Ampol’s unaudited financial results for 3Q 2021

MEDIA RELEASE 26.10.2021

The Group reported RCOP EBIT of $102 million (unaudited) for 3Q 2021, up approximately 75 per cent on the prior corresponding period. Covid related lockdowns in key markets of NSW, Victoria and New Zealand persisted through the quarter, impacting fuel and shop sales, whilst Lytton delivered a strong outcome compared to last year which was impacted by the extended Turnaround and Inspection (T&I).

The Fuels and Infrastructure (excluding Lytton) result was in line with the same time last year as growth in the International business helped to offset domestic Covid lockdown impacts. Australian wholesale volumes declined 2.8 per cent compared with the same time last year, as the resilience of diesel demand was unable to offset the declines in petrol volumes.

Lytton Refinery RCOP EBIT of $22 million includes no Fuel Security Services Payment (FSSP)1 and reflects the continued improvement in the Singapore Weighted Average Margin. The Lytton Refiner Margin (LRM)2 for the quarter was US$6.76/bbl, including the impacts of the Alkylation Unit T&I, a significant improvement on the US$5.90/bbl for 1H 2021. Total production in 3Q 2021 was 1,565 ML compared with nil in the third quarter last year.

The Convenience Retail result for the quarter was impacted by the NSW and Victorian lockdowns, with fuel volumes down 16 per cent compared with the same time last year and 16 per cent lower than the previous quarter. Despite the lockdowns, we continued to execute on our retail strategy, with a further 10 sites converted to the Woolworth’s Metro format, bringing the total to 20 and over 600 sites now rebranded to Ampol.

Managing Director and CEO Matt Halliday said: “The third quarter was a challenging period for many businesses and Ampol was no exception. In the face of extended lockdowns on the East Coast our business and our people responded, focusing on the safety of our team members and customers and cost control.

“The recent announcements from the New South Wales and Victorian State governments to lift Covid restrictions linked to higher vaccination rates is encouraging. While we do expect volumes to begin to recover as consumer mobility increases, crude and refined product prices have continued to trend higher in recent weeks. This will benefit Lytton’s profitability but will temper retail margins in the short term. Additionally, the reopening of domestic and international borders will be positive for jet demand.

“While it will take a little time to assess the strength of the recovery, we are optimistic about entering 2022 with improved momentum as restrictions are progressively eased.”

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