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Puma Energy Announces Q4 & FY 2023 Results

March 28, 2024
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Puma Energy Announces Q4 & FY 2023 Results
  • Business turnaround delivers second full year of positive net income
  • Cash flow from operations standing at USD 382 million for 2023
  • Achieved lowest debt levels in ten years at 1.3x net debt to EBITDA
  • More than USD 1 billion of available liquidity between cash and undrawn committed RCF

Singapore, 28 March 2024 – Puma Energy today announced its financial results for the three-month period and full year ended 31 December 2023.

Throughout 2023, the company continued its efforts to turnaround and reinvigorate the business with a focus on its core downstream activities. On a constant perimeter basis, the business delivered a strong performance across its core segments and regions, demonstrating its resilience against various ongoing macro-economic headwinds.

For the Full Year 2023, the business delivered a net profit of USD 37 million, excluding IFRS 16, its second full year of positive net income in six years. In addition, cash flow from operations stood at USD 382 million compared to USD 330 million in 2022 – at its highest level since 2019.

On a constant perimeter basis, while volumes were marginally lower, EBITDA was higher in 2023 at USD 404 million compared to USD 335 million 2022, which is largely attributable to a USD 100 million increase in gross profit across majority of our business segments. Overall, the company’s performance was driven by a continued focus on operational performance and active management of inherent market risks.  

For the fourth quarter (Q4) of 2023, Puma Energy delivered solid results despite a USD 45 million impairment and USD 33 million write off from deferred tax assets related to our business in Papua New Guinea, which continues to experience market and FX related challenges. During Q4, the company saw increased sales across higher-margin segments, specifically retail and aviation driving improved year-on-year profitability.

A key highlight in Q4 was the completion of the liability management exercise in December 2023 calling the remaining US 2024 notes in circulation using our cash available. As a result, we significantly deleveraged the business to 1.3x Net Debt to EBITDA[1] (without inventory deduction) and increased financing capacity. Fixed costs were slightly higher in Q4 and we ended the year with an 8% increase year over year. This is largely attributed to investment in marketing, as well as improvement in our talent density and increase in travel costs as we prepare to enter a phase of prudent growth.

Key Performance Indicators

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

*Unadjusted for perimeter changes, unless otherwise indicated

Highlights Full Year 2023                                                                                                        

Health and Safety

While we experienced a reduction in significant spills, our Lost Time Injury Frequency Rate (LTIFR) has risen over the past few years to 0.91 in 2023[2]. Further strengthening our health and safety performance remains a priority, with a particular focus on improving our underlying safety culture. As part of our efforts to further improve our safety performance, we have appointed a new Executive Committee level Global Head of HSSE.

Strengthened Balance Sheet

The company’s capital structure improved with gross debt decreasing from USD 1,561 million in the previous year to USD 1,032 million as of December 2023. This was mainly achieved through a two-phased liability management exercise against our 2024 Notes and our EUR Private Placement in August and December.

In addition, on 1 October 2023, USD 358 million of the company’s existing shareholder loan was successfully converted into equity, significantly bolstering our equity base to USD 452m as of the end of December 2023.

Together, these steps mark a significant milestone in our efforts as we position the company for future growth.

Additionally, in November 2023, Puma Energy received a ratings upgrade from Moody’s to Ba3 from B1, which follows a change in outlook from Fitch Ratings to positive from stable in April to BB-positive from BB-stable. These upgrades reflect our efforts to reduce debt and improve our debt maturity profile. They also represent our strong operational performance, cash flow generation and liquidity, which we delivered through a sustained focus on our core downstream business.

The company’s Revolving Credit Facility remained undrawn at the end of the Q4, and the company enjoyed a strong liquidity position with USD 497 million of cash and approximately USD 650 million of committed RCF undrawn.

At the end of 2023, Puma Energy closed the year with its lowest debt levels in ten years – Net Debt to EBITDA[3] of 1.3x.

Focusing on our Core

In 2023, the company completed the sale of its remaining terminal in El Salvador in Q2 FY23, concluding the process of divesting its non-core marine infrastructure assets.

As of 31 December 2023, the total number of retail sites globally stood at 1,979 which is a net increase of 43 sites across the business when compared to previous year.

In Latin America, we increased the footprint of our network with 63 sites. As part of this growth, we successfully grew our market share across key markets and also increased our non-fuel retail sales by 11 per cent as a result of our investment in rolling out Super7 convenience stores across the network. As a result, we saw a USD 5 million increase in non-fuel related EBITDA in Latin America.

In 2023, Puma Energy made various small portfolio adjustments mostly in Africa. This includes the sale of our LPG and Retail business in Senegal to Oryx. In Africa, we continued to focus on optimizing the network and the net number of sites reduced by 13, driven mainly by the divestment of retail sites in Zimbabwe as part of an operational restructuring. In 2023 the company upgraded 247 of our existing retail sites in core African markets and delivered 82 non-fuel retail projects across the region ranging from convenience stores to quick service restaurant partnerships.

Additionally, in Q4 the company completed its acquisition of aviation fuel assets in Mozambique, which strategically strengthened Puma Energy’s presence across seven major airports in the country, aligning with the company’s strategic goal to concentrate growth on high-potential downstream markets through prudent investments.

Low Carbon and Renewable Energy

The company took important steps towards building its low carbon and renewable energy portfolio in 2023.

Puma Energy achieved its target of 300 solar projects across its sites and Puma Branded retail stations by the end of 2023. Collectively these projects represent a total operational capacity of 11.8 MWp.

In July 2023, Puma Energy won a contract to install a 200 kWp solar power and battery system at the Kariba Minerals mine site. This project represents our new offering to our industrial customers seeking lower carbon energy solutions to support their decarbonization objectives.

Additionally, in October 2023 Puma Energy completed the acquisition of Ogaz, a leading player in the LPG market in Zambia, which will jumpstart the distribution of LPG bottles in this growing market.

Hadi Hallouche CEO, said:

“We are proud to have delivered a strong performance with a second consecutive year of positive net income, despite various macro-economic headwinds. This result is thanks to everyone’s hard work across the organisation to turnaround and build a stronger, more resilient company. Today, we are well placed to begin shifting our focus from turning around the business to prudent growth.”

Carlos Pons, CFO, said:

“Overall, we demonstrated a resilient performance, underpinned by our ability to maintain stability by actively navigating inherent market risks. Furthermore, the solid operating cash flow in both 2022 and 2023 underscores our ability to generate consistent and reliable cash flow from our operations and effectively manage our working capital.

We are encouraged by our continued positive results and look forward to maintaining a strong financial position while pursuing new, prudent investment opportunities.”

Key Performance Indicators

Constant Perimeter

Q4 2022 & FY2022 figures adjusted for perimeter changes. Each previous quarter excludes Myanmar aviation (Divested in 2022 Q4), Infrastructure assets (CEPA terminal in Q2 ‘23), Ivory Coast downstream activities (Divested in 2022 Q4), Senegal (Retail and LPG) in August 2023 and Tanzania deconsolidation (Oct’23)

– ENDS –

Puma Energy’s Annual Report 2023 is available here: Puma Energy: Investors: Reports & Results

For investor queries, please contact:


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

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 and bitumen. As of 31 December 2023, we have 1,979 retail sites and we are present at 117 airports and airfields. 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.

[1] Same footnote as page 2

[2] The methodology to determine LTIFR has been updated in 2023 to include only work hours for our employees and contractors under our supervision

[3] Standard definition of net debt: gross debt minus cash and cash equivalents

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