The Ampol Ltd (ASX: ALD) share price is in focus after the company reported a first-half 2025 RCOP NPAT of $180 million (before significant items) and declared a fully franked interim dividend of 40 cents per share.
What did Ampol report?
- Group RCOP EBITDA of $649 million, down 12% from the prior corresponding period
- RCOP EBIT of $404 million, a 20% decrease
- RCOP Net Profit After Tax (NPAT) (excluding significant items) of $180 million, down 23%
- Statutory NPAT showed a $25 million loss (after significant items)
- Fully franked interim dividend of 40 cents per share, representing a 53% payout ratio
- Announced proposed $1.1 billion acquisition of EG Australia, subject to ACCC approval
What else happened in the first half of 2025?
Ampol's Convenience Retail business continued to perform well, with RCOP EBIT up 4.4% to $182.7 million, despite a dip in fuel volumes that was more than offset by stronger fuel margins and a favourable product mix. Shop sales, excluding tobacco and new U-GO conversions, grew slightly, and gross margins improved to 39.9%.
The New Zealand segment saw fuel sales rise 1.9%, thanks in part to the success of the Z Energy acquisition and the on-the-go EV charging rollout. Ampol also announced the sale of Channel Infrastructure and Flick Energy, positioning the group to strengthen its balance sheet.
Ampol's core Fuels & Infrastructure businesses faced softer conditions, particularly at Lytton and in international markets, with Lytton RCOP EBIT nearly flat at $1.1 million due largely to external events like Cyclone Alfred.
What did Ampol management say?
Commenting on the result, Matt Halliday, Managing Director and CEO, said:
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… We are clear on our strategy, have the team to deliver on these priorities, and are well placed to grow earnings over time.
What's next for Ampol?
Ampol expects its Convenience Retail, Fuels & Infrastructure (Ex-Lytton), and New Zealand businesses to maintain first-half trends as conditions modestly improve in product and freight markets. The proposed acquisition of EG Australia, if approved, is set to boost Ampol's scale and earnings mix, reducing cyclicality and supporting longer-term growth.
The company is also prioritising the completion of its productivity program, further investment in premium highway sites, and progressing the Lytton Ultra Low Sulfur Fuels project. Net capital expenditure for 2025 is forecast at around $600 million.
Ampol share price snapshot
Over the past 12 months, the Ampol shares have declined 4%, trailing the S&P/ASX 200 Index (ASX: XJO) which has risen 12%.
