Photographer: Lisa Maree Williams/
(Bloomberg) — Australian fuel retailer Ampol Ltd. returned to a profit in the first half, with earnings more than tripling as the conflict in the Middle East upended global markets.
Net income was A$1.4 billion ($1 billion) in the six months through June, after an A$25 million loss in the same period of last year, the company said Monday. Earnings before interest and taxes on a replacement-cost basis soared 245%, also to A$1.4 billion.
The US-Iran war has curbed flows of crude and refined products out of the Arabian Gulf. In Australia, gasoline and diesel prices surged to records earlier this year as supply concerns triggered panic buying.
“The first half of 2026 was marked by the Middle East conflict and the consequential impact on the flow of oil and refined products around the world,” said Chief Executive Officer Matt Halliday. “The market dislocation provided a benefit to our financial results.”
A drop in Russian diesel exports and product inventories near historic lows have increased pressure on the global system, ahead of the typical stockpile build to meet demand during the Northern Hemisphere winter, the company said.
The board declared an interim dividend of A$1.85 a share, a more than quadrupling of the prior year’s. The company’s stock has gained a quarter this year.
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