Puma Energy Zambia Plc – HY22 profit increased by ZMW176.79 million spurred by higher sales volumes

By Published On: October 4th, 2022Categories: Corporate announcement, Earnings
Puma Energy Zambia Plc 2022 Interim Results For The Half Year

Puma Energy Zambia Plc (PUMA.zm) HY2022 Interim Report

REVIEW OF RESULTS FOR HALF YEAR ENDED 2022

Company Performance

For the half year ended 30 June 2022, the Company recorded a profit after tax of ZMW141.137 million compared to ZMW4.235 million recorded in the previous financial year. Volumes were 19% higher than those achieved last year.

A profit before finance costs, taxation and exchange gains of ZMW256.26 million was achieved for the half-year ended 30 June 2022 compared to ZMW79.47 million for the previous year, while the pre-tax profit was ZMW205.47 million compared to ZMW45.71 million the previous year.

The key highlights of the financial performance for the half year were as follows:

  • Volumes for the year increased by 19% compared to the previous year.
  • Profit from ordinary activities increased by ZMW176.79 million on account of higher sales volumes and cost-reflective selling prices in Retail which the Energy Regulation Board now reviews every month.
  • During the year under review, the Company invested over ZMW13.13 million in capital projects mainly in its Retail Network.

PROSPECTS

With the Company’s new business prospects in some of its key business segments coupled with new positive strategic initiatives being put in place, sales volume performance is expected to grow in 2022. The strong investment program will provide added benefits to the business and hence, the Company is confident that it will continue to remain a key player in the energy sector.

The safety of operations and personnel will remain a key priority.

By Order of the Board
ESJL Corporate Advisory Limited
Company Secretary
Issued in Lusaka, Zambia on 30 September 2022


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