Fuel retailer Z Energy has boosted its yearly profit by 8%
Its net profit after tax rose in the 2017-18 financial year to $263 million from $243 million in the previous period.
Z Energy chairman Peter Griffiths says the company is focused on boosting its performance across the board.
“We seek to deliver strong earnings growth by focusing on increasing the efficiency of our operations and exploiting the best of the opportunities we have to improve our customer experience, increase our capability to use data, and optimise our supply chain scale.”
The company also increased the amount of fuel it sold across its retail and commercial sites, pumping 4.145 million litres across the country compared with 3.795 million in the previous period.
Z is also predicting a Commerce Commission market review following last year’s fuel market study, which raised questions about pricing in the sector.
“In our view a market review is likely to find a competitive market dynamic working effectively as demonstrated by the tension between volume and margin for existing participants, multiple new entrants investing capital due to the low barriers to entry, and customers have a wide range of choices for price and non-price based offers,” the company says.
