Puma issues 12.2bn/- dividend to govt, investor

PUMA Energy Tanzania Limited on Thursday handed over to its equal shareholders -the government and Puma Investments Limited–a dividend amounting to 12.2bn/- from the net profit made in the year ended 2022.

The company is jointly owned by the government (through the Treasury Registrar in the Ministry of Finance) and Puma Investments Limited, each holding 50 per cent of the company’s equity, hence each shareholder will obtain 6.1bn/- from the issued dividend.

The company has shown strong signs of recovery following Covid-19 net profit increase up by 117 per cent for the year 2022 from 2021. Recovery underpins continued investment in Puma Energy’s aviation, retail and lubricants business in Tanzania.

Treasury Registrar, Mr Nehemia Mchechu, expressed the government’s appreciation for the partnership forged with Puma Energy, highlighting the supportive stance of the Sixth Phase Government towards collaborations with the private sector.

Mr Mchechu emphasised that such partnerships bring mutual benefits to both the government and its private sector partners. He encouraged the board and management of Puma Energy Tanzania to continue with their dedication to innovation and creative service offerings.

The treasury registrar also commended Puma Energy for its commendable performance so far and applauded the company’s efforts in investing in cleaner energy alternatives.

He specifically acknowledged the company’s recent initiatives in introducing future-oriented fuels such as LPG, Solar, and CNG.

Mr Fadi Mitri, the Head of Africa, Puma Energy, said: “the dividend cheques presented today (yesterday) demonstrate the positive contribution the partnership between Puma Energy and Tanzania has on supporting economic growth.”

Puma Energy plays a key role in energising communities across Tanzania.

“By leveraging our robust international supply chain, we have maintained a secure and reliable supply of fuels during challenging global market conditions. Importantly, the financial benefits are shared equally with the people of Tanzania through this dividend payment to the government,” he stated.

The improved performance of the company also allows Puma Energy Tanzania to continue to invest in Tanzania to ensure reliable access to energy, while also supporting the community, he added.

Puma Energy Tanzania Limited Managing Director, Ms Fatma Abdallah, expressed gratitude to the company’s two shareholders and the board of directors for their unwavering support and guidance.

“Their collective efforts with collaboration and agility of the members of staff have played a pivotal role in driving the company’s improved performance, particularly in the face of the challenges posed by the Covid-19 pandemic,” she said.

Ms Abdallah highlighted that the company actively collaborates with the government to tackle various business challenges, including the US dollar deficit.

She also emphasised her confidence that once these challenges have been effectively addressed, Puma Energy Tanzania’s performance will further elevate.

“The company remains committed to delivering exceptional service and value to its customers while sticking to its vision of energising the communities in which it operates.  The excellent performance of the business in 2022 underpinned Puma Energy’s investment in its retail, aviation and lubricants business,” she stated.

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