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Press release

Puma Energy Announces Q3 2022 Results

Published on23 Nov 2022

Singapore, 23 November 2022 – Puma Energy today announced its quarterly financial results for the three-month period ended 30 September 2022. The results show a third successive quarter of net positive income with EBITDA up by 6 per cent on the previous quarter and a net profit of USD 223 million.

Key Performance Indicators*

*NB All financial figures are presented excluding the impact of IFRS16
*Unadjusted for perimeter changes


Infrastructure Divestment and Focus on Core Downstream

Main completion of the sale to ITG Sarl represents a significant milestone in the company’s strategy to streamline the business and focus on its core downstream activities. Altogether, 19 assets of the infrastructure division were deconsolidated on 30 September. Main completion of the sale was announced on 31 October. As a result of the transaction, Puma Energy’s net debt reduced to approximately USD 850 million. Additional marine infrastructure assets are expected to be sold to ITG Sarl by the second quarter of 2023.


At the same time, Puma has continued to invest in its retail network with 13 new to Puma sites and 11 new to industry sites, representing a net increase of 18 new retail outlets in the quarter.


Health and Safety

In Q3, the Lost Time Injury Frequency Rate (LTIFR) for Puma Energy employees and contractors was 0.13, this is down from 0.19 compared to the previous quarter. There is more work to do to achieve our health and safety ambition. Our focus on health and safety continues through the #BePumasafe campaign with a particular focus on road safety.


Progress on ESG Commitments

In June, Puma Energy’s Sustainability Report set a target of installing 200 solar projects across our global network. We are on track to meet this goal. By the end of Q3 150 solar projects had been installed and were being operated by Puma Energy. Amongst the 150 solar projects, 148 are across retail stations, which represent 31% of the 467 company-owned stations where solar installations are commercially and technically feasible.


Quarter Three Financial Performance at a Glance

  • Gross profit remained stable at USD 277 million in Q3 underpinned by improved performance in the refining and aviation segments.
  • Current macroeconomic conditions and seasonal variations in demand explain a reduction in sales volumes relative to the previous quarter.
  • EBITDA increased to USD 122 million from USD 115 million in the second quarter.
  • Senior facilities increased due to higher utilisation of the Revolving Credit Facility at USD 250 million due to higher working capital requirement and an increase of USD 5 million in the 2-year term loan. The 5-year term loan was fully amortised and cancelled (USD 46.9 million).


Commenting on the results, Carlos Pons, CFO said: 

“Puma Energy continued to perform well this quarter, delivering the third successive quarter of net positive income. We maintain a cautious outlook and prudent approach to our capital structure in light of continuing market volatility.”


“Main completion of the sale of our infrastructure business in October was a key strategic milestone as we streamline our portfolio. In addition, the process of turning the business around is well underway as we continue to focus on strengthening our capital structure, improving business performance and reinvigorating our core downstream activities.”


Constant perimeter*





About Puma Energy
Puma Energy is a leading global energy business, safely providing energy across six continents. Our downstream business segments include fuels, aviation, lubricants, LPG and bitumen. We have 1,998 retail sites, a network of bitumen terminals and we are present at 108 airports.  Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world.

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