Ampol on track to deliver record earnings this year

With unaudited group earnings of $1 billion in the nine months to September 30, including a massive $272.3 million in the third quarter, Ampol is set to achieve record full-year earnings in 2022.

Strong third-quarter financial performance was attributed to easing fuel prices and increasing demand in convenience retail, with year-to-date convenience retail profits before interest and tax growing to $235.8 million, up 29 per cent on the same time last year.

New Zealand fuel distributor Z energy, part of the Ampol empire, too gained commercial volume share, recording a profit of $83.0 million overall and $69.3 million in the third quarter, including preliminary Purchase Price Accounting adjustments from May 1 to September 30.

Matt Halliday, Managing Director and CEO at Ampol, said: “Since the end of June we have seen crude oil and product prices ease, and fuel demand in Australia and New Zealand continued to recover quarter on quarter.

“Volatility has continued to be a feature of global markets as the competing forces of fears of a weaker economic outlook, increasing mobility and geopolitical tensions continue to swing market sentiment.

“In this environment Ampol has delivered another quarter of strong volume, financial and operational performance, reinforcing the resilience of our integrated value chain and business model.

“We continue to execute on our strategic priorities, making good progress on plans to build the leading EV charging network in Australia and to grow our non-fuel earnings,” he said.

Total group sales volume for the quarter was 5,615 million litres, a 20 per cent growth compared to the previous corresponding period of 3,661 million litres, the highest levels seen since the start of the pandemic.

While market volatility experienced this year is expected to continue in the final quarter, shop sales have remained strong, and convenience retail is reportedly well-positioned to continue doing well.

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