The company's earnings before interest, tax, depreciation and amortisation increased by 44 per cent to $72.8m, which it said reflected the benefits of refinery simplification and optimisation of the balance sheet.
There had been the ongoing impact of Covid-19 lockdowns and travel restrictions on refining margins and fuel demand, particularly jet fuel, it said.
Borrowings reduced to $183.6m from $231m, thanks in part to a successful equity raise.
Import terminal assets had been revalued to "fair value" based on an independent valuation.
"Transition to a fuels import terminal is now imminent, with conversion cost estimates and an expected return to dividends within one to two years of commencement of import terminal services reconfirmed," the company said.
"In 2022, the immediate priority is to safely deliver the import terminal conversion, transition our organisation from a refinery to terminal business and to support our people through the transition and into new employment," the company said.
Refining NZ will become Channel Infrastructure to reflect the change.
As Channel, the company will use Refining NZ's strategic infrastructure, including the Refinery to Auckland Pipeline (RAP), to receive, store, test and distribute transport fuels imported by Refining NZ's customers.
Chief executive Naomi James said it had been a "hugely significant year" in the history for refinery at Marsden Point.
"Like many other businesses in New Zealand, we have been grappling with the impacts of Covid-19, which for Refining NZ, has had a particularly significant impact on jet fuel demand, due to ongoing international border restrictions," she said.
The pandemic, coupled with the on-going excess of refining capacity in the Asia Pacific region, continued to weigh heavily on global refining margins, she said.
BP, Mobil and Z Energy are currently major shareholders in the company.
