In compliance with the Securities Act No. 41 of 2016 of the Laws of Zambia and the Listing Requirements of the Lusaka Securities Exchange, Puma Energy Zambia Plc announces the audited results for the year ended 31 December 2022
*Restatements
1. Classification of land from Property Plant & Equipment to Right Of Use asset which resulted in amortization of K2,341 charged to opening retained earnings for 2021
2. Restatement of Actuarial loss on defined benefit plan from the statement of profit or loss to other comprehensive income which impacted profit before tax, tax expense, profit after tax and reserves
REVIEW OF FINAL RESULTS FOR YEAR ENDED 2022
Company Performance
For the year ended 31 December 2022, the Company recorded a profit after tax of K231.51 million compared to K86.08 million recorded in the previous financial year. Volumes were 9% higher than those achieved in the year ended 31 December 2021.
A profit before finance costs, taxation and exchange gains of K331.99 million was achieved for the year ended 31 December 2022 compared to K197.53 million for the previous year, while the pre- tax profit was K325.90 million compared to K140.18 million the previous year.
The key highlights of the financial performance for the year were as follows:
1. Volumes for the year increased by 9% compared to the previous year.
2. During the year under review, the Company invested over K62.93 million in capital projects mainly in its Retail Network.
3. During the year under review, the Kwacha depreciated by about 21% against the United States Dollar from K16.66 in 2021 to K18.05 at the close of the year.
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 volumes performance is expected to grow in 2023. 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
