Z Energy reports $70m profit, expands EV network

Z Energy has reported a net profit after tax of $70 million for the six months to June 30, 2024.

The company's earnings were disclosed on a historical cost (HC) basis, as well as a replacement cost (RC) basis.

Z's total fuel sales, adjusted for the exit and sale of the bitumen and avgas businesses in 2023, were down 3.8% on a like-for-like basis.

The use of the RC accounting method, which is the globally used non-GAAP industry standard, was said to have benefited Z due to the diversification of channels to market and the integration of the Ampol supply chain.

As of June 30, 2024, Z had reached 128 bays across 44 sites for its on-the-go electric vehicle charging network.