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Singapore: PUMA Energy Positive Q2 2017 Results

Singapore: PUMA Energy Positive Q2 2017 Results

Puma Energy releases its steady performance second quarter 2017 results

 

Denis Chazarain, CFO, says, “The Group delivered another solid quarter, with EBITDA increasing by 5% compared to Q2 2016.

Financial Highlights

  • 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

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.” PWKD29082017

Last modified onTuesday, 29 August 2017 13:47
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