Puma Energy, the global integrated midstream and downstream energy company, has announced record first-quarter (Q1-2016) results which show its sales volumes have increased 22 per cent and gross profits jumped to $428 million compared to $347 million the same period last year.
• Sales volumes increased by 22%, reaching new quarterly record level of 5.2million m3.
• Gross margin and EBITDA at highest levels in the history of the Group.
• Maintained working capital discipline through significant growth, mounting cash flow of US$ 203million.
• Total storage capacity has grown to 7.8million m3.
• Strategic investment in major construction projects in Africa and Asia Pacific totalling US$ 186million.
• Strong performance achieved and steady business model proved through challenging environment.
Commenting on the results, Denis Chazarain, CFO, said: “Puma Energy has begun the year with a very strong first quarter, reflecting continuous growth in sales volumes and record levels of gross margin and EBITDA despite obvious challenges in the wider market. This success comes down to solid operating performance and good working capital discipline, which together, maintain a resilient business model that delivers solid, consistent results.”
“I am particularly pleased as this discipline was maintained through significant growth of our portfolio. We opened two new airports, expanded our service station network in Ghana, and increased storage capacities in Asia Pacific – all while maintaining a healthy cash flow. We believe we have now reached a full global scale with our integrated business model, and look forward to further growth throughout 2016.”