Puma Energy Zambia Plc held its 61st Annual General Meeting (AGM) on 30th March 2023 at Neelkanth Sarovar Premiere in Lusaka where reports and audited financial statements for the year ended 31st December 2022 were presented to the shareholders.
During the period, the company continued to uphold Health, Safety Security, Environment and Quality (HSSEQ) as a key priority. As part of the effort to promote safety on Zambia’s roads, Puma Energy implemented a robust In-Vehicle Monitoring System (IVMS) to provide greater insight into driver behaviour and manage risks. The company continued its international accreditation to safety standards ISO9001 and 14001.
Further, the company recorded improvement in the internal HSSEQ performance evaluation tools as well as operationalexcellence. The Company recorded a strong financial performance delivering K231.51 million in profit after tax compared to K86.08 million in the prior year, while deliveringgrowth in sales volumes of 9 per cent over the same period.
With Government having allowed oil marketing companies to import fuel products, Puma Energy was able to leverage its integrated supply chain to optimise product supply and logistics. This in turn ensured steady and consistent supply of product. The company also optimised its operations by managing costs within set targets.
Total company sales revenue increased by 49 per cent in 2022 compared to 2021. This was mainly attributed to the global recovery from COVID-19 and improved efficiency. The company leveraged its integrated supply chain to optimise throughput to its retail and Business–to Business segments at a time the global market was experiencing product scarcity. Aviation recorded a significant increase in revenue due to the easing of travel restrictions related to COVID–19.
A total of K62.93 million was spent on capital projects mostly in the retail and Business-to-Business mining segments, where focus was placed on refurbishing stations and improving customer experiences.
The Company’s share price on the Lusaka Securities Exchange (LuSE) rose by K0.39 closing at K1.60 per share as at 31stDecember 2022 in comparison to K1.21 per share as at 31stDecember 2021. The Company’s market capitalisation for the same period stood at K800 million as at 31st December 2022.
On 6th March 2023, the Board of Puma Energy Zambia Plc resolved to recommend a dividend of K36.1 million for the year ended 31st December 2022, which was approved at today’s Annual General Meeting.
Mr. Patricio Chababo, Managing Director of Puma Energy Zambia commented: “Puma Energy is amongst the few oil marketing companies that provides a consistent and stable supply of fuel in the country. In 2022, our company maintained leadership in market share at 20.1% and we were ahead of our competition in retail, commercial and aviation. We supply more than 60% of the mining sector in Zambia, a vital sector for the economic and social development of the country.“ Mr Chababo further stated: “Puma upgraded more than 20 existing retail stations across the country in 2022 to refresh and improve its visual look, infrastructure and offering. We plan to open 6 rural stations this year and 25 in the period 2023 to 2025.”
Puma Energy Zambia Plc is looking continue to invest in the business to ensure sustained growth and leadership in market share in the country. The company will continue to not only invest in urban areas, but will also spread its footprint to rural areas to support government efforts of rural development. Puma Energy Zambia PLC is committed to its Environment, Social and Governance (ESG) agenda which aims to embrace clean and transition energy sources, support social progress and minimise negative environmental impacts.
The company will this year focus on rolling out LPG in thecommercial and retail sectors, while also continuing the solarisation of its retail stations and other facilities as it alignsitself to the national growth agenda in all sectors of the economy.