Ampol's Half-Year Profit Jumps Nearly Five-Fold on Record Refining Margins
Ampol's interim profit surged nearly five-fold to a record A$857.2 million, driven by sharply higher refining margins amid Middle East supply disruptions.
Australia's largest fuel retailer, Ampol, has reported a record interim profit for the first half of the financial year, driven by a sharp spike in refining margins linked to supply disruptions in the Middle East.
The company, which operates one of Australia's two domestic refineries, saw its underlying net profit after tax soar to A$857.2 million for the six months ended June 30. This represents a nearly five-fold increase from the A$180.2 million reported in the same period last year and comfortably exceeded market expectations of A$840 million.
The surge in profitability was underpinned by refining margins that more than tripled to $28.26 per barrel, a direct consequence of the U.S. conflict with Iran disrupting regional supply chains. This windfall was reflected across the company's operations, with earnings from its fuel and infrastructure segment rising more than nine-fold, while its convenience retail business posted a 12% increase in earnings.
In recognition of the strong performance, Ampol's board declared an interim dividend of 185 Australian cents per share, more than quadrupling the prior year's payout of 40 Australian cents.