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Puma Energy's Record Fuel Sales Volume Boosts H1 Earnings by 19%

August 29, 2016 [OPIS] - Singapore-based Puma Energy said it has raised EBITDA for the first half of 2016 by 19% from a year ago to $391 million despite global challenges and currency devaluations.



Puma Energy, a global fuel distributor in 47 countries around the world, is owned by Trafigura, which also owns and operates a 19,500-b/d oil refinery in Nicaragua. Puma also owns 2,419 retail fuel sites and had a turnover of $12.7 billion in 2015. Besides fuel distribution, it has 7.828 million cubic meters of storage capacity.

The higher first-half earnings were backed by record quarterly sales volumes, which rose by 21%, to 10.8 million cubic meters (67.92 million bbl). Second-quarter sales volumes were up by 20%, to 5.6 million cubic meters.
 
Gross profit in the first half was up by 13%, to $816 million, and operating cash flows rose 8%, to $487million.
 
In May, Puma refinanced and increased the revolving credit facility to $1.55 billion.
 
Puma's quarterly downstream volumes were up by 18%, to 5.3 cubic meters, thanks to its U.K. acquisition and organic growth in Americas and Asia Pacific.
 
The company has allocated $139 million in organic capex to expanding terminals in Angola and Ghana, and smaller projects across the Americas, Asia Pacific and Africa.
 
Puma also increased the number of gasoline service stations to more than 2,400, driven by growth across all regions.
 
It began to supply jet fuel at 11 new airports in Myanmar and a new terminal in Democratic Republic of Congo.



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Added to TankTerminals.com on: Monday, August 29, 2016 by OPIS.
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