenses.
• Solid operating cash flows (US$ 487million), reflecting good performance and disciplined working capital management.
• Capex (US$ 326 million) financed by operating cash flows.
• Net debt decreased, reducing leverage multiple to 2.9x, in line with stated capital structure.
• In May 2016, refinanced and increased the revolving credit facility to US$1.55bn.
Operational Highlights – Q2 2016
• Quarterly downstream volumes up by 18% to 5.3m3, from UK acquisition and organic growth in Americas and Asia Pacific.
• US$139m in organic capex put toward expanding terminals in Angola and Ghana, and smaller projects across Americas, Asia Pacific & Africa.
• Number of service stations increased to 2,400 driven by growth across all regions.
• Opened 11 new airports in Myanmar and a new terminal in Congo DRC.
Commenting on these results, Denis Chazarain, CFO, said: “Puma Energy continues to perform into the second quarter, delivering strong gross profit and EBITDA while hitting yet another quarterly record in terms of sales. Despite global challenges and currency devaluations, our solid operating performance and working capital discipline has resulted in operating cash flows that fully financed our strategic capex and acquisitions. This stability will help us to seize on select opportunities and continue to invest in our key markets.”