Parkland Fuel Corp. reports all-time profit

Parkland Fuel Corp. (TSX: PKI) is reporting 2012 earnings of $84.9 million, a 93 per cent improvement on its 2011 performance of $43.9 million and an all-time high for the Red Deer-based company.

Parkland Fuel Corp. (TSX: PKI) is reporting 2012 earnings of $84.9 million, a 93 per cent improvement on its 2011 performance of $43.9 million and an all-time high for the Red Deer-based company.

Parkland, which is Canada’s largest independent marketer and distributor of petroleum products, saw its 2012 revenues increase by four per cent, to $4.13 billion from $3.98 billion. Earnings per basic share jumped 73 per cent, to $1.28 from 74 cents — and the company announced that it is increasing its annual dividend by two cents, to $1.04.

Parkland said its bottom line was helped by reduced operating costs and the elimination of one-time expenses recorded in 2011. But it also experienced reduced revenues from non-fuel commercial operations.

Total fuel volumes in 2012 were 4.24 billion litres, up two per cent from 4.16 billion litres in 2011.

The company attributed much of this increase to its acquisition of fuel marketing business Cango Inc. in the second quarter of 2011.

For the fourth quarter of 2012, Parkland’s net earnings were $9.5 million, up 28 per cent from the same period in 2011. Revenues slid two per cent, to $998.4 million from $1.01 billion.

Earnings per basic share for the quarter were up 20 per cent, to 14 cents from 12 cents.

Fuel volumes declined by three per cent, to 1.06 billion litres from 1.10 billion litres.

Bob Espey, Parkland’s president and CEO, said the company is “well-positioned to grow through further acquisitions in 2013.”

Parkland’s 2013 annual meeting and a special meeting of shareholders is scheduled for May 8 in Calgary.

Just Posted

Central Alberta experiencing a growing cockroach problem

Travellers unwittingly bringing back pests from their trips

New trial for couple convicted of unlawful confinement in citizen’s arrest

Ontario’s top court has ordered a new trial for a Caledon, Ont.,… Continue reading

Alberta Opposition asks auditor general to review Kenney adviser’s London trips

EDMONTON — The Opposition in Alberta is demanding multiple spending investigations, including… Continue reading

Arrest made after cube van in Calgary involved in multiple overnight crashes

CALGARY — Police in Calgary say they believe a man was high… Continue reading

Investigation reveals careless cooking cause of Manitoba triple-fatal fire

PLUMAS, Man. — Investigators have determined that careless cooking caused a mobile… Continue reading

Petition to ‘bring back Don Cherry’ goes viral after immigrant poppy rant

Cherry was fired from his co-hosting role for the Coach’s Corner segment on Nov. 11.

Your community calendar

Wednesday Pain 101 class — learn to take control of your chronic… Continue reading

POLL: Do you agree with the decision to fire Don Cherry?

Do you agree with the decision to fire Don Cherry for his… Continue reading

CTV, Jessica Allen apologize for her hockey remarks after Don Cherry’s firing

TORONTO — CTV says it is apologizing to anyone who was offended… Continue reading

High tides surge through Venice, locals rush to protect art

VENICE, Italy — Exceptionally high tidal waters surged through Venice again on… Continue reading

CFL stadium group submits revised plan to Halifax Regional Council

HALIFAX — The business group that wants to build a 24,000-seat stadium… Continue reading

CREA: national home sales up 12.9 per cent in October compared with last year

OTTAWA — The Canadian Real Estate Association says the number of home… Continue reading

Cannabis producer Green Organic Dutchman shares fall after it reports $20.1M loss

MISSISSAUGA, Ont. — The Green Organic Dutchman Holdings Ltd. shares fell sharply… Continue reading

Venezuela’s decline poses challenges for Liberal minority government

OTTAWA — The ripples from Venezuela’s collapse are shifting Canada’s Western Hemisphere… Continue reading

Most Read