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Q3 2017: Puma Energy’s profit up 8%

  • SOURCE: Classfmonline | Editor
  • Puma Energy, the global integrated midstream and downstream energy company, today released its results for the third-quarter of 2017 with gross profit increasing by 8%.

    Financial Highlights

    • EBITDA increased by 9% (to US$180 million) compared to the same period in 2016 (US$165 million)

    • Gross profit increased by 8% to US$406 million (Q3 2016, US$376 million), due to increased unit margins from downstream activities

    • Sales volumes have increased in the quarter to 5.8 million m3, which are due to an increase in sales experienced mostly in Asia Pacific

    • Higher operating cash flow due to good performance and positive working capital movements

    • Capex is in line with our year investment program (US$81 million),

    • Closed a US$350 million 5-year term loan facility

    • Refinanced US$600 million of Senior Notes (maturing in 2024 at 5.125%)

    Operational Highlights

    • Puma Energy has largely finalised its major terminal construction projects in Tema, Ghana and Luanda Bay, Angola

    • Puma Energy added another 60 sites to its retail network, mainly in Africa and the Americas due to organic growth and the acquisition of a retail distributor in Panama

    • Completed the acquisition of a network of 470 retail sites in Pakistan in Q4

    Commenting on these results, Denis Chazarain, CFO, said today: “Puma Energy has successfully delivered another encouraging quarter with gross profits up 8% and operating cash flow for the quarter of US$249 million, reflecting good management of our operations and improved working capital ratios.”

    “Our capex spend of US$81 million was fully financed by cash flow from operations and was predominately spent on storage construction projects in Ghana, Angola, and the Rostov airport in Russia, further strengthening our platform to continue our growth trajectory. We also strengthened our retail network during the period in Africa, the Americas and Asia Pacific.

    “To increase and strengthen our financing flexibility, we successfully closed a new 5-year term loan facility, for a total amount of US$350 million and also refinanced US$600 million of our existing Senior Notes. The new notes, at a coupon of 5.125%, are maturing in 2024. These two new financings further increase the maturity of the Group’s debt.

    “Our continued strong cash flow generation reflects Puma Energy’s highly-supported strategy and reputable brand. The interest the market has shown towards Puma Energy over time is affirmation that we have a robust and profitable business and we look forward to closing 2017 favourably.”

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