Puma Energy Zambia Reports Lower Sales and Higher Investments
Puma Energy Zambia Plc, a leading oil marketing company listed on the Lusaka Securities Exchange (LuSE), has announced audited financial results for the year ending 31 December 2025, following its 64th Annual General Meeting (AGM) held at the Mulungushi International Conference Centre in Lusaka.
The company reported a decline in revenue to K10.6 billion, down from K14.8 billion in 2024, representing a 28% contraction. This was largely driven by reduced sales volumes and pricing adjustments in a highly competitive market. Sales volumes dropped by 19%, reaching 450,000 cubic metres compared to 558,000 cubic metres the previous year, due mainly to supply challenges affecting both the Retail and Business-to-Business (B2B) segments.
The company recorded an operating loss of K107 million, a sharp fall from an operating profit of K41.8 million in 2024. Net losses after tax stood at K155.71 million, compared to a loss of K77.1 million in the prior year, reflecting sustained margin pressure and higher operating costs.
Despite these challenges, the Aviation segment performed strongly, achieving a 12% increase in volume, highlighting Puma Energy Zambia’s strategic market positioning.
During the AGM, Chairman Jacob J. Sikazwe acknowledged the structural and operational difficulties of the year but emphasised the company’s long-term confidence in the Zambian energy market.
General Manager Zwelithini Mlotshwa, appointed on 1 July 2025, outlined measures to stabilise operations, including transitioning several retail sites from a Company Owned, Company Operated (COCO) model to a Company Owned, Dealer Operated (CODO) framework.
“Following the partial adjustment of the regulated Oil Marketing Company margin, we realigned pricing models for major customers and diversified our portfolio to reduce risk,” said Mr. Mlotshwa.
The company continued its investment in infrastructure, with over K220 million spent on retail network upgrades, aviation facilities, and B2B assets.
Additionally, Puma Energy Zambia adopted the IFRS S1 and S2 Sustainability Disclosure Standards, reinforcing its commitment to transparent, internationally aligned sustainability reporting.
The firm’s sustainability strategy, “Focus on the Basics”, prioritises HSSE excellence, expansion into rural areas to improve energy access, and growth in lower-carbon energy offerings, including LPG and solar solutions.
Looking ahead, the leadership team expressed cautious optimism for 2026 despite global uncertainties, including supply risks exacerbated by the ongoing Middle East conflict.
Chairman Sikazwe stated: “Strategic changes implemented in 2025 will support improved stability and performance even under challenging conditions.”
General Manager Mlotshwa added: “Our priorities remain managing costs, strengthening partnerships, and maintaining operational discipline to navigate global supply chain volatility while ensuring safe and reliable operations.”
