Vopak Reports Strong FY 2024 Results and Announces Dividend Increase
Key Highlights
Vopak has reported improved net profit for FY 2024, reaching EUR 376 million with earnings per share of EUR 3.12. The company also achieved a record proportional EBITDA of EUR 1,170 million. In addition, Vopak completed a successful share buyback program of EUR 300 million, proposed a dividend of EUR 1.60 per share, and announced a new share buyback program of EUR 100 million for 2025.
Growth Initiatives
In 2024, Vopak made significant progress in expanding its gas infrastructure in Canada, India, and the Netherlands, as well as industrial expansions in China and Saudi Arabia. The EemsEnergyTerminal launched an open season for the storage and regasification of LNG post-2027.
Commitment to Sustainability
Vopak allocated EUR 15 million to develop infrastructure for waste-based feedstocks at its Vlaardingen terminal in the Netherlands. The company also advanced its efforts in new energies and sustainable feedstock developments in Singapore, Brazil, and the Netherlands, along with investments in battery energy storage in the US and the Netherlands.
Q4 2024 Performance
In Q4 2024, Vopak’s IFRS revenues were EUR 336.9 million, with a net profit attributable to ordinary shareholders of EUR 63.9 million. The alternative performance measures showed proportional revenues of EUR 485.0 million and a proportional EBITDA of EUR 276.7 million.
Financial and Sustainability KPIs
Vopak’s financial KPIs highlighted a proportional operating cash return of 11.8% and a net debt-to-EBITDA ratio of 2.35. The company’s sustainability performance included a Total Injury Rate (TIR) of 0.21 and a Process Safety Event Rate (PSER) of 0.08.
Impact on Me
As a shareholder or potential investor, Vopak’s strong financial performance and commitment to sustainability signal a positive outlook for the company’s future growth and profitability. The increase in dividend distribution and share buyback program could lead to higher returns for shareholders.
Global Impact
Vopak’s focus on sustainable initiatives and expansion projects in key markets like gas and industrial terminals contribute to the global transition towards cleaner energy sources and efficient infrastructure. The company’s efforts in new energies and feedstocks also align with broader sustainability goals in the international community.
Conclusion
Vopak’s FY 2024 results showcase a balance of financial success and sustainability commitments, setting a strong foundation for future growth and innovation. Shareholders, investors, and the global community can expect continued progress from Vopak in driving positive change and delivering value in the years to come.
