Ampol, the Australian petroleum and convenience retailer, has announced its expectations for another year of record earnings. The company's non-refining divisions are the driving force behind this anticipated profit growth.
In the 12 months through December 2023, Ampol foresees its earnings before interest and tax (EBIT) slightly surpassing the previous year's figures on a continuing basis. These profits will be calculated using a replacement cost-of-sales basis, which factors out the impact of changes in oil prices by restating the cost of sales using the replacement cost of goods sold.
In 2022, Ampol achieved an EBIT of AUD 1.269 billion (US$832 million) on a continuing basis, excluding any significant items. The company attributes its strong non-refining earnings to the impressive performance of its Australian Convenience Retail business, along with the delivery of performance improvements and synergies within Z Energy.
Ampol also reported that its Lytton Refiner Margin averaged US$10.52 per barrel in the final three months of the year, slightly lower than the US$11.76 recorded during the same period in the previous year. This decrease was primarily due to lower refinery volumes in the quarter, amounting to 1.43 billion liters, caused by an unplanned outage in late December. However, the Lytton refinery has since resumed normal operations.
As Ampol prepares for another successful year, it remains committed to delivering exceptional results and further establishing itself as a leader in the industry.