Caltex
(ASX:CTX) today announced their financial results for the 12 months ending 31 December 2018 showing their Replacement Cost Operating Profit NPAT result of $558 million is down 12 per cent on last year.
Caltex also announced an off-market buy-back of approximately $260 million, expected to complete in 2Q 2019.
The buyback comes after they decided against a sale and leaseback transaction for a $300 million-$500 million portfolio of retail sites.
Earnings before interest and tax from the fuels & infrastructure business were $570 million, in line with guidance.
EBIT in the convenience retail business was $307 million, just ahead of the guidance range.
The Lytton refinery in Brisbane's EBIT was impacted by external margin and an unexpected plant outage to $161m down 51 per cent year on year.
There is a final dividend of 61.0 cents per share, fully franked, declared, representing a 61 per cent payout ratio for the half year and a 55 per cent payout ratio for the full year.
Shares in Caltex
(ASX:CTX) are trading 4.02 per cent higher to $28.72.
