Puma Energy Pakistan (Private) Limited ("Puma" or "the Company") is a private limited company incorporated in Pakistan under the Companies Act. The Company is authorized by the Ministry of Petroleum & Natural Resources to operate as an Oil Marketing Company (OMC).

The Company commenced operations following its incorporation on December 26, 2002, under the name Admore Gas (Private) Limited. Subsequently, in November 2017, it adopted its present name, Puma Energy Pakistan (Private) Limited, reflecting its affiliation with the Puma Energy brand. In 2021, ownership transitioned from Puma Energy South Asia Holdings B.V. to Mr. Amir Waliuddin Chishti, making the Company a locally owned enterprise. Over the years, Puma has expanded its retail presence across Pakistan through a nationwide network of fuel stations serving both retail and commercial customers.

Puma is principally engaged in the storage, distribution, and marketing of petroleum products, including Motor Spirit (MS), High-Speed Diesel (HSD), Furnace Oil (FO), and lubricants. The Company operates its head office in Karachi, a storage depot in Daulatpur, Sindh, and a petroleum terminal in Machike, Punjab. Its logistics infrastructure is further supported through hospitality storage arrangements at strategic locations nationwide, enabling efficient product distribution through a network of 563 retail outlets.

Puma Energy Pakistan (Private) Limited is predominantly owned by Mr. Amir Waliuddin Chishti, who holds approximately 99.99% of the Company's shareholding. The remaining nominal shareholding is held by Mr. Kamal Haider Jafri, and Mr. Muhammad Afzal, reflecting a highly concentrated ownership structure.

The Company benefits from a stable ownership profile, with the principal sponsor maintaining controlling interest since the acquisition in 2021. The continuity in ownership and management provides strategic direction and supports long-term business planning.

The principal sponsor, Mr. Amir Waliuddin Chishti, is a seasoned entrepreneur with diversified business interests spanning the energy, financial services, healthcare, education, and real estate sectors. His business portfolio includes investments in Shajar Capital Pakistan (Private) Limited, Invest One Markets (Private) Limited, Shajar Properties (Private) Limited, Darul Shifa International Hospital, Liaquat Ali Khan Memorial College of Dentistry & Health Sciences, and Liaquat College of Medicine & Dentistry (Private) Limited. The sponsors' extensive experience across multiple industries is considered a positive factor for the Company's strategic development.

The sponsors possess adequate financial capacity, supported by their diversified business interests and investment portfolio. Their financial strength is considered sufficient to provide support to the Company, if required, thereby offering additional comfort to stakeholders.

The Company's Board of Directors (BoD) comprises four members, including the Chairman, two Directors, and the Chief Executive Officer (CEO) as a deemed director. The Board brings together experience across energy, finance, healthcare, education, and banking, providing strategic oversight of the Company's operations. While the existing structure is considered adequate for the Company's current scale, further strengthening Board diversity and inclusion of independent representation would be beneficial.

The Board is chaired by Mr. Amir Waliuddin Chishti, an established entrepreneur with extensive experience across healthcare, education, finance, and energy. He acquired a majority stake in Admore in 2014 and subsequently took charge as Chairman of Puma Energy Pakistan following the 2017 joint venture with Puma Energy. He also has experience in the financial sector through Shajar Capital Pakistan (Pvt.) Limited. Mr. Kamal Haider, Director, is a seasoned banking professional with 26 years of experience across international and Middle Eastern financial institutions, with expertise in corporate banking, finance, business development, and risk management. Mr. Afzal Yousuf, Director, serves as CFO and Company Secretary of Darul Shifa International and Liaquat College of Medicine & Dentistry and brings extensive financial and operational expertise. Collectively, the Board possesses diverse business, financial, and industry expertise, supporting effective oversight and strategic decision-making.

The Board meets periodically to review the Company's operational and financial performance, strategic initiatives, and key business risks. It is supported by Audit and Risk Management Committees, which assist in overseeing financial reporting, internal controls, and enterprise risk management. Board meetings are conducted on a quarterly basis, with formal minutes maintained to document key deliberations and decisions.

