PUMA Energy Zambia PLC a subsidiary of Puma Energy (Ireland) Holdings Limited has reported about K255 million profit after tax for the year ended 31st December, 2023.
This outcome has been attributed to a 12% increase in volumes and a general uptick in selling prices, driven by the rise in oil prices.
According to the audited financial results for the year ended 31 December 2023, seen by the Zambian Business Times – ZBT, the Company recorded a profit after tax of K254.79 million for the year under review compared to K231.51 million recorded in the prior year.
The company achieved a profit before finance costs, taxation, and exchange gains of K233.66 million, representing a notable improvement from the previous year.
The pre-tax profit stood at K357.65 million, showcasing a positive trend compared to the previous year’s figure of K325.90 million.
The company credited the operational foreign exchange gains recorded during the year for this improvement.
“Profit before finance costs, taxation, and exchange gains of K233.66 million was achieved for the year ended 31 December 2023 compared to K281.36 million for the previous year, while the pre-tax profit was K357.65 million compared to K325.90 million the previous year. The improvement in pre-tax profit is attributable to the operational foreign exchange gains recorded during the year.”
However, despite the strong financial performance, the board has chosen not to recommend a dividend for the year under review.
The petroleum products market in Zambia is expected to see a rise in demand, with rising demand projected in sectors like mining, power generation, and manufacturing amid the drought which has hugely affected the energy sector.
