Ampol plunged to a loss in the first half of the 2025 financial year (H1 FY25) as a fall in revenue was compounded by a loss on inventories and significant items.
The fuel supplier and retailer said the statutory net loss after tax was A$25.3 million (US$16.5 million) in the six months ended 30 June compared with a net profit of $235.2 million in the previous corresponding period (pcp).
Group replacement cost operating profit (RCOP) excluding significant items fell 23% to $180.2 million on revenue, which dived 16% to $15.295 billion as sales volumes fell 6%.
Directors declared a fully franked interim dividend of 40 cents per share to be paid on 25 September 2025 to shareholders registered on 1 September 2025, compared with 60 cents in the pcp.
The bottom line included a $145 million inventory loss, compared with a $21.1 million loss in the pcp, and a $60.5 million loss due to significant items, compared with a $22.6 million profit.
The significant items included the impact of retail electricity divestments and the unwinding of non-cash hedge gains.
The inventory loss is a non-cash charge applied when the replacement cost of oil is less than its purchase price.
“Against a backdrop of ongoing geopolitical uncertainty and associated global demand concerns, Ampol has focused on what it can control to deliver another resilient performance,” Managing Director and CEO Matt Halliday said in an ASX announcement.
He said Ampol’s fuel and convenience businesses in Australia and New Zealand, which continued to perform well, and commercial businesses, which provided consistent earnings in both markets, underpinned the group result.
The more cyclical parts of its business, Lytton and F&I (Fuels and Infrastructure) International, were around breakeven before interest and tax.
Ampol had continued to deliver on its strategic objectives, including the EG Australia proposed acquisition announced last week, and made good progress on the its productivity program and retail segmentation strategy.
Ampol (ASX: ALD) shares had strengthened by five cents (0.17%) to $29.20 at the time of writing, capitalising the company at $6.96 billion.
