Ampol has reported an unaudited RCOP EBIT of $438.2 million in Q32023, up 65 per cent, although convenience retail sales declined.
The increase in earnings was driven by strong refiner margins and a strong result in fuels and infrastructure, with group total fuel sales rising by 26 per cent and Australian fuel sales growing by 11 per cent.
Despite convenience retail sales declining by 6 per cent, sales volumes were broadly in line with the second quarter, and shop sales were up 0.8 per cent on a like-for-like basis, with the average basket value increasing compared to the same time last year despite the reduction in tobacco sales.
July fuel margins softened due to rapidly rising wholesale product prices and the lag in flowing these higher costs to retail board prices. Fuel margins improved later in the quarter as input costs stabilised.
Z Energy grew its third-quarter fuel sales volumes by 8.5 per cent, largely through wholesale supply channels. Like Australia, New Zealand retail fuel margins were also impacted early in the quarter as the pass-through to retail board prices lagged the rising input costs but improved later in the quarter as input costs stabilised.