Puma Energy has delivered its 2018 financial results with record sales volumes despite margins being affected by macro-economic headwinds.
Sales volume were at record levels at almost 25 million m3, up 9% on 2017 and gross revenue was strong at $18 billion for the year. However, margins were affected by macro-economic headwinds, which led to a reduction in gross profit and EBITDA.
The company recorded throughput volumes of 15 million m3, a 9% decrease, due to lower volumes at terminals. It also divested non-core assets in Peru and Malaysia to free up cash flow. Selective investments were made with 18 additional retail stations, 13 new airports and two new terminals.
Puma Energy CEO Emma FitzGerald says: '2018 was a very tough year for Puma Energy, but I am pleased that the team managed to deliver full year results in line with the guidance given at the third quarter.
'Looking ahead we remain very focused on delivering our plan, reducing the leverage in our balance sheet and maintaining strict cost and capital expenditure controls. Puma Energy has built a strong platform for sustainable growth in high potential countries and we are well advanced with our strategic plans to access this opportunity.'
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