Press release

Puma Energy Announces Q1 2024 Results

Stable performance in core businesses - retail and aviation 

Challenges in bitumen segment due to weaker demand 

Successful return to capital markets to issue five-year bond 

Published on23 May 2024

Singapore, 23 May 2023 - Puma Energy today announced its financial results for the three-month period ending 31 March 2024.  


Puma Energy delivered a stable performance in the underlying business and was able to maintain constant unit margins despite a decrease in volumes and underperformance across certain non-core segments. The Company delivered a net profit of USD2 million in Q1 2024, excluding the impacts of IFRS 16. 


During the quarter, EBITDA was USD81 million, compared to USD107 million in Q4 2023. Our core retail and aviation businesses delivered solid results and showed an improvement in gross profit relative to both Q4 2023 and Q1 2023 on a constant perimeter basis.  


The impact on EBITDA is due to underperformance in non-core segments, where the Company experienced continued lower volumes and unit margins in the UK wholesale business as well as weaker demand in Bitumen. In addition, the Company experienced lower refining margins in Papua New Guinea when compared to prior quarters. This was due to the reduction of operations during the reporting period. 


The negative cash flow from operations during Q1 2024 can be linked to an expected negative change in working capital, driven by the timing of payables between quarters. 


Key Performance Indicators* 


*NB All financial figures are presented excluding the impact of IFRS16 

*Unadjusted for perimeter changes


We are encouraged by the performance of our underlying business across our core regions, which helped offset a challenging quarter for our Bitumen and UK businesses. This reflects the resilience that stems from our diversified portfolio,” said Carlos Pons, Chief Financial Officer of Puma Energy. “We continue to focus on our strategy of further strengthening our core business while prudently exploring new growth opportunities.” 


In April, we successfully launched a new five-year bond to partly refinance our current 2026 notes. The issuance resulted in an oversubscription, drawing both existing and new investors. The refinancing of these notes has enabled us to extend maturities and address our short-term liabilities at favorable terms despite recent market volatility,” added Pons. 



Quarterly Highlights  


Health and safety 

The Lost Time Injury Frequency Rate for employees and contractors working on Puma Energy sites in the quarter was 0.77, which is an improvement from 0.91 as reported in Q4 FY23. 


Investment in Core Retail 

Puma Energy continued its focus on retail in core markets with the aim to improve non-fuel retail, customer experience and loyalty. In addition, we continued to grow and optimize our network. In Africa, ten convenience stores were brought under the Puma ShopExpress brand and three new Quick Service Restaurant (QSR) partnerships were introduced in Malawi.  


In Latin America, 16 stores were added under the Super 7 brand. We continued to deliver on our dual-brand strategy across Honduras and El Salvador through our partnership with Shell. In Honduras, we opened five stations in the first quarter and in El Salvador, we opened three in April. In Puerto Rico we added five Texaco branded stations to the network.  


Low Carbon and Renewable Energy 

Building on our 300 solar projects across operational sites and Puma branded retail stations, we installed additional solar power projects at 23 Puma Energy branded retail stations and sites bringing the collective total operational capacity to 13.5 MWp. 


In parallel, Puma Energy is continuing to build its pipeline of potential solar projects for B2B and industrial customers and is on track to deliver its inaugural solar and battery system at the Kariba Minerals mine site in Zambia. 


Capital Structure & Out of Period Events 

After a significant reduction in the Company’s gross and net debt in 2023, gross debt remained stable this quarter. Based on a standard definition of net debt, excluding inventories and net of cash, net debt stood at USD740 million or 1.9 x LTM EBITDA. The higher Net Debt to EBITDA is attributed to fluctuations in working capital within the quarter.  


In April 2024, we priced USD500m new Notes maturing in 2029 at 7.75 percent to partially refinance our 2026 Notes. Despite recent market volatility, the restructuring of Puma Energy’s credit attracted significant demand with peak orderbook of USD1.3 billion, enabling the bonds to be priced competitively. Considering the renewed the bonds, our average debt maturity as of Q1’24 stands at 3.1 years (vs. 1.6 years as reported). 


Additionally, on the back of an improved capital structure and strong underlying performance, in April 2024, Fitch Ratings upgraded Puma Energy’s Long-Term Issuer Default Rating (IDR) to ‘BB’ with a rating outlook of Stable from a previous rating of from ‘BB-’ with positive outlook.  


Key Performance Indicators Constant Perimeter1 


Q1 23 restated for Senegal Retail and LPG business, El Salvador (CEPA) terminal divestment and Tanzania Deconsolidation





For investor queries, please contact:  

Further information can be located at: Puma Energy: Investors: Overview  


About Puma Energy  

Puma Energy is a leading global downstream energy business, safely providing energy in more than 35 countries, primarily across central America and Sub-Saharan-Africa. Our downstream business segments include fuels, aviation, lubricants, LPG and bitumen. Our purpose is energising communities to help drive growth and prosperity by sustainably serving our customers’ needs in high potential countries around the world. 

For further information visit:  


Cautionary Statement 

This announcement is not being made in and copies of it may not be distributed or sent into any jurisdiction where distribution would be unlawful. 


Forward-looking statements   

Some of the information included in this announcement contain forward-looking statements. You can identify these forward-looking statements by use of words such as “strategy,” “expects,” “continues,” “plans,” “anticipates,” “believes,” “will,” “estimates,” “intends,” “projects,” “goals,” “objectives,” “guidance,” “targets,” “forecasts” or “could”, the negative of such terms and other words of similar meaning. You can also identify them by the fact that they do not relate strictly to historical or current facts. Although Puma Energy believes that the assumptions upon which these forward-looking statements are based are reasonable, any of these assumptions could prove to be inaccurate and the forward-looking statements based on these assumptions could be incorrect. The matters discussed in these forward-looking statements are subject to risks, uncertainties and other factors that could cause actual results and trends to differ materially from those made, projected, or implied in or by the forward-looking statements depending on a variety of uncertainties or other factors. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement. Accordingly, no representation or warranty, express or implied, is made or given by or on behalf of Puma Energy or any of its directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this announcement.