The company reported operating earnings of $177 million for the year ended March, up from $167 million reported in the previous corresponding period (pcp).
Reported profit was $77 million, down from $204 million in the pcp, although last year's result included a $121 million revaluation of the company's assets.
Z Energy had earlier issued a profit guidance of between $170 million and $190 million.
Forsyth Barr broker Peter Young remained confident in the outlook for Z Energy and its 2013 full-year guidance of between $185 million to $200 million.
The financial benefits of Z Energy's rebranding were beginning to emerge, with further upside if it was successful in implementing its capital costs recover strategy on industry infrastructure assets, he said.
Z Energy chief executive Mike Bennetts said the 12 months to March were about building a new brand and implementing the company's strategy.
Those two elements were the cornerstone of being a local company and had already enabled the group to post a strong result in a competitive market.
"The full-year result highlights the resilience and momentum we have in the business to manage volatility. In the last quarter, refining margins were the lowest they have been since we bought the business and there has been significant price discounting across the retail fuels market.
"In a low margin, highly competitive market, having the right strategy and a trusted brand becomes all the more important."
Z Energy would continue to promote and lead change in the retail fuels industry, he said.
As was seen with the split industry vote around the Refining New Zealand upgrade, the New Zealand fuels industry was continuing to fragment.
For decades, the industry had promoted a low capital investment model which was no longer meeting New Zealand's requirements for a secure and resilient fuel supply chain, Mr Bennetts said.
With 91 octane fuel consistently above $2 a litre, ongoing public scrutiny on fuel prices was to be expected.
"We are very aware of the impact of our prices on consumers and business so we're committed to being straight up and as transparent as possible on prices and margins."
If you took all the money Z Energy had made, including its shop sales, and divided that by the total litres of fuel sold, the company made a reported profit of about 2.1c per litre, a return on capital employed of about 9.6%, he said.
Z bought, sold and priced fuel products, and reported results, on a "current cost" accounting basis.
