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Highlights:
- Ampol Limited (ASX:ALD) shares ended higher on Monday following the release of its FY2022 results.
- The company's profit in FY2022 more than doubled to AU$732.3 million (attributable to parents and excluding significant items) from AU$297.8 million in pcp.
- ALD board announced a final 100% franked ordinary dividend of 105 cents per share, taking the full-year dividend to 225 cents per share, more than double the FY21 dividends.
Transport fuel supplier Ampol Limited (ASX:ALD) released its FY2022 results ended 31 December 2022 on Monday, 20 February 2023. The stock reacted positively to it and closed higher at AU$32.31, up 1.70% over Friday’s closing price of AU$31.770.
| Company Name | Market Price (AU$) |
Market Cap (AU$) |
Yearly Return (%) |
Dividend Yield (%) |
PE Ratio (x) |
YTD (%) |
52W High (%) |
52W Low (%) |
|
|---|---|---|---|---|---|---|---|---|---|
| AMPOL FPO [ALD] | 32.31 | 15.499B | -1.12 | 5.04 | 8.37 | 12.34 | 37.55 | 26.50 | |
*Data powered by Morningstar®. Data delayed 20 minutes unless otherwise indicated. Read More
as of 20/02/2023, 06:39:00 PM AEDT
During FY2022, Ampol’s revenue from ordinary activities surged 84% to AU$38,491.5 million from AU$ 20,882.7 million in pcp. Profit after tax attributable to members of the parent from continuing operations (excluding significant items after tax) more than doubled to AU$732.3 million from AU$297.8 million FY2021.
In FY2022, the company’s RCOP EBITDA was at AU$1,764 million including, AU$1,705.5 million from continuing operations. Its full-year RCOP EBIT of AU$1,316.5 million, is an increase of 153% over pcp.
On the balance sheet front, as on 31 December 2022, net borrowings of ALD stood at AU$2,359 million, demonstrating the acquisition of Z Energy in May last year. Capital expenditure for the full year was AU$406.9 million, in accordance with guidance provided at the half-year results and included incremental expenditure by Z Energy net of Gull exiting the company.
Settlement of tax dispute with the ATO
Further, on Monday, the company updated it has reached a final settlement with the ATO pertaining to tax treatment of earnings from Ampol’s Singapore arm from transactions with Ampol’s Australian companies.
The outcome of the settlement requires the company to make a payment of an additional AU$5.6 million in Australian tax on income in the years spanning from 2014 to 2021. This amount is over and above the AU$104.1 million of tax already paid on the above transactions.
Ampol’s FY2022 dividend
For the fiscal year 2022, Ampol’s board announced a final 100% franked ordinary dividend of 105 cents per share. It signifies a payout ratio of 86% for the 2HFY22, bringing full-year ordinary dividends to 225 cps, demonstrating a 70% payout ratio. The company had already paid an interim dividend of 120 cps.
Ampol’s full-year ordinary dividends more than doubled from the previous year’s total dividend amount of 93 cps. In addition to it, the company has also announced a special dividend distribution of 100% franked 50 cps. The total dividends amount for FY2022 stands at 275 cps.
The ex-dividend date is 3 March, and the record date for both the final and special dividends is 6 March this year. Ampol will pay both dividends on 30 March this year.
Outlook
The company anticipates geopolitical issues encompassing Russian sanctions and China product export decisions to keep on impacting crude and refined product markets this year. F&I (Ex Lytton and Future Energy) is anticipated to gain from the COVID recovery, especially in jet.
It also says that Z Energy will give its contribution during full year of earnings to Ampol this year, with the company’s operations in Trading and Shipping in Singapore region to begin full supply to Z Energy beginning April this year when current third-party supply deals will reach their expiration date, allowing supply associated synergies to be realised.
In 2023, ALD would lay emphasis on settling its investment decision in the Ultra Low Sulphur Fuels Project at Lytton, developing highway site upgrades in the Australian retail network and providing synergies and improved supply chains into NZ region. Simultaneously, the company will continue to chase organic progress in its global business, leveraging present capacity into nearby markets, consumers and products.
Over the longer term, the company says that its operations are well-placed to capture prospects in the liquid fuels value chain. Ampol says that its balance sheet is well positioned to back continued returns to stakeholders and apt investment in the core business along with the energy transition.
