Australia’s Ampol to upgrade Lytton refinery, posts 1.1% rise in annual profit
(Reuters) - Australia’s Ampol Ltd said it intends to upgrade its Lytton refinery located in Queensland to align its gasoline production quality to comply with the latest standards for both regular and premium gasoline grades.
The fuel retailer has commenced preparations for upgrading its refinery ahead of its expected final investment decision in the coming weeks, it said in a statement.
Ampol added the remaining estimated cost of the project, which is expected to be commissioned in the latter half of 2025, will be about A$250 million ($163.25 million).
The company added it expects total capital expenditures in 2024 including the Lytton project's turnaround and inspection to be about 10% higher than in the full year 2023.
Ampol, the country's top fuel supplier, logged a 1.1% rise in its annual profit helped by the strong performance of its non-refining divisions, including its Australian convenience retail business and a full-year contribution from Z Energy in New Zealand.
"We continued to grow our Petrol and Convenience earnings, delivering another strong performance in Convenience Retail," Chief Executive Officer Matt Halliday said.
The fuel retailer said its annual net profit after tax from continuing operations rose marginally to A$740.1 million ($482.84 million) on a replacement cost (RC) basis, compared with A$732.3 million reported the previous year.
Ampol declared a final dividend of 120 Australian (AU) cents per share, up from 105 AU cents per share the previous year. It also declared a special dividend of 60 AU cents per share.
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