The Company's financial statements for the year ended December 31, 2025 were audited by M/s BDO Ebrahim & Co., Chartered Accountants, a QCR-rated audit firm and categorized in the 'A' panel of the State Bank of Pakistan (SBP). The auditors expressed an unqualified opinion, indicating that the financial statements present a true and fair view of the Company's financial position in accordance with applicable accounting standards.

The Company follows a well-defined organizational structure with key functions segregated into Retail Sales, Commercial Sales, Lubricants, Operations & Logistics, Finance, Human Resources & Administration, Legal, and Business Support. Each functional department is headed by an experienced executive reporting directly to the Chief Executive Officer (CEO), while the CEO reports to the Board of Directors. The existing reporting structure facilitates clear accountability, efficient decision-making, and effective execution of operational strategies.

The Company is led by Mr. Fayaz Ahmad Khan, Chief Executive Officer, a seasoned downstream petroleum professional with over two decades of industry experience. He began his career with Shell Pakistan in 1998, subsequently held various management positions at Total PARCO, and joined Cnergyico PK Limited in 2006, where he progressed to Vice President – Commercial Division. His experience spans retail sales, B2B and international sales, marine business, lubricants, logistics, terminals, procurement, and crude oil trading. The senior management team is supported by experienced professionals across key business functions. The finance function is headed by Mr. Ramiz Ali, Head of Finance (Acting CFO), bringing over 15 years of experience in finance, accounting, taxation, and corporate finance. The broader management team comprises experienced professionals across key functions, providing adequate functional depth and industry expertise to support the Company's operations and strategic objectives.

The Company has established a structured management framework supported by functional leadership across all key business verticals. Operational oversight is exercised through dedicated management committees, including the Supply Chain Committee, Retail Business Review Committee, and Administration & Human Resources (AHR) Committee. The Supply Chain and Retail Business Review Committees meet weekly, while the AHR Committee convenes monthly. Formal minutes are maintained for all meetings, facilitating effective monitoring of operational performance, business risks, and strategic initiatives.

The Company has deployed SAP S/4HANA as its enterprise resource planning (ERP) platform, integrating key business processes including Finance & Controlling, Materials Management, and Sales & Distribution. In addition, the cloud-based Decibel platform supports human resource and administrative functions, strengthening data management, reporting capabilities, and operational efficiency.

The Company maintains an established internal control framework supported by documented policies, standardized operating procedures, and an integrated management information system. Periodic management reviews, supported by timely financial and operational reporting, enable effective oversight of business performance, inventory management, regulatory compliance, and risk management, thereby reinforcing the overall control environment.

Pakistan's Oil Marketing Companies (OMCs) sector exhibited a mixed performance during FY26, with total petroleum product sales remaining broadly stable at 16.19mln tons compared to 16.32mln tons in FY25. Demand remained supported by improving economic activity and agricultural activity; however, consumption moderated in the latter part of the year due to elevated domestic fuel prices, the escalation of the US-Iran geopolitical conflict, and cross-border smuggling of High-Speed Diesel (HSD). Consequently, Motor Spirit (MS) sales increased marginally by 1% YoY to 7.68mln tons, while HSD volumes declined by 1% YoY to 6.85mln tons. Meanwhile, Furnace Oil (FO) demand continued its structural decline, falling 26% YoY to 0.60mln tons, reflecting higher hydel-based electricity generation and lower reliance on FO-fired power plants. Pakistan State Oil (PSO) maintained its market leadership despite a decline in market share to 42.4% (FY25: 44.0%), while Gas & Oil Pakistan (GO) expanded its market share to 11.7%. Despite relatively flat industry volumes, the Government exceeded its Petroleum Levy (PL) collection target, with collections reaching approximately PKR 1.51trln during FY26, supported by higher levy rates. Going forward, industry performance is expected to remain dependent on domestic economic activity, fuel pricing, exchange rate stability, agricultural demand, the effectiveness of anti-smuggling measures, and geopolitical developments influencing international crude oil markets. Encouragingly, the combined impact of intensified anti-smuggling enforcement, easing international oil prices, and subsequent reductions in domestic retail fuel prices led to a strong recovery in documented petroleum demand in July 2026. Total OMC sales increased by 23% YoY and 20% MoM to 1.51mln tons, marking the highest July sales (excluding FO) since July 2021. MS sales grew by 23% YoY, while HSD volumes increased by 19% YoY to 0.60mln tons, supported by lower fuel prices, improved farm economics, stronger agricultural activity, and the gradual recovery in economic and automotive demand. This recovery indicates a shift in fuel consumption towards the formal OMC network, providing a positive start to FY27.

