Downstream operations boost Puma Energy’s Q3 results
Global integrated midstream and downstream energy company Puma Energy has released results for the third quarter of 2017.
Puma Energy has increased by 8% its gross profit to $406 million due to improved unit margins from downstream activities.
During the period Puma Energy Puma Energy added more than 500 sites to its retail network, mainly due to acquisitions of retail distributors in Pakistan (+470 sites) and Panama as well as organic growth.
“Puma Energy has successfully delivered another encouraging quarter with EBITDA up 9% and operating cash flow for the quarter of US$249 million, reflecting good management of our operations and improved working capital ratios,” said Denis Chazarain, CFO.
Puma Energy owns and operates a network of 101 storage terminals, with a total capacity of 8.3 million m3, as well as more than 3,000 retail sites in Latin America, Africa and Asia Pacific.
The company has largely finalised its major terminal construction projects in Tema, Ghana and Luanda Bay, Angola.
