Ampol Ltd reported a net profit of A$1.36 billion for the six months ended June 30, a sharp rebound from a A$25.3 million loss in the same period of 2023. The company’s earnings before interest, tax, depreciation and amortisation on a replacement cost operating profit basis surged 152% to A$1.64 billion, driven primarily by improved refining margins and fuel trading operations.
Refining margins at Ampol’s Lytton refinery in Queensland reached US$28.26 per barrel, compared with near breakeven levels a year earlier. The company attributed the turnaround to tighter global refining supply and elevated product cracks, linked to supply disruptions stemming from the U.S.–Iran conflict and broader Middle East tensions. Convenience retail profit rose 12% during the period.
The board declared a fully franked interim dividend of 185 cents per share, more than four times the prior-year payout. Ampol noted that physical supply arrangements were in place for the third quarter and that refining margins remained supportive, with July earnings running ahead of the prior year.
The company highlighted ongoing market volatility tied to disruptions in oil flows through the Strait of Hormuz and Bab-el-Mandeb Strait, delayed Russian diesel exports and refined product inventories near historic lows ahead of the Northern Hemisphere winter. Retail fuel margins in Australia and New Zealand narrowed as rising landed fuel costs lagged behind pump price adjustments.
