Puma Energy sees 8% drop in gross profit

Puma Energy, the global integrated midstream and downstream energy company, has released its H1 2018 results.

Puma Energy has suffered an 8% drop in gross profit to $756 million for the first half of 2018 despite a 24% rise in revenues to US$8.6 billion. Foreign currency depreciation, a fuel price freeze in Angola, and local market conditions in Australia were some of the headwinds that explain the negative drop, according to Puma Energy.

Sales volumes increased 11% to 12.1 million m3 compared to the same period in 2017, across all regions with good performance in the retail, wholesale and bitumen segments.

“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 US$8.6 billion for the period versus last year,” said Denis Chazarain, CFO.

During the second quarter of 2018, 10 new retail sites have been added to the Puma Energy network, which now counts 3,105 retail sites.

Puma Energy owns and operates a network of 104 storage terminals, with a total capacity of 7.6 million m3, as well as more than 3,100 retail sites in Latin America, Africa and Asia Pacific and is present at 79 airports.