BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry

« News Home
:: Monthly Archive

News Topics
:: Air Pollution
:: Agreements & M&A's
:: Alternative Fuels
:: BunkerBlog
:: Cargoes & Storage
:: Company News
:: Efficiency, Costs & Charges
:: Environment
:: Events
:: Financial
:: Fuel Quality & Testing
:: Lubes & Additives
:: Oil Spills
:: People
:: Port News
:: Projects
:: Regulation, Legal
:: Services, Products,Technology
:: Statistics & Research
:: Vessels

Regional Archive
:: Americas
:: Asia/Oceania
:: Europe
:: M.East/Africa

BUNKER INDEX :: Price Index, News and Directory Information for the Marine Fuel Industry
Home » News

Vopak posts 7% rise in net profit in H1 2016

EBIT and EBITDA increase by 3% during the first half of the year.

Image credit:

Updated on 19 Aug 2016 08:35 GMT

Storage terminal operator Royal Vopak has today confirmed that net profit attributable to owners of ordinary shares, excluding exceptional items, increased by 7 percent to EUR 173.9 million in the first half of 2016, up from EUR 162.4 million the previous year.

Net profit including exceptional items between January and June was up 169 percent to 384.6 million, up from 143.0 million during the corresponding period in 2015.

Earnings before interest and taxes (EBIT) rose by 3 percent to EUR 291 million, up from EUR 282 million in 2015.

Earnings before interest, taxes, depreciation, and amortization (EBITDA) also increased by 3 percent to EUR 421 million, having been EUR 408 million during the previous calendar year.

Earnings per ordinary share (EPS), excluding exceptional items, rose 7 percent to EUR 1.36 during the first six months of 2016, up from 1.27 in 2015.

Gross operating cash flows decreased by 3 percent to EUR 374 million, down from EUR 386 million.

Commenting on the results, Eelco Hoekstra, CEO of the Executive Board of Royal Vopak, remarked: "During the first half of our 400th anniversary year, we improved our safety performance thanks to the continued commitment and efforts of our employees. We were also able to deliver solid financial results owing to a continuation of healthy occupancy rates and robust EBITDA margins. This supports positive cash flow developments and a strong balance sheet, providing sufficient flexibility for funding our capital disciplined growth ambitions.

"We see that the growing imbalances of refined petroleum products are further impacted by global developments such as liberalizations in markets like Mexico and Indonesia, China's transition towards a service-driven economy, and the gradual return of Iran onto the world energy market. Growing population, urbanization and increasing wealth levels drive demand in end markets. Therefore, we expect demand for chemicals to grow in the long term, particularly in Asia. Global LNG market conditions continue to be challenging due to an intensifying oversupply, extending the trend in the market towards more LNG trading and volume flexibility.

"Vopak continues to diligently assess the changing energy landscape. In line with the key messages set out during our Capital Markets update in 2016, there will be a step-by-step increasing need for better and more storage infrastructure. We maintain our focus on seizing new opportunities in order to further strengthen our leading position in an agile industry. This is also supported by recently commissioned terminals, such as the independent LPG facility in Singapore, as well as recently announced projects like our new operations in Panama and the intention to expand Vopak Terminal Deer Park in Houston with 130,000 cbm for chemical storage."

In its outlook for the rest of the year, the company said: "Vopak's positive business developments and the overall market circumstances in the first half year, leading to an overall occupancy rate of 94%, provide a healthy basis for the full year 2016 performance, whilst taking into account the missing contribution from the divested terminals and the adverse foreign exchange rate effects."

Related Links:

Vopak to operate Chevron's Panama terminal and build another
Vopak sells storage terminal
Vopak announces 'robust performance' on day of AGM
Vopak completes sale of UK terminals
Plan to build LNG storage terminal in eastern Sweden

Latest News:

Risk minimisation in uncertain times | Geos Group
Bunker Energy takes over Maxcom Bunker's commercial activities
World Fuel Services to launch Pacific Northwest supply operation
Oil and fuel oil hedging market update
Brent remains in the $60s this morning
Oil and fuel oil hedging market update
$60s are hard to hold
Silverstream hails air lubrication uptake ahead of 2020
Oil and fuel oil hedging market update
OPEC, non-OPEC oil producers agree to cut 1.2m bbl/d
Aegean secures final approval for initial set of motions
MoU signed to test fuel gas and bunkering systems in Busan

Page Links:

Latin America
Middle East
North America
North Europe
South Europe
Index Summary
Price Highlights
Las Palmas
New Orleans
Rio de Janeiro
Latest News
Middle East
Air Pollution
Agreements & M&A's
Alternative Fuels
Cargoes & Storage
Efficiency, Costs & Charges
Fuel Quality
Lubes & Additives
Oil Spills
Port News
Services, Products, Technology
Statistics & Research
Contact & Terms
Contact Us
Terms & Conditions
Privacy Policy
Upcoming Events