Puma Energy International, the fuel storage and service station operator spun off from commodity trader Trafigura Group, said full-year earnings increased by 3% as the firm entered new markets from South Africa to the UK.
Earnings before interest, taxes, depreciation and amortisation rose to US$676 million ($917 million) in 2015 from US$655 million the previous year, the Singapore-based company said in a statement on Thursday. Sales volumes climbed 28%, while net sales fell 5.2% to US$12.7 billion due to lower fuel prices.
Puma, 49% owned by Trafigura, entered five new markets including Colombia and Peru. The acquisition of Murphy Oil’s shuttered Milford Haven facility in the UK helped increase the company’s storage capacity by more than a third to 7.7 million cubic meters. Chief Executive Officer Pierre Eladari said he was confident Puma will achieve “improved performance” in the first quarter of 2016.
“In a difficult macroeconomic environment, Puma Energy’s stable strategy, proven business model and strong sales volume growth places us amongst the best-performing majors,” Eladari said in the statement.
Currency Impact
Weaker currencies in Australia and Africa shaved US$60 million to US$70 million from pretax earnings, Chief Financial Officer Denis Chazarain said in a phone interview. Unit margins averaged US$71 per cubic meter during 2015, but that is expected to increase closer to US$80 in the first quarter of 2016, he said.
“That is already recovering and we expect a strong‚” first quarter, said Chazarain.
Puma added 400 service stations in 2015 to bring its total to 2,300 and boosted capital spending by 22% to US$813 million.
Capital expenditures should remain at a similar level in 2016, Chazarain said. The 28% rise in 2015 sales volumes was driven two-thirds by organic growth, with the remainder from acquisitions.
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Earnings before interest, taxes, depreciation and amortisation rose to US$676 million ($917 million) in 2015 from US$655 million the previous year, the Singapore-based company said in a statement on Thursday. Sales volumes climbed 28%, while net sales fell 5.2% to US$12.7 billion due to lower fuel prices.
Puma, 49% owned by Trafigura, entered five new markets including Colombia and Peru. The acquisition of Murphy Oil’s shuttered Milford Haven facility in the UK helped increase the company’s storage capacity by more than a third to 7.7 million cubic meters. Chief Executive Officer Pierre Eladari said he was confident Puma will achieve “improved performance” in the first quarter of 2016.
“In a difficult macroeconomic environment, Puma Energy’s stable strategy, proven business model and strong sales volume growth places us amongst the best-performing majors,” Eladari said in the statement.
Currency Impact
Weaker currencies in Australia and Africa shaved US$60 million to US$70 million from pretax earnings, Chief Financial Officer Denis Chazarain said in a phone interview. Unit margins averaged US$71 per cubic meter during 2015, but that is expected to increase closer to US$80 in the first quarter of 2016, he said.
“That is already recovering and we expect a strong‚” first quarter, said Chazarain.
Puma added 400 service stations in 2015 to bring its total to 2,300 and boosted capital spending by 22% to US$813 million.
Capital expenditures should remain at a similar level in 2016, Chazarain said. The 28% rise in 2015 sales volumes was driven two-thirds by organic growth, with the remainder from acquisitions.
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