Viva Energy reports 98 per cent rise in earnings

Viva Energy has reported earnings of $484.2 million, a 98 per cent rise on the previous year, and a 23 per cent rise on the pre-pandemic performance of 2019.

The impressive results, delivered in Viva Energy’s FY2021 financial report, were credited in part to the company’s effective response to the pandemic

Scott Wyatt, CEO and Managing Director of Viva Energy, said the company delivered an exceptional performance across all parts of the business in 2021.

“I am particularly proud of the way we continued to care for our people and successfully minimised the impacts from the pandemic on our operations to maintain safe and reliable supply to our customers through some challenging periods.”

Wyatt said that the diversity of the company’s earnings helped to insulate it from the impacts of higher levels of oil price volatility and segment specific impacts from lockdowns and border closures.

“Emerging economic recovery and sustained market share growth across key segments lifted group sales by 7 per cent, with strong earnings underpinned through our commercial segment’s outperformance.

“Whilst retail earnings were impacted from rising oil prices and lower retail fuel margins, the refining business benefited from strengthening refining margins during the final quarter on the back of strong global demand for energy.”

Looking ahead, Wyatt said that the company’s strategy is to develop and maximise the value of its three discrete and unique businesses to establish new energy and non-energy pathways.

“Increasing our exposure to convenience as partnerships conclude will be key for our retail business, while our commercial business will continue to supply a range of energy and non-energy products and services to a diverse range of industries.”

This includes further developing its Geelong Refinery into a broader energy hub, with aims of more than $50 million of new earnings over the next three to five years from its various businesses.

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