Shares in Viva Energy fell as much as 6 per cent on Tuesday after the company reported lower-than-expected profits despite a global energy crunch driving the oil company to its largest annual revenue.

Viva said revenue for the year ended December 31, 2022, totalled $26.4 billion, up 66 per cent from the previous year. The company said net profit after tax was $514.3 million, up 121 per cent from 2021 on a historical – or actual – cost basis, but it fell short of market expectations as Viva reported higher costs.