Ampol Limited has provided an update on trading conditions and operational performance for the first quarter of its 2024 financial year, highlighting convenience retail earnings slightly ahead of the same quarter last year.
Improved fuel margins more than mitigated lower fuel sales volumes, largely in base grade gasoline, in a higher input price environment, reported Ampol. Shop income grew year on year with improved gross margins and growth in sales excluding tobacco.
The New Zealand segment grew RCOP EBIT year on year including the comparative benefits from the transition to Ampol supply from April 2023.
Lytton Refiner Margin (LRM) for the first quarter of 2024 was US$11.80 per barrel compared to US$14.90 per barrel in 1Q 2023. During the quarter, Singapore refined product cracks reduced by approximately US$4 per barrel (on a weighted average basis) compared with the same time last year, while higher product freight rates (net of landed crude costs) benefited LRM this quarter. Production levels were impacted by the previously communicated refinery-wide steam outage and the temporary delay in supply of catalyst for the Alkylation Unit due to disruptions in the Red Sea. The refinery returned to normal operations in early April, reported Ampol.
Fuels and Infrastructure (Ex-Lytton) delivered earnings in line with the same period last year. Australian fuel sales volumes were in line with the first quarter 2023, and while International fuel sales volumes were lower year on year, this was largely due to third party spot sales. Integrated margins compared favourably year on year with Ampol’s integrated supply chain able to effectively manage the refinery and market disruptions experienced during the period.
