Parkland Q4 profit down, hurt by refinery pause due to B.C. floods, raises dividend

Parkland Refinery Source: Business in Vancouver file photo

Parkland Corp. reported its fourth-quarter profit fell compared with a year ago, hurt by a pause in refinery processing operations when the Trans Mountain Pipeline was shut down due to flooding in B.C. last year.

The fuel marketer and convenience store retailer also increased its annual dividend to $1.30 per share compared with $1.235 per share and said that starting in the second quarter it will switch to a quarterly payment schedule from monthly payments.

Parkland said it earned $23 million or 15 cents per diluted share for the quarter ended Dec. 31, down from $53 million or 35 cents per diluted share a year earlier.

Sales and operating revenue totalled $6.29 billion, up from $3.51 billion in the fourth quarter of 2020.

On an adjusted basis, Parkland says it earned 36 cents per diluted share in its most recent quarter, up from an adjusted profit of 28 cents per diluted share a year earlier.

In January, Parkland signed a deal to buy frozen food retailer M&M Food Market for $322 million.

© 2022 The Canadian Press

Dear user, please be aware that we use cookies to help users navigate our website content and to help us understand how we can improve the user experience. If you have ideas for how we can improve our services, we’d love to hear from you. Click here to email us. By continuing to browse you agree to our use of cookies. Please see our Privacy & Cookie Usage Policy to learn more.