Ampol (ALD) H2 2024 earnings summary

Executive summary

• RCOP EBITDA was AUD 1.2 billion, down 32% year-over-year, and RCOP EBIT was AUD 715 million, down 45%, mainly due to weak refining margins and operational impacts at Lytton.

• Statutory NPAT was AUD 122.5 million, a 78% decrease, with RCOP NPAT (attributable to parent) at AUD 235 million, down 68% year-over-year.

• Convenience retail and New Zealand segments delivered consistent growth and resilience, offsetting declines in refining and international segments.

• Leverage ended at 2.6x, with net borrowings at AUD 2.8 billion, above the target range.

• Total dividend for 2024 was AUD 0.65 per share, fully franked, with a 66% payout ratio.

Financial highlights

• Group sales volumes were 27.3 billion litres, down 2% year-on-year, with Australian sales at 15.4 BL and Z Energy at 3.75 BL.

• RCOP NPAT (excluding significant items) was AUD 234.8 million, down 68% year-over-year.

• Lytton refinery reported a loss of AUD 42.3 million, impacted by outages and weak margins.

• Capital expenditure rose to AUD 642 million, mainly for low sulphur fuels and retail upgrades.

• Dividends paid to shareholders totaled AUD 572 million in 2024.

Outlook and guidance

• AUD 50 million cost reduction program targeted for 2025, with productivity and asset reliability as key focus areas.

• Ultra Low Sulphur Fuels project on track for completion by end of 2025.

• Group CapEx for 2025 projected at AUD 600 million, with leverage expected to return to 2–2.5x.

• Convenience retail and Z Energy expected to continue strong growth; refinery production forecast at 5.8 billion litres.

• Dividend policy remains 50–70% payout, with intention to return to target leverage range.