Z energy has taken the unusual step of publicly defending its profit for the past full year to the public, given the plunge in global oil prices during that period.
Z's chief executive Mike Bennetts said in a statement yesterday there was an absence of ''good quality independent information'' available.
''There's been a fair bit of comment in the public domain suggesting that companies like Z are making too much money and the consumer isn't getting a fair go,'' Mr Bennetts said.
He said Z's earnings for the full year to March were consistent with what the company told the market in May 2014 about how much it expected to make for the year to March 31, 2015.
''There has been no windfall profit generated through falling oil prices,'' he said.
On a historical cost basis, which takes into account the falling value of the fuel stock held over the course of the year, Z's after-tax profit for the year was $7 million.
On the separate replacement cost basis, which ignores changes in the value of fuel stock held, Z's net profit after tax from both fuel and non-fuel income was the equivalent of 5.2c per litre, up from 4.4c per litre the previous year.
''This 5.2c per litre includes the growing contribution from convenience store sales as well as the benefit of choosing to exit poorly performing commercial fuel supply contracts,'' Mr Bennetts said.
He said Z's gross fuel margin, the nearest accounting equivalent to the frequently referred to MBIE importer margin, was 19.3c per litre, which was up 1.3c per litre compared with last year.
During the year, Z had invested $70 million of capital into the business, more than double the typical spend of Z's previous owners Shell.
''We're committing an additional $70 million to $90 million for this current financial year,'' Mr Bennetts said.
