Puma Energy announces Q3 2024 results
Singapore, 27 November 2024 – Puma Energy today announced its financial results for the three-month period ending 30 September 2024.
The Company delivered a net profit of USD20 million in Q3 2024, excluding the impacts of IFRS 16.
During the quarter, we achieved an EBITDA of USD88 million, compared to USD92 million in the previous quarter. Our core regions and segments have demonstrated a stable performance, with steady gross profits generated in our Retail and Commercial segments. We have also seen improved performance in our Aviation and Bitumen business year over year and compared to the previous quarter.
The EBITDA performance was impacted by a one-off onerous contract provision of USD28 million related to the exit of our United Kingdom (UK) business.
Our cash flow from operations decreased during Q3 2024, primarily driven by a working capital outflow resulting from the exit of the UK business and the timing of payables between quarters.
Key Performance Indicators*
* All financial figures are presented excluding the impact of IFRS16
*Unadjusted for perimeter changes
“Our focus on our core segments and markets continues to deliver higher unit margins and we have seen improved profitability across the group compared to the same period last year,” said Carlos Pons, Chief Financial Officer of Puma Energy.
“Additionally, we recently received a corporate and note ratings of BB with Stable Outlook from S&P Global Ratings. This recognizes our successful efforts in turning around and strengthening the company’s balance sheet by reducing debt and improving our debt maturity profile,” said Pons.
Quarterly Highlights
Health and Safety
The Lost Time Injury Frequency Rate for employees and contractors working on Puma Energy sites in the quarter increased to 1.39. The business continues to improve reporting governance processes and culture, including investing in HSSE training for all staff.
Core Segments
Puma Energy continues to strengthen its market share and customer base through non-fuel retail (NFR), including convenience stores, quick service restaurants (QSR).
In Latin America non-fuel retail stood at 21 percent of the region’s retail gross margin for the quarter. Additionally, we continue to see strong quarterly growth in Puma PRIS – our customer loyalty app – which grew by 12 percent in Q3. Transactions through PRIS account for 16.7 percent of our fuel volumes sold where the app is present.
Africa continues to progress with new QSR partnerships, refurbishment plans and forecourt upgrades. Non-fuel retail stood at 4.9 percent of retail gross margin of our Africa business.
For the Africa aviation business, we added six new airports, including a ten-year contract to manage fuel services at five regional airports in South Africa, which has contributed to increased volumes and gross margin.
Portfolio Management
In line with Puma Energy’s strategy to focus on its core downstream markets, the company exited its UK business on 1 July 2024.
Capital Structure
Puma Energy has been assigned a long-term issuer credit rating of ‘BB’ with “Stable” outlook from S&P Global Ratings (“S&P”). The outstanding senior unsecured notes have also received a BB issue rating. S&P cited Puma’s market leadership and diversification, its presence in regulated markets, its successful deleveraging, along with positive free cash flow generation and prudent financial policy as the overall rationale for its rating opinion.
Key Performance Indicators Constant Perimeter*
*Q3 23 restated for Senegal Retail and LPG business and Tanzania Deconsolidation
ENDS
For investor queries, please contact:
Further information can be located at: Puma Energy: Investors: Overview
About Puma Energy
Puma Energy is a leading global downstream energy business, safely providing energy in more than 35 countries, primarily across central America and Sub-Saharan-Africa. Our downstream business segments include fuels, aviation, lubricants, LPG and bitumen. Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.
For further information visit: www.pumaenergy.com
Cautionary Statement
This announcement is not being made in and copies of it may not be distributed or sent into any jurisdiction where distribution would be unlawful.
Forward-looking statements
Some of the information included in this announcement contain forward-looking statements. You can identify these forward-looking statements by use of words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “intends,” “projects,” “goals,” “objectives,” “guidance,” “targets,” “forecasts” or “could”, the negative of such terms and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. Although Puma Energy believes that the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement.