Vopak has registered net profit (including exceptional items) in HY1 2024 at € 213 million and EPS of € 1.73. Proportional EBITDA (excluding exceptional items) increased in HY1 2024 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

The company updated FY2024 proportional EBITDA outlook to € 1,150-1,180 million, EBITDA outlook to € 920-950 million and consolidated growth capex outlook to around € 350 million.

The growth outlook is based on the fact that Vopak is growing in gas terminals by building a large-scale LPG export terminal in Prince Rupert, Western Canada, with a total investment of € 924 million of which € 462 million is the Vopak share. The company is also growing its industrial footprint in Saudi Arabia and China, investing € 63 million proportional growth capex in capacity expansion. It started market consultation to explore extension of EemsEnergyTerminal in the Netherlands for LNG, and potential for new energies such as CO2 and hydrogen.

 Meanwhile, the company entered the FEED phase of CO2next project, an important milestone for developing CO2 infrastructure in Rotterdam. Vopak also commissioned repurposed 15k cbm capacity in Alemoa, Brazil for renewable feedstock.

“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. With regards to safety, we continued to perform well compared to the first half of last year. We had strong results in executing our strategy by committing to develop a large-scale LPG export facility, together with our partner in Western Canada. In our existing industrial terminal portfolio we are expanding in Saudi Arabia and China. Simultaneously, we are accelerating in new energies and sustainable feedstocks by entering the FEED phase for CO2 infrastructure in Rotterdam, and we commissioned repurposed capacity for renewable feedstock in Brazil and vegetable oil in the United States of America. We are well-positioned to capture opportunities which fit our improve, grow and accelerate strategy,” Dick Richelle, Chairman of the Executive Board & CEO, Vopak, said.