Vopak shares Q3 results

Tank storage giant Vopak has shared its Q3 results for 2022, with an improved EBITDA of €227 million. The company has raised its full-year EBITDA outlook to around €890 million. The full report reveals Vopak’s key highlights, including:

• Increased revenue to €1 billion
• Proportional occupancy improved to 89% in Q3, from Q2 (87%), driven mainly by performance in Asia and Middle East, new energy and LNG and Americas
• EBITDA increased to €659 million supported by business conditions, currency translation effects and growth projects’ contribution, which were partly offset by higher costs
• A growing footprint in industrial terminals in China and increased send-out capacity in Gate LNG terminal in Rotterdam, Netherlands
• Accelerating in new energies by repurposing oil capacity in Los Angeles to sustainable aviation fuel and renewable diesel and taking a share in the electricity storage company Elestor

Dick Richelle, chairman of the executive board and CEO of Vopak says: ‘Our strong third quarter performance demonstrates that our well diversified infrastructure portfolio uniquely positions Vopak to serve our customers amidst highly uncertain times. The deployment of growth capex towards our strategic priorities is going well, with growth in industrial and gas terminals and acceleration towards new energies. Our improved financial performance and solid strategy execution allows us to update our outlook for FY 2022, by increasing our expectation for EBITDA and proportional operating cash return.’