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Vopak posts 7% rise in net profit in H1 2016

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



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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."






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