- Business delivers third consecutive year of positive net income
- Stable performance and positive cashflow generation underpinned by core segments and market diversity
Singapore, 27 March 2025 – Puma Energy today announced its financial results for the three-month period and full year ended 31 December 2024.
The company delivered a stable performance supported by its core segments and regions, which counterbalanced lower bitumen demand and reduced refining margins.
For the full year 2024, the business delivered a net profit of USD 39 million, excluding IFRS 16, its third consecutive year of positive net income. In line with previous years, the Group will not distribute dividends. The company’s net profit performance, coupled with its dividend policy, resulted in a full IFRS equity level of $476 million for the year, the highest since 2018.
Total gross margin remained stable on a constant perimeter basis, driven by a strong performance in our core segments of retail and aviation, which enabled the group to markedly increase its YoY unit margin to $69/m3.
For the full year, EBITDA was at USD 338 million compared to USD 404 million in 2023, which is attributed to the deconsolidation of Tanzania, lower demand in our Bitumen markets and the impact of downsizing our business in PNG to reduce exposure to foreign currency risk.
The company generated positive operating cash flow of $139 million, with working capital influenced by two notable items: a $38 million outflow associated with the exit from our UK commercial fuels business in July 2024 and a $90 million payment related to 2023 cargoes that were paid January 2024. The latter impact should have been booked towards the working capital benefits realised in 2023, but instead has resulted in corresponding impact on our 2024 working capital position.
Key Performance Indicators*
*NB All financial figures are presented excluding the impact of IFRS16
*Unadjusted for perimeter changes unless otherwise indicated
Highlights Full Year 2024
Health and Safety
Further strengthening our health and safety performance remains a focus, with particular effort to continue improving our underlying safety culture. There were no fatalities reported in 2024, however our Lost Time Injury Frequency Rate (LTIFR) rose to 1.22 for the year compared to 0.91 in 2023. While we believe this reflected a more disciplined and improved reporting culture, it is a trend we will closely monitor and improve as part of our ongoing safety program aimed at strengthening our safety governance framework, enhancing our capabilities and developing our people to champion safety at every level of the organisation.
Puma Energy also completed the alignment of its security providers with the Voluntary Principles on Security and Human Rights as part of its efforts to manage safety across its value chain.
Strengthened Balance Sheet
In April 2024, the company successfully issued a new USD 500 million bond maturing in 2029, which attracted significant demand. The proceeds were used to repay USD 520 million of the 2026 notes. In Q4 2024, Puma Energy subsequently redeemed (at par and on a pro rata basis) USD 100 million of the 2026 notes by drawing the remaining USD 100 million of our 3-year term loan closed in June 2024. Post redemption, the outstanding balance of the 2026 notes stood at USD 90.29 million.
As a result of the successful debt issuance and refinancing, Puma Energy’s average debt maturity profile was extended to 3.1 years as of the end of 2024 (from 1.8 years as of the end of 2023).
The company’s 1-year and 3-year syndicated Revolving Credit Facilities remained undrawn at the end of Q4 2024, with total committed available liquidity of USD 485 million on top of USD 287 million cash at hand.
In April 2024, Fitch Ratings upgraded Puma Energy’s Long-Term Issuer Default Rating (IDR) to ‘BB’ with a Stable outlook, from ‘BB-’ Positive outlook. Additionally, in November 2024, Puma Energy received its first corporate and notes ratings of ‘BB’ with Stable outlook from S&P Global Ratings. These ratings recognise our successful efforts in turning around the business and strengthening the company’s balance sheet by reducing debt and improving our debt maturity profile.
Focusing on our Core Business
During the year we grew our retail network by 6 percent, adding 201 sites and exiting 74 non-performing sites, bringing the total number of retail sites to 2,106 as of 31 December 2024.
In Latin America, we increased the footprint of our network with a net of 57 new sites, bringing the total to 1,313. Through our partnerships with Shell and Texaco, we continued to deliver on our dual-brand strategy and closed the year with a total of 40 Shell-branded stations in El Salvador and Honduras, 25 of which were added during 2024. We continue to see results from our strategy in rolling out Super7 convenience stores across the network and saw non-fuel retail rise to 21 percent of retail gross margin.
In Africa, we continued with our strategy to refresh and optimize our retail network. During the year we added a net of 31 new stations, including two new rural stations in Zambia, bringing the total to 707. We refreshed and refurbished a total of 204 sites throughout the year. In 2024, we expanded our NFR offering by adding 32 new Puma Energy-branded convenience stores and 12 Quick Service Restaurants. Non-fuel retail accounted for 4 percent of the region’s retail gross margin.
Our global aviation business performed consistently well throughout the year. On a constant perimeter basis, aviation delivered USD 128 million in gross profit in 2024 compared to USD 94 million in 2023. In Africa we significantly expanded our network in South Africa, signing new contracts for six additional airports. In LATAM we finalised the acquisition of SOL’s assets at San Juan Airport (SJU), strengthening our position in Puerto Rico.
In 2024, the company continued to take steps to dispose of non-core assets, including the sale of 85 percent of Puma Energy’s terminals in Vietnam and the exit of our commercial fuels business in the UK.
Low Carbon and Renewable Energy
We continue our efforts to solarise our operations where it is technically and economically feasible. In 2024, we have continued these efforts and increased the number of solarised Puma-branded retail stations, terminals, and depots by 81 bringing the companywide total to 392 sites, amounting to a total of 12.4MW. The number of solarised Puma-branded retail stations now represents 18 percent of the network.
During the year we also saw progress in our core regions to offer lower-carbon and renewable solutions to B2B customers. In 2024, we commissioned our first Hybrid plant at Kariba Mine in Zambia. In Latin America, we signed two significant deals with existing fuel and lubricants customers, including a 240 kWp solar project in Nicaragua and a 370kWp project that will generate 32 percent of the electricity for a food manufacturer in Honduras.
Governance
During the year Trafigura announced the creation of Operating Assets division, which oversees the governance and management of all of the Group’s controlled and minority-owned operational assets in infrastructure, downstream and midstream oil, mining, metals refining, power generation, logistics and renewables.
To further enhance governance and synergies across Trafigura’s portfolio of assets, Jiri Zrust, Head of Trafigura’s Operational Assets Division, was appointed as Chairman of the Board of Puma Energy in March 2025.
Hadi Hallouche, Co-CEO, said: “We are pleased to have delivered a stable performance for the year. This result is a testament to the diversity and resilience of our business, which has enabled us to navigate complex market conditions. We’re well-positioned for the future, with a strong foundation for growth and a focus on prudent decision-making, disciplined execution, and continued focus on safety.”
Carlos Pons, CFO, said: “Our presence across multiple regions, segments, and products has proven to be a key strength. We continue to actively manage the risks inherent to our markets, while exploring prudent growth opportunities. We are encouraged by the stability of our business and look forward to maintaining a disciplined financial position.”
Key Performance Indicators Constant Perimeter*
*Q4 2023 restated for Tanzania Deconsolidation (Oct’23). FY 2023 restated for El Salvador (Cepa) terminal divestment (May’23), Tanzania Deconsolidation (Oct’23), Senegal Retail and LPG business.
– ENDS –
Puma Energy’s Integrated Annual Report 2024 is available here.
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: www.pumaenergy.com
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.
