AMPOL Limited Reports Strong First Half Performance with Successful Refinery Repair Ampol Limited

AMPOL Limited Reports Strong First Half Performance with Successful Refinery Repair

Unaudited Group RCOP EBIT for the first half of the 2023 financial year is approximately $575 million, and RCOP EBITDA is approximately $800 million. Group total fuel sales volume increased by 24% for the first half of the year, with Australian fuel sales volume growing by 13% and international sales growing by 8. 1%. Lytton Refiner Margin (LRM) for the first half of the year was US$10. 29 per barrel. Convenience Retail fuel sales volume and Australian wholesale sales volume both show growth.

Group Trading Update

Ampol Limited (ASX/NZX:ALD) has provided an update on the Group's trading conditions and financial performance, as well as the performance of Lytton refinery for the first half of the 2023 financial year.

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The Group's unaudited RCOP EBIT for the first half of the year is approximately $575 million, with RCOP EBITDA of approximately $800 million. This strong result is attributed to the significant earnings growth from the non-refining divisions compared to the same period last year. Fuels and Infrastructure, excluding Lytton, experienced double-digit growth in RCOP EBIT, reflecting improved margins and increased volumes. Convenience Retail earnings also grew, benefiting from strong shop performance and improved fuel margins. The Group's earnings were further boosted by the full six months contribution from Z Energy, which performed well despite extreme weather events in the first quarter.

Lytton Refinery Performance Update

The unaudited RCOP EBIT for Lytton refinery for the first half is approximately $100 million, with RCOP EBITDA of approximately $131 million. This performance reflects lower Singapore product cracks, higher operating expenses (mainly electricity costs), the impact of the Fluidised Catalytic Cracking Unit (FCCU) outage, and losses incurred on the storage and export of intermediate products. The one-off FCCU outage also led to additional losses. However, gains in Trading and Shipping helped offset some of these challenges. The Lytton Refiner Margin (LRM) for the second quarter of the financial year was US$5. 66 per barrel, influenced by weak Singapore product cracks and the production of lower value finished products during the outage. Refinery production for the second quarter remained consistent with the first quarter.

Looking Ahead

Details of the audited financial results for the first half of 2023 will be provided at the 2023 First Half Results Release scheduled for 21 August 2023. Ampol Limited remains optimistic about its strong performance and continues to focus on maximising growth opportunities in the fuel and infrastructure sectors. The successful completion of the refinery repair will contribute to sustained financial stability and performance for the company in the coming months.

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