Vopak's earnings exceeded its guidance range

The Dutch tank storage company Vopak announced Wednesday that its core earnings for 2024 were above the previously-guided range, due to strong demand across its various business units.

Vopak released a statement that said, "Gas Terminals Performance showed Firm Throughput Levels, Backed by Growing Energy Demand and Energy Security Considerations Around the Globe."

The proportional earnings before taxes, depreciation, and amortization (EBITDA), which is the measure of profit before all other costs, rose by 9%, to reach 1.17 billion euro ($1.22 billion), with its top-end annual guidance at 950 millions euros.

The company that operates terminals and stores worldwide said they expected their core profit to be between 1,15 billion and 1,20 billion euros in this year.

The annual sales increased by 4%, to 1,32 billion euros. This was just below the average analyst forecast of 1,33 billion euros according to an LSEG survey.

Vopak said that it would also launch a share-buyback programme up to 100 millions euros on Thursday. The program will run until 2025. It will also propose a dividend per share of 1,60 euros, citing the strong cash flow. $1 = 0.9561 Euros (Reporting and editing by Milla Nissi in Gdansk)

(source: Reuters)