Vopak has reported continued strong results and has announced terminal capacity expansions following the first half of the year (HY1).
Vopak enjoyed a net profit of €213 million and EPS of €1.73 million in HY1 2024, with an increased EBITDA to €599 million compared to HY1 2023 (€586 million), driven by growth project contributions and a certain one-off item that fully offset divestment impacts.
‘In the first half of 2024, financial performance of our network improved and we executed on our strategy by growing in industrial and gas terminals and accelerating towards new energies and sustainable feedstocks. A continued healthy demand for our infrastructure services resulted in a 92% proportional occupancy in the first half year,’ says CEO Dick Richelle.
Growth is high on the agenda for Vopak, with the company investing €462 million in a large-scale LPG export terminal in Prince Rupert, Western Canada. The terminal will have a capacity of approximately 95,000 m3 and products will come in via the existing railway. The project is expected to be commissioned by the end of 2026.
In China, Vopak is expanding its Qinzhou industrial terminal with additional storage capacity of 96,000 m3. The total project capex amounts to €38 million, with Vopak contributing €13 million.
In the Netherlands, Vopak and Gasunie are exploring options to utilise the EemsEnergyTerminal for longer than initially planned at the port of Eemshaven. This market consultation will not only look at LNG but is also intended to explore paths to a future, more sustainable energy system where hydrogen and carbon capture and storage can play key roles.
Vopak is also key to accelerating the energy transition and new fuels, with the Netherlands CO2Next project reaching FEED and its Brazil Alemoa terminal repurposing 15,000 m3 os capacity for renewable feedstocks.
