Ampol reports second strongest quarterly results in its history

Ampol has recorded the second strongest quarterly results in its history, with earnings rising to $345.4m, up 82 per cent on the prior corresponding period.

Group total fuel sales volume was up 50 per cent compared to the same quarter in 2022, with Australian fuel sales volume growing by 14 per cent, the addition of Z Energy sales volume, and beneficial timing of international third-party spot sales. The Lytton Refiner Margin (LRM) of US$14.90 per barrel for the first quarter, remains above historical levels.

Convenience retail had a successful quarter as customers continued to respond positively to the Ampol brand. Headline retail fuel sales volume increased by 2.8 per cent, 5.4 per cent on a like for like basis, and average retail fuel margins improved.

Shop sales also continued to perform well up 0.8 per cent on a like for like basis and further improvement in shop gross margin (post waste and shrink), reflecting the ongoing benefits from the retail shop strategy.

For Z Energy, 2023 will be the first full year of contribution, but during the first quarter, New Zealand was impacted by extreme weather events with heavy flooding in Auckland during January followed by the impacts of Cyclone Gabrielle on the east coast of the North Island.

Z Energy saw improved trading in the month of March as operating conditions stabilised. Fuel sales volume was up 20 per cent on the prior corresponding period, which was Covid affected, and consistent with the growth in market share to 46 per cent.

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