Vopak reports strong Q1 2024 results and increases FY 2024 outlook

Vopak reports strong Q1 2024 results and increases FY 2024 outlook

Vopak has reported robust financial results for the first quarter of 2024, showcasing strong growth and performance across various metrics. The company has also revised its outlook for the fiscal year 2024, indicating positive momentum and confidence in its future prospects.

In terms of financial performance, Vopak saw an increase in net profit, including exceptional items, reaching EUR 106 million in Q1 2024, marking a 3 percent improvement compared to the previous year. This growth was primarily driven by favourable storage demand across different geographies and markets. Additionally, the company reported an increase in proportional EBITDA, excluding exceptional items, to EUR 298 million, representing a 9 percent year-on-year improvement when adjusted for divestment impacts.

Furthermore, Vopak strengthened its balance sheet and made good progress on its share buyback programme, reflecting a commitment to enhancing shareholder value. The company also expanded its outlook for FY 2024, signalling optimism about future performance and growth opportunities.

In terms of strategic initiatives, Vopak made significant strides in various areas. The acquisition of a new terminal in Mangalore bolstered its leading position in India, while progress on a greenfield LPG-export terminal project in Western Canada underscored its commitment to expansion and diversification.

Moreover, Vopak accelerated its efforts towards sustainability by commissioning repurposed infrastructure in Singapore for low-carbon transportation fuels. Progress was also made in repurposing existing capacity in Alemoa, Brazil, and Vlaardingen, the Netherlands, further aligning the company with its sustainability goals.

The CEO of Vopak expressed satisfaction with the company’s performance, highlighting its strategy to improve financial and sustainability performance, grow its business, and accelerate towards new energies and sustainable feedstocks. The CEO emphasised the robust demand for infrastructure services, strong market conditions, and strategic acquisitions as key drivers of growth.

In summary, Vopak’s strong Q1 2024 results and increased outlook for FY 2024 reflect its resilience, strategic focus, and commitment to delivering value to stakeholders amidst evolving market dynamics and sustainability imperatives.

For more information visit www.vopak.com

24 April 2024