Australian gas provider Ampol has reported to its highest-ever full-year revenue after sanctions on Russian oil merchandise and a restoration in international demand boosted costs and gross sales income.
Ampol, the nation’s largest supplier of petrol, diesel and aviation gas, mentioned on Monday its internet revenue had soared 42 per cent in 2022 to $795 million, enabling it to considerably improve shareholder returns.
Shareholders will obtain a ultimate dividend of $1.05 per share declared, in addition to a particular dividend of fifty¢ a share, the corporate mentioned.
“These outcomes had been supported by robust operational performances and the dedication of the whole Ampol group who’ve continued to ship for our prospects whereas responding to the challenges brought on by the rebalancing of world power markets, excessive climate occasions and COVID outbreaks,” managing director Matt Halliday mentioned.
Revenue margins from processing crude oil into transport fuels at Ampol’s Lytton refinery in Brisbane had been nicely above historic averages for the 12 months at $US17.86 a barrel, up from $US7.50 a 12 months earlier than.
As Western nations proceed escalating financial sanctions on Russian power merchandise to starve Moscow of income it must fund the struggle in Ukraine, the worth of oil and transport fuels have been hovering throughout the globe.
Halliday mentioned it had been a powerful begin to 2023 for the oil refinery, with margins climbing previous $US18 a barrel, and gas volumes and gross sales rising.
“Geopolitical elements together with Russian sanctions and China product export selections are more likely to proceed to affect crude and refined product markets throughout 2023 and within the medium time period, the basics of provide and demand proceed to help a good marketplace for refined product,” Halliday mentioned.
UBS analyst Joseph Wong on Monday mentioned Ampol’s consequence was in step with expectations, whereas strong progress and the particular dividend must be obtained nicely by the market.