During FY26, Puma Energy Pakistan (Pvt.) Limited recorded sales of approximately 0.23mln tons, representing around 1.42% of the total OMC market sales of 16.19mln tons. This compares with a 1.26% market share in FY25, indicating a modest improvement in the Company's market position.

The Company generates revenue primarily through PMG (~50%) and HSD (~47.5%), while HSFO (~1.9%), Lubricants (~0.5%), and Avgas (~0.1%)** contribute the remainder. During CY25, net sales increased to approximately PKR 65,980mln (CY24: PKR 59,550mln), reflecting 10.8% YoY growth. Including other revenue, total net revenue increased to PKR 66,331mln (CY24: PKR 59,679mln), representing approximately 11.2% YoY growth. During 3MCY26, net sales stood at PKR 21,659mln, while total net revenue reached PKR 21,687mln, maintaining a strong contribution from the Company's core petroleum business. Going forward, revenue performance will remain sensitive to petroleum product volumes, retail fuel prices, and overall industry demand.

During CY25, the Company's gross profit margin improved to 2.9% (CY24: 2.8%), while the operating margin increased to 0.6% (CY24: 0.5%), supported by improved gross profitability and lower operating expenses. At the net level, the margin strengthened to 0.8% (CY24: 0.2%), primarily reflecting lower finance costs. During 3MCY26, profitability improved further, with gross margin rising to 6.3% and operating margin to 4.1%, while the net margin reached 2.8%. The improvement was supported by stronger gross profitability and lower finance costs. Going forward, margins will remain sensitive to petroleum price movements, operating expenses, and finance costs.

The Company remains committed to conducting its operations in a safe, responsible, and environmentally sustainable manner. It emphasizes minimizing the environmental impact of its operations by integrating health, safety, security, environmental, and quality (HSSEQ) principles across its business activities. The Company also promotes safe handling and usage of its petroleum products through comprehensive product safety information and Safety Data Sheets (SDS). Going forward, continued adherence to responsible operating practices, environmental stewardship, and effective implementation of HSSEQ standards will remain important for sustaining operational resilience and supporting the Company's long-term growth strategy.

The Company's net working capital cycle increased to ~9 days in CY25 (CY24: ~5 days), primarily due to a reduction in trade payable days to ~22 days (CY24: ~28 days), while inventory and trade receivable days stood at ~29 days and ~2 days, respectively. As of 3MCY26, net working capital days further increased to ~10 days, with inventory and receivable days at ~28 days and ~2 days, respectively, while payable days declined to ~20 days. Despite the slight elongation in the working capital cycle, the Company's current ratio remained stable at ~1.2x in CY25 and ~1.1x in 3MCY26, indicating adequate short-term liquidity.

During CY25, EBITDA stood at ~PKR 909mln (CY24: ~PKR 1,169mln), while finance cost increased to ~PKR 100mln (CY24: ~PKR 72mln), resulting in an EBITDA/Finance Cost cover of ~9.0x (CY24: ~16.2x). As of 3MCY26, EBITDA increased significantly to ~PKR 2,108mln, while finance cost stood at ~PKR 18mln, resulting in a strong coverage of ~116.2x. The improvement reflects stronger operating profitability and lower financing costs during the period.

As of CY25, total borrowings stood at ~PKR 1,225mln (CY24: ~PKR 1,941mln), while shareholders' equity increased substantially to ~PKR 3,741mln (CY24: ~PKR 841mln). Consequently, the leverage ratio improved significantly to ~24.7% (CY24: ~69.8%). As of 3MCY26, total borrowings further declined to ~PKR 825mln, while equity increased to ~PKR 4,354mln, resulting in a further improvement in leverage to ~15.9%. The strengthening capitalization profile is supported by the conversion of subordinated funding into equity and retained profitability.