Key facts
- Ampol reported a record first-half profit of A$857.2 million, a 376% increase from the previous year.
- The profit surge was attributed to higher refining margins and trading opportunities stemming from Middle East supply disruptions.
- Ampol's Lytton refinery saw its margin average US$28.26 per barrel during the period.
- Replacement Cost Operating Profit EBITDA, excluding significant items, rose 152% to A$1.64 billion.
- The company completed the acquisition of EG Australia, expecting annual synergies of A$65 million to A$80 million.
Australia's Ampol has reported a record first-half profit of A$857.2 million, marking a 376% increase from the prior year, driven by significantly higher refining margins. The company's Replacement Cost Operating Profit EBITDA, excluding significant items, climbed 152% to A$1.64 billion for the six months ended June 30.
The surge in earnings was largely fueled by disruptions in global oil and refined-product flows, particularly impacting the Lytton refinery in Queensland. The Lytton refinery's RCOP EBIT jumped to A$533.4 million from A$1.1 million a year earlier, as its average refiner margin reached US$28.26 per barrel due to tightened global refining capacity and elevated product cracks.
Ampol's broader supply, shipping, and trading operations also benefited from the volatile market conditions. The company's Fuels and Infrastructure division saw RCOP EBIT increase to A$1.13 billion from A$118.3 million. Convenience Retail also improved, with RCOP EBIT rising 12% to A$204.5 million.
Ampol completed its acquisition of EG Australia at the end of the half, anticipating annual synergies of A$65 million to A$80 million. The company declared a fully franked interim dividend of A$1.85 per share.