Viva Energy flags strong financial results for 2021

Viva Energy Group Limited has announced its financial results for the year ended 31 December 2021 (FY2021), which are reportedly in line with guidance provided to ASX in December 2021.

According to a statement released by Viva, the underlying financial results reflect the re-segmentation changes announced in the company’s financial results for the first half of 2021 (1H2021).

Among the key financials and highlights listed were an effective response to the pandemic and rising levels of infection in the community, with the business operating safely and reliably throughout the year, without disruption to customers.

Also mentioned was a group sales volume up seven per cent on full year ended 31 December 2020 (FY2020), driven by sustainable retail and commercial market share gains.

“Viva Energy delivered an exceptional performance across all parts of our business during 2021,” said Viva Energy CEO and Managing Director, Scott Wyatt.

“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 emphasised that emerging economic recovery and sustained market share growth across key segments lifted group sales by seven per cent, with strong earnings underpinned by the performance of the company’s commercial segment.

He also pointed out that while 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.

“Our strategy is to develop and maximise the value of our three discrete and unique businesses to establish new energy and non-energy pathways,” said Wyatt.

“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,” he said.

He added that with the future of the company’s Geelong refinery now secure, plans are afoot to further develop the site into a broader energy hub, targeting more than $50M of new earnings over the next three to five years from the various businesses.

“I am proud of the commitments we have made in 2021 to progressively reduce emissions and achieve net zero across the group by 2050,” continued Wyatt.

“These commitments together with the already announced new energy initiatives are our early steps towards creating a decarbonised future.”

In other news, collective bargaining at Port of Newcastle has been denied.

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