Half Year 2024 Ampol Ltd Earnings Call Transcript
Key Points
- Ampol Ltd (CTXAF) reported a strong RCOP EBITDA of $737 million and RCOP EBIT of $502 million, demonstrating resilience in difficult trading conditions.
- The company declared an ordinary interim dividend of $0.6 per share, representing a payout ratio of 61% of RCOP NPAT excluding significant items.
- Ampol Ltd (CTXAF) has made significant investments in asset reliability and capability, including the Lytton ultra-low sulfur fuels project and the development of EV charging networks in Australia and New Zealand.
- The convenience retail business showed a 5% year-on-year earnings growth, driven by a higher mix of premium fuels and strong in-store performance.
- The New Zealand segment, including Z Energy, delivered RCOP EBIT of $127.6 million, slightly ahead of last year, despite challenging market conditions.
- Total fuel sales volumes were down 6.5% year-on-year, largely due to reduced spot or discretionary sales in the international business.
- The Lytton refinery experienced lower production due to a steam outage and catalyst supply disruption, impacting overall earnings.
- F&I International earnings were lower due to a more stable market in the second quarter, reducing opportunities for discretionary sales activities.
- The convenience retail business saw a 4.8% reduction in total retail fuel volumes, primarily from a decline in base grade petrol volumes.
- The EV fast-charging network development is progressing slower than expected due to difficulties in connecting to the grid in Australia.
Thank you and good morning, everyone. My name is Matt Halliday, I'm the Managing Director and CEO of Ampol Limited. Welcome to our 2024 half year results call. I'm joined by our CFO, Greg Barnes, who will discuss the financial results in more detail. And following the presentation, we'll take your questions. Also joining us on the call today are Brent Merrick, Andrew Brewer, Kate Thomson, Lindis Jones, and Michele Bardy, who has taken over as the EGM for Infrastructure.
During the presentation, we will be referring to the documents lodged with the ASX and NZX this morning.
Now I'll start with our safety performance on slide 3. As you know, personal safety remains a key focus for all of us at Ampol. And I'm pleased to report that we are either at or close to our best-ever performance levels in all parts of the business. But we must remain vigilant and ensure everyone goes home safely at the end of their day's work. Our annual safety improvement plans are effective in strengthening our key controls and
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