Puma Energy has reported a 3% in sales volumes despite headwinds in some regions.
The company attributed its growth to good retail and aviation performance, however B2B was negatively affected by the slowdown of certain economies, particularly in Africa.
Its gross profit and EBITDA decreased compared to a very strong first quarter of 2016.
Its overall storage capacity increased to eight million m3 as a result of the successful completion of Dinh Vu terminal in Vietnam and the integration of the terminal acquired from BP in Northern Ireland.
Denis Chazarain, CFO, says: ‘I am pleased to report that, despite facing headwinds in certain regions, we have had a steady start to the year.
‘With the completion of several of our projects, capex was predominantly spent on storage construction and infrastructure projects, while a new terminal in Vietnam has increased storage capacity to eight million m3.
‘Puma Energy remains in good shape and, with strict credit discipline and a focus on working capital management, we will continue to leverage our positions in our key markets and I look forward to a successful remainder of the year.’