Ampol earnings rise sharply in first half, flags weak second half

Ampol’s profit has rebounded firmly in the first half of the year, driven by a strong recovery in its earnings due to improved Lytton refinery earnings.

The company’s group EBIT rose to $340 million, from $221 million a year ago.

Revenue climbed 22 per cent to $9.8 billion while statutory profit was $325.5 million, recovering from a $626.2 million loss a year ago.

“The first half of 2021 has been pivotal for Ampol. We finalised our Lytton review, with a commitment to continue operating to support the dual objectives of fuel security and energy transition in partnership with government,” said Ampol managing director and chief executive Matt Halliday.

“The business also continues to perform strongly as we execute the delivery of our growth strategies in challenging conditions.”

Ampol declared an interim dividend of 52¢ a share, more than double the 25¢ a share dividend it paid a year ago.

The company said volumes were weaker at the start of the second half due to lockdowns in greater Sydney. CR fuel volumes were down 15 per cent in July and 17 per cent in August compared with the prior corresponding period.

It said on the current run rate, Australian volumes would be below the previous guidance range of 13.5 billion to 14 billion litres.

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