Z Energy reports $44m loss, improved fuel sales

Z Energy announced its earnings for the 6 months to June 30, 2023.

The company was acquired by Ampol Holdings NZ Limited in May 2022 and has changed its financial reporting date to align with its parent company, Ampol Limited.

The current reporting period covers January 1 to June 30, 2023, while the prior period covers April 1, 2022, to December 31, 2022, making direct comparisons difficult.

The historical cost net profit after tax for the period was a loss of $44 million.

Z reports its earnings on both a historical cost and replacement cost basis.

On a replacement cost basis, Z performed well in the first half, despite being negatively affected by extreme weather events.

Fuel sale volumes improved by 23% compared to the same period in 2022, driven by increased demand for Jet fuel due to the COVID-19 recovery.

Z has also made progress in its energy transition strategy, acquiring full ownership of Flick Energy and installing EV charge bays at multiple sites.