New Zealand: BP tripled profit during 2015
BP New Zealand more than tripled its net profits in 2015, paying a big dividend to its British owners.
The fuel retailing company tool its net profits up to $128 million in 2015 from $30.3m the year earlier, although revenue fell 15% to $2.7 billion, according to financial statements from Company Offices.
BP currently operates more than 90 BP Connect stores and Wild Bean Cafes in New Zealand.
New Zealand fuel retailers received great criticism for not dropping fuel prices at the same rate than international oil prices and therefore enjoying larger margins, reported Newshub.
The company paid a dividend of $300 million to its two shareholders, the most important being BP Asia Pacific Holdings.
