Ampol pumps stronger profit amid rising cost of living

[Pelican Press 0]

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Ampol pumps stronger profit amid rising cost of living

Service station chain Ampol’s first-half profit has surged despite “tougher economic conditions” and disrupted production at the Lytton refinery.

The petroleum company on Monday reported a net profit of $235.2 million for the six months to June 30, up from $79.1 million a year earlier, on sales volume of 13.25 billion litres.

Fuel volumes were down 4.8 per cent, largely in base grade petrol as prices remain elevated, but fuel margins more than offset the decline in volume as Ampol focused on selling more premium fuels.

The on-the-go electric vehicle charging network has grown to 92 charging bays at 41 sites, subsidised by government programs.

“Ampol has delivered a resilient performance through a determined focus on the things we can control,” managing director Matt Halliday said.

“This is a significant achievement in an environment of tougher economic conditions across Australia and New Zealand,” he said.

Shop income was broadly in line with a year ago despite cost-of-living pressures and the continued decline in tobacco (15.3 per cent).

Ampol said core trading retail metrics remained strong and shop ****** margin continued to increase, reaching 37 per cent through a combination of product and channel mix, attachment and pricing.

Total Ampol branded sites as at 30 June were 1766 including 633 company operated sites, with the retail refresh of flagship sites complete including Ampol-operated Hungry Jack’s.

The first-half group replacement cost operating profit (RCOP) earnings before interest and tax (EBIT) fell 13 per cent to $502.1 million.

The RCOP EBIT in convenience retail for the first half rose 4.7 per cent to $175 million compared to a year earlier.

Lytton’s total production for the half was down 5.8 per cent, reflecting the impact of the refinery wide outage and delay in supply of catalyst due to disruptions in the Red Sea during the first quarter.

Reliability improved in the second quarter, resulting in an increase in total production and high value products, Ampol said.

Ampol declared an interim dividend of 60 cents per share.

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