Ampol first-half profit surges 152% on Middle East refining disruption
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Ampol reported a 152% jump in first-half replacement cost operating profit EBITDA to A$1.64 billion, driven by higher refining margins from Middle East supply disruptions. RCOP net profit attributable to shareholders rose to A$857.2 million from A$180.2 million a year earlier. The Lytton refinery in Queensland posted RCOP EBIT of A$533.4 million, up from A$1.1 million, as global refining capacity tightened.
Key Facts
- Replacement Cost Operating Profit EBITDA, excluding significant items, climbed 152% to A$1.64 billion for the six months ended June 30.
- RCOP net profit attributable to shareholders rose to A$857.2 million from A$180.2 million a year earlier.
- The Lytton refinery's RCOP EBIT increased to A$533.4 million from A$1.1 million, with a Lytton Refiner Margin averaging US$28.26 per barrel.
- Ampol completed its acquisition of EG Australia at the end of the half, expecting annual synergies of A$65 million to A$80 million within two years.
- New Zealand RCOP EBIT excluding exited businesses fell 16% to A$103.8 million.
Refining Margin Surge
The Lytton refinery in Queensland drove the earnings improvement, with RCOP EBIT rising to A$533.4 million from A$1.1 million a year earlier. Middle East supply disruptions tightened global refining capacity and pushed product cracks higher, lifting the Lytton Refiner Margin to an average of US$28.26 per barrel during the half. Refinery production increased 8.7%, while Ampol's broader supply, shipping and trading operations also benefited from volatile market conditions. Australian Fuels and Infrastructure operations excluding Lytton generated RCOP EBIT of A$309.3 million, up 123%, and international Fuels and Infrastructure contributed A$307.5 million compared with A$2.8 million a year earlier.
Retail and Regional Performance
Convenience Retail RCOP EBIT rose 12% to A$204.5 million, with fuel volumes up 2.4% and underlying shop sales excluding tobacco and U-GO conversions up 3.5%. Ampol completed its acquisition of EG Australia at the end of the half, expanding its retail network and increasing the contribution of retail and commercial sales to group earnings. The company expects annual synergies of A$65 million to A$80 million within two years of completion, with benefits beginning to flow through results in fiscal 2027. Performance was weaker in New Zealand, where RCOP EBIT excluding exited businesses fell 16% to A$103.8 million.
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Ampol first-half profit surges 152% on Middle East refining disruption
