Puma Energy Zambia PLC, a subsidiary of Puma Energy (Ireland) Holdings Limited, has reported a profit after tax of approximately K255 million for the year ending December 31, 2023.
This increase is attributed to a 12% rise in sales volumes and higher selling prices driven by the global increase in oil prices.
According to the audited financial results obtained by the Zambian Business Times (ZBT), the company recorded a profit after tax of K254.79 million, up from K231.51 million the previous year.
The company achieved a profit before finance costs, taxation, and exchange gains of K233.66 million, reflecting significant improvement from the previous year.
Pre-tax profit stood at K357.65 million, compared to K325.90 million in the prior year, with operational foreign exchange gains contributing to this positive trend.
Despite the robust financial performance, the board has decided not to recommend a dividend for the year under review.
The petroleum products market in Zambia is expected to grow, with increasing demand projected in sectors such as mining, power generation, and manufacturing, particularly due to the impact of drought on the energy sector.
