Puma Energy maintains similar earnings in 2020 despite pandemic
The global energy player posted its 2020 results showing a drop in sales and a net loss but maintained a similar EBITDA to 2019.
Global energy company Puma Company managed to post a similar earnings before interest, taxes, depreciation, and amortization (EBITDA) than in 2019 (+0.5%) despite the difficult economic scenario.
EBITDA for the quarter was US$124m and for the full-year EBITDA was US$ 533m in line with guidance. The global pandemic obviously had an impact on sales volume posting 21.5 million cubic metres for the 2020, down 15% compared to 2019.
“2020 was an extraordinary year. Puma Energy started the year strongly with our customer-led strategy delivering convincing results, and then COVID-19 struck. These well-documented challenges created the opportunity to strengthen the foundations of our business and to navigate the crisis so that we are poised to accelerate as markets recover,” said Emma FitzGerald, CEO.
Puma Energy returned to profit in the quarter with a profit for the period of US$ 18 million. Loss for the year amounted to $324m due to impairments and forex impacts on disposals.
Continuing to prioritise strategic investments to enhance growth, with capital expenditure of US$ 53m for the quarter and $153m for the full year.
Puma Energy has around 2,900 retail sites, a presence at over 80 airports and a network of storage terminals.
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