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Australia’s largest fuel retailer, Ampol, reported a record first-half profit on Monday as surging refining margins driven by Middle East supply disruptions sharply boosted earnings. The strong result sent Ampol shares to their highest level in more than two years.
Margins at Ampol’s Lytton refinery in Queensland, one of only two refineries operating in Australia, more than tripled to $28.26 per barrel during the six months ended June 30. The jump helped earnings from the company’s fuel and infrastructure business increase more than nine-fold, while convenience retail earnings climbed 12%.
Ampol’s underlying net profit after tax reached A$857.2 million ($614.44 million) on a replacement cost basis, nearly five times the A$180.2 million recorded a year earlier. The result also exceeded the Visible Alpha consensus forecast of A$840 million.
The first-half result was almost twice Ampol’s previous record for the same period, set in 2022, and was about 17.1% higher than the company’s record full-year profit that year.
Reflecting its stronger financial position, Ampol declared an interim dividend of 185 Australian cents per share, sharply higher than the 40-cent payout announced a year earlier.
Ampol shares jumped as much as 4.3% to A$41.59, their highest level since early April 2024. The broader S&P/ASX 200 gained around 0.6% during the session.
Vantage Markets analyst Hebe Chen said investors will be watching whether Ampol can maintain its earnings momentum once refining margins return to more normal levels and geopolitical factors become less supportive. For now, the company enters the second half with stronger earnings, cash flow and investor confidence.
Ampol also expects its acquisition of EG Australia, the domestic business of Britain’s EG Group, to support second-half earnings. The company forecasts annual synergies of A$65 million to A$80 million within two years of completing the deal, with benefits beginning in 2027.
Ampol expects net capital expenditure of approximately A$600 million in fiscal 2026, with spending projected to decline in 2027.
