Puma Energy Zambia PLC has posted a profit after tax of K231.51 million in 2022 compared to 86.07 million the prior year.
The company also posted a profit before finance costs, taxation and exchange gains of K331.99 million in 2022 compared to K197.53 million the previous year.
Read more : AECI Mining Explosives revenue down 8%, as exports decline
This is according to the abridged financial results for the period ended December 31,2022 posted on the Lusaka Securities Exchange (LuSE).
It stated that the volumes were nine percent higher than those achieved in the year December 31,2022.
The report indicated that the pre-tax profit was K325.90 million compared to K140.18 million the previous year.
“During the year under review, the Company invested over K62.93 million in capital projects mainly in its retail network,” it stated
During the year under review, the report indicated that the Kwacha depreciated by about 21 percent against the United States (US) dollar from K16.66 in 2021 to K18.05 at the close of the year.
“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 programme will be 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,” it indicated.
WARNING! All rights reserved. This material, and other digital content on this website, may not be reproduced, published, broadcast, rewritten or redistributed in whole or in part without prior express permission from ZAMBIA MONITOR.