Vopak reports continued strong results and announces capacity expansions in industrial terminals

Vopak reports continued strong results and announces capacity expansions in industrial terminals

Vopak has announced continued strong financial performance for the first half of 2024, along with significant capacity expansions in industrial terminals.

Net Profit: EUR 213 million, with an EPS of EUR 1.73.
Proportional EBITDA: Increased to EUR 599 million from EUR 586 million in H1 2023, driven by growth projects and a one-off item offsetting divestment impacts.
Updated 2024 Outlook: proportional EBITDA forecasted between EUR 1,150-1,180 million, EBITDA outlook between EUR 920-950 million, and consolidated growth capex around EUR 350 million.

LPG Export Terminal: A large-scale LPG export terminal is being constructed in Prince Rupert, Western Canada, with a total investment of EUR 924 million, of which Vopak’s share is EUR 462 million.
Industrial Footprint Expansion: Investments of EUR 63 million in capacity expansion in Saudi Arabia and China.
Market Consultation: Exploring the extension of EemsEnergyTerminal in the Netherlands for LNG and potential new energies like CO2 and hydrogen.

CO2next Project: Entered the FEED phase for developing CO2 infrastructure in Rotterdam. Renewable Feedstock: Commissioned repurposed 15k cbm capacity in Alemoa, Brazil, for renewable feedstock.

Revenues: EUR 654 million, adjusted to a 4 percent increase year-on-year after divestment and currency impacts.
Operating Expenses: EUR 325 million, with an increase of EUR 20 million after adjustments. Cash Flows: Operating activities increased by EUR 40 million to EUR 518 million, an 8 percent increase year-on-year.
Proportional Revenues: EUR 953 million.
Proportional EBITDA: Increased to EUR 599 million.
Operating Capex: EUR 92 million, reflecting divestment impacts.

Proportional Occupancy Rate: 92 percent, stable compared to 91 percent in H1 2023.
Sustainability Performance: Continued strong performance with a total injury rate of 0.16, a lost-time injury rate of 0.10, and a process safety event rate of 0.07.

CEO Statement:Vopak’s CEO highlighted the company’s robust financial performance and strategic growth in industrial and gas terminals, alongside progress in new energies and sustainable feedstocks. The company maintained healthy demand for its infrastructure services, achieving a 92 percent proportional occupancy rate in H1 2024. Significant developments include the commitment to a large-scale LPG export facility in Canada, capacity expansions in Saudi Arabia and China, and advancements in CO2 infrastructure and renewable feedstock projects. Vopak is well-positioned to capture future opportunities aligned with its strategic goals.

Vopak continues to demonstrate strong financial performance and strategic growth, with significant investments in capacity expansions and new energy projects. The company’s healthy demand for services, robust financial results, and commitment to sustainability underscore its strong market position and future growth potential.

For more information visit www.vopak.com

26 July 2024