Viva Energy has posted record half-year earnings as a global energy crunch saw the company record a jump in pre-tax revenues from its refining business of nearly 750 per cent, capping a remarkable turnaround for a business that appeared on the brink just over a year ago.
“Viva Energy delivered an exceptional performance in the first six months of 2022 with Group EBITDA increasing by 139 per cent year-on-year to $611.7 million,” said Viva Energy chief executive officer, Scott Wyatt. Viva said market fundamentals remain tight due to Russian sanctions, constraints on Chinese exports, reduced capacity due to refinery closures and low inventories ahead of winter in the northern hemisphere, and the company is well-placed to capitalise.
Australia’s refining capacity has been falling for more than a decade and the pandemic worsened the situation. It severely reduced the demand for jet fuel, cut the use of petrol and diesel, while driving down refining margins.
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