We have extracted the financial summary from the abridged report of Puma Energy Zambia Plc listed on the Lusaka Securities Exchange under the share code PUMA.zm. PUMA is a marketer and distributor of lubricants and petroleum products in Zambia.
The following is an excerpt from the abridged report;
For the year ended 31 December 2018 the Company recorded a profit after tax of K115.13 million compared to K54.31 million recorded in the previous financial year. Volumes were 5.2% higher than those achieved for the same period last year.
A profit before finance costs, taxation and exchange gains of K236.51 million was achieved for the year ended 31 December 2018 compared to K177.96 million for the previous year, while the pre-tax profit was K176.05 million compared to K83.30 million the previous year.
Contingencies are as disclosed in the Financial Statements.
The key highlights of the financial performance for the period were as follows:
1. Volumes for the year under review were 5.2% higher than last year. This was mainly due to increase in demand in the Business-to-Business and Aviation segments. In Retail segment, volumes were lower due to price increases in February and October.
2. During the period under review, the Company invested a total of K15.10 million in capital projects compared to K35.51 million for the previous year. This expenditure was mainly incurred on various projects in our Retail network and towards assets invested in our Mining / Business-to-Business line.
3. The Kwacha was relatively stable for most part of the year. However, in September, it depreciated against the US dollar and closed the year at 11.95 compared to K9.95 at close of 2017.
With the Company’s new business prospects in some of its key business segments, sales volumes are expected to grow in 2019. Also, with its strong investment program, the Company is confident that it will continue to grow and remain a key player in the energy sector. Safety of operations and personnel will remain a key priority.