Annual Report 2020

Energising Communities

Energising communities in an extraordinary year

Our purpose of energising communities helps drive growth and prosperity by sustainably serving our customers’ energy needs in high-potential countries around the world.

In an extraordinarily challenging year, we stayed true to this purpose. We continued to focus with ever greater intensity on transforming our business in line with our customer-led strategy, while responding quickly and effectively to the upheavals and uncertainty of COVID-19. At all times, in all situations - we are dedicated to energising communities.

Where we operate 430KB PDF
petrol station

Financial Statements

Improving in challenging times

Two years into our five-year transformation plan, we delivered a solid financial performance and achieved key operational improvements as we continued to transform our business while dealing with the unprecedented challenges of COVID-19.

Financial Statements1.28MB PDF

Financial & Operational Highlights

US$ 2.8 m

Operating profit

(2019 US$-327m)

US$ 533 m


(2019 US$530m)

20,118 k m3

Sales volumes

(2019 22,441k m3)

US$ 9,944 m

Net sales

(2019 US$14,598m)

US$ 78.9 m

Operational improvements in 2020

14,533 k m3

Throughput volumes

(2019 14,195k m3)

US$ 1,205 m

Gross profit

(2019 US$1,265m)

US$ 143 m

Organic capital expenditure, net

(2019 US$146m)

US$ 2,037 m

Net tangible fixed assets

(2019 US$2,421m)

75 %

Engagement with employee survey

US$ 1.4 m

Invested in learning and development


Lost Time Injury

Frequency Rate (LTIFR)

*including discontinued operations and excluding IFRS 16 impact

CEO's Statement

In many ways, the pandemic brought out our resilience and creativity and encouraged us to be laser-focused on what’s really important – from protecting our people, customers and communities to investing in the strongest sources of value to create safe and affordable energy solutions.

Emma FitzGerald Chief Executive Officer
Chief Executive's Strategic Review 279KB PDF

Chairman's Statement

René Médori

We live in a world that needs reliable, affordable and increasingly sustainable energy solutions – nowhere more so than in the fast-growing parts of the world where Puma Energy is an established presence.

René Médori Chairman
Chairman's statement 201KB PDF

Business model

Creating value for our stakeholders

From giving the people who visit our retail sites a great experience to working closely with industrial businesses to help them optimise their operations – we focus on delivering the very best for our customers.

Business model 691KB PDF
Business model

Our strategy

Focusing on customers to drive growth

We focus on implementing our strategy and the three pillars of our transformation framework: operational excellence, focused growth and new business development. In 2020, we reorganised our structure, creating three distinct business units – Downstream, Infrastructure and Future Energies – supported by global functions.

Person paying for fuel


Creating and embedding our ESG Framework

Our commitment to robust ESG principles is essential to the sustainable growth and success of our business and to the communities we serve. In 2020, we launched our ESG Framework, which we continue to embed and evolve throughout Puma Energy.

Solar panels