Ampol has delivered its FY 2024 financial results, reporting a statutory net profit of $122.5 million despite challenging economic conditions.
The company’s full-year RCOP EBIT stood at $715.2 million, with strong performances from Convenience Retail and New Zealand operations helping offset refinery headwinds.
Matt Halliday, CEO of Ampol, acknowledged the difficulties faced during the year but highlighted the company’s resilience.
“The 2024 financial year was one of challenging global refining and commodity markets that impacted both our Lytton refinery and Trading and Shipping operations.
“Our retail businesses were the highlight with Convenience Retail growing earnings again this year, while Z Energy delivered another resilient performance, both against the backdrop of economic environments where higher interest rates and inflation increased cost of living pressures on consumers.”
The Convenience Retail segment recorded EBIT of $356.6 million, up $2 million from the previous year. Ampol’s strategy to position its company-owned network at the premium end of the market paid off, with an increase in premium fuel sales and improved margins, despite a 3.5 per cent decline in overall fuel volumes.
In-store sales, excluding tobacco, grew by 2 per cent, driven by strong performance in beverages, food service, and snacks. The company introduced ‘Crave ‘N Save’ promotions in response to cost-of-living pressures, offering value-driven deals to customers.
“Efforts to reduce our exposure to tobacco in recent years has meant we have been less impacted by the significant shift of these products into illicit markets,” Ampol stated.
Ampol continued its investment in the network, with major highway site redevelopments in NSW and an expansion of its quick-service restaurant partnerships. The company added two of Australia’s largest Hungry Jack’s stores and seven new Boost Juice counters across its locations.
Looking ahead, Ampol remains focused on strengthening its retail footprint in both Australia and New Zealand, with further segmentation of its convenience offer and ongoing investment in food service innovation.
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