Ampol has reported a 23 per cent decrease in its benchmark net profit for the first half of the year, alongside a reduced interim dividend. This downturn comes as profits from its sole oil refinery were nearly eliminated. Ampol is a leading Australian petroleum company that refines, distributes, and markets fuels and petroleum products. It also operates a network of retail service stations across the country.
Net profit, excluding one-time items and closely monitored by the market, declined to $180.2 million for the six months ending June 30, a drop from $233.7 million in the previous year. The bottom-line net income, which accounts for the impact of oil prices on inventory values, plummeted to a loss of $25.3 million, contrasting with a profit of $235.2 million a year prior.
Chief Executive Officer Matt Halliday characterised the company’s performance as “resilient”, citing geopolitical uncertainties and global demand concerns. Earnings before interest and tax at Ampol’s Lytton refinery in Brisbane significantly decreased, falling to $1.1 million from $89.5 million in the corresponding period last year.
Ampol, which recently announced the $1.1 billion acquisition of EG Group’s Australian service station network, had foreshadowed these profit figures last month. The company has declared an interim dividend of 40 cents per share, a decrease from the 60 cents per share distributed at the same time last year.
