By ALICE NACHILEMBE
Puma Energy Zambia, a leading oil marketing company listed on the Lusaka Stock Exchange (LuSE), held its Annual General Meeting (AGM) at the Neelkanth Sarovar Premiere Hotel in Lusaka, presenting its financial statements for the year ended December 31, 2023.
Despite facing challenges like international energy price volatility and local currency fluctuations, the company achieved commendable results, with revenues increasing by 21% to K10.532 billion and operating profit rising by 10% to K393 million. Profit After Tax also saw an 18% increase to K255 million.
Managing Director Patricio Chababo attributed the success to strategic initiatives, strong commercial position, and operational excellence. He highlighted the company’s efforts to improve efficiency, extend market coverage, and explore innovative opportunities for renewable energy projects.
Board Chair Jacob J Sikazwe emphasized the importance of diversification and market expansion, citing the opening of rural service stations, acquisition of LPG assets, and solar projects as key factors driving success. He also noted significant improvements in share price and market capitalization, solidifying Puma Energy Zambia’s position as a strong player in the market.
Although no dividend was recommended for 2023 due to constrained cash flow, the company remains committed to driving growth through diversification, innovation, sustainability, and operational excellence, with a focus on returning excess capital to shareholders in 2024.
Both Sikazwe and Chababo expressed optimism and confidence in the company’s ability to navigate uncertainties and generate long-term value for shareholders.
