Puma Energy has reported an increase in sales volumes and turnover for the first half of 2018 despite challenging markets.
The midstream and downstream energy company reported an increase of 11% in sales volumes to 12.1 million m3 compared to the same period in 2017. This increase as in all regions with good performance in the retail, wholesale and bitumen segments.
However, its EBITDA decreased to $288 million compared to £375 in the first quarter of 2017.
During the period, the company added 10 new retail sites, started operations at three additional airports in Mozambique and South Africa and finalised the construction of a storage terminal in Panama.
CFO Denis Chazarain says: ‘The headwinds we anticipated earlier in the year impacted the second quarter as expected, resulting in a lower year on year profit.
‘Despite challenging external political factors and foreign currency effects, our sales volumes continued to rise across our operating regions, which, combined with the higher oil price contributed to the 24% rise in revenues to $8.6 billion for the period versus last year.
‘Additionally, operating cash flows increased during the first half of 2018, compared to the previous year, reflecting strong cash conversion and effective working capital management.’