PRE-TAX profit dropped by more than £250,000 at Gleaner Oils last year.
But turnover increased for the year ended June 30, 2017, compared to the previous 12 months.
A strategic report accompanying the firm’s latest accounts stated: "Gleaner delivered a robust performance in an increasingly challenging market with the gross profit moving from 8.1 per cent to 7.3 per cent reflecting a period of higher oil prices."
There was a level of satisfaction among directors of the firm, the principal activity of which is the distribution of petroleum fuel, lubricants, greases and the provision of boiler maintenance services for both oil and gas.
It supplies 60 filling stations, of which nine are wholly owned and operated by the Elgin-headquartered firm, and includes some in Ross-shire.
"The challenges faced in the modern workplace means Gleaner has had to adapt and this has resulted in a strong forward plan for the future," the report added.
"The restructuring of the company has taken place and the costs of this absorbed in this financial year.
"In the past year, the company has continued with a significant programme of capital expenditure covering its fleet, depots and filling stations with a view to securing growth in the future."
Pre-tax profit for last year was recorded as £34,619, down from the £309,988 of the 12 months prior.
For the same period, turnover moved from £104,961,676 (2016) to £120,874,411 (2017).
The avaerage number of employees at the firm increased from 185 in 2016 to 189 last year, and staff costs also increased – moving from £4,087,524 (2016) to £4,291,508 (2017).
Meanwhile, eight of the firm’s service station sites will be undergoing refurbishment with a programme fuel pump work under way that runs to mid-March.
The project will see old pumps replaced with state-of-the-art equipment. It means temporary closures are likely.
For more, visit www.gleaner.co.uk