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ASX fuel stocks are seeing good times roll on in 2023
Nick Sundich, April 27, 2023
ASX fuel stocks don’t appear to be losing their momentum from 2022 – at least not yet.
Companies such as Viva Energy (ASX:VEA) and Ampol (ASX:ALD) are still reporting higher sales volumes and higher earnings as a consequence.
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Ampol grows earnings by 82%
Ampol (ASX:ALD) reported its result this morning. It reported $345.4m in EBIT, up 82% from 12 months ago, and fuel sales volume was up 50%. Admittedly, this figure was inflated by the acquisition of New Zealand retailer Z Energy, but even excluding this acquisition, fuel volumes still increased by 27%.
The Lytton Refiner Margin (LRM) was US$14.90 per barrel, a figure that was off from all time highs but still up 41% in a year.
Viva Energy grows earnings by 70%
Among other ASX fuel stocks, it was a similar story with Viva Energy (ASX:VEA), which operates Shell fuel stations and also distributes fuel for aviation purposes. Group EBITDA was $292.9m, up 70% from 12 months ago. Commercial EBITDA was $132.7m, up 65%, driven by higher sales volumes, although Retail EBITDA only lifted by 8% to $81.1m.
The Geelong Refining Margin was US$14.70 per barrell, up 77% from $8.30 just 12 months ago. Nonetheless, the company warned that earnings would moderate in he coming months due to seasonal factors and global supply factors. Ampol did not provide any forward guidance although it noted that the worst impacts from Cyclone Gabrielle were over after impacting sales in February.
Both ASX fuel stocks were slightly down in morning trading.
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