Vopak lifts profit forecast on high tank storage demand, added capacity
Adds new investment paragraph 6, CFO quotes in paragraphs 7-11
By Alban Kacher
July 26 (Reuters) -Dutch tank storage company Vopak VOPA.AS slightly raised its 2024 core profit target on Friday, after strong demand across its markets and expanded terminal capacity boosted second-quarter results.
Instability in the Middle East has stretched global energy supply routes, while Russia's war on Ukraine has pushed European countries to seek alternative oil and gas supplies, increasing demand for storage space.
Vopak, which operates terminals and storage facilities worldwide, expects its proportional core earnings (EBITDA) to come between 1.15 billion euros and 1.18 billion euros ($1.25 billion and $1.28 billion) this year, lifting the bottom end from 1.14 billion euros.
It also raised its planned capital expenditures related to growth projects from 300 million euros to 350 million euros.
Vopak is seeking to expand its gas and industrial terminals to increase cash returns, and to shed less profitable assets in the oversupplied chemicals market.
The group said it would invest 462 million euros to build a large-scale liquefied petroleum gas export terminal in Prince Rupert, Western Canada.
The terminal is expected to be operational by the start of 2027 and have a significant impact on Vopak's results from there on, finance chief Michiel Gilsing told Reuters in an interview.
Gilsing said Vopak, which is operating close to its maximum storage capacity, might need to raise customer rates and manage expenses going forward, as it seeks to preserve margins from higher labour costs.
But there is a greater opportunity in building new units, he said.
While demand in Europe has normalised after the stress caused by the war in Ukraine, Vopak sees a healthy gas-related demand from countries like Colombia, Australia and South Africa, Gilsing said.
"There is a enormous demand for gas a few years from now because gas fields in those countries are depleting or they have an ambition to replace coal-fired plants by gas fired plants," he added.
Vopak's proportional EBITDA, excluding exceptional items, rose to 301.6 million euros in the second quarter, beating analysts' average forecast of 298 million euros.
($1 = 0.9215 euros)
Reporting by Alban Kacher in Gdansk; Editing by Milla Nissi
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