Vopak Reports Continued Strong Results in Q3 2024
Key Highlights Q3 2024
The Netherlands, 30 October 2024 – Vopak has reported continued strong results in Q3 2024. Key highlights include:
- Improved Net profit -including exceptional items- YTD Q3 2024 of EUR 312 million and EPS of EUR 2.56 year to date
- Proportional EBITDA -excluding exceptional items- increased YTD Q3 2024 by EUR 22 million to EUR 894 million
- Joint venture in India undertook a primary equity issue of 3.4% for an equivalent amount of EUR 88 million
- Updated FY2024 proportional EBITDA outlook to EUR 1,160-1,180 million, EBITDA outlook to EUR 930-950 million
- Strengthening position in Kandla, India with an expansion of 94,000 cbm of chemical storage
- Commissioned 560,000 cbm of industrial-connected capacity in Huizhou, China
- Announced next steps for Vopak Energy Park Antwerp for the development of green methanol and ammonia storage
- Signed a MoU in Australia to develop common-user infrastructure including a CO2 import terminal
Q3 2024 Financial Performance
In EUR millions:
| Q3 2024 | Q2 2024 | Q3 2023 | |
|---|---|---|---|
| Revenues | 325.0 | 325.5 | 352.0 |
| Net profit / (loss) attributable to holders of ordinary shares | 99.3 | 106.7 | 144.2 |
| Earnings per ordinary share (in EUR) | 0.83 | 0.88 | 1.15 |
Business and Financial KPIs
Storage capacity, occupancy rates, and financial KPIs have also shown positive trends, indicating a strong performance across various metrics.
CEO Statement
“We continued to execute on our improve, grow and accelerate strategy in the third quarter of this year. Demand for our infrastructure services remained healthy, reflected in a stable high proportional occupancy rate of 92%, increased proportional EBITDA, and a strong operating cash return of 16.2% year to date,” said the CEO of Vopak.
Impact on Individuals
Based on reports, the strong results of Vopak in Q3 2024 could potentially lead to increased shareholder value and financial stability for investors who have holdings in the company.
Global Implications
The positive performance of Vopak could also have broader implications for the global energy and chemical storage industry, potentially driving innovation and growth in the sector.
Conclusion
In conclusion, Vopak’s continued strong results in Q3 2024 reflect the company’s strategic focus on improvement, growth, and acceleration. The positive financial performance and expansion plans indicate a promising future for the company and potential benefits for investors and the industry as a whole.
