Vopak has reported strong 2024 financial results as it has released its year-end results, increases dividend distribution, and announces a new share buyback programme.
Key highlights for 2024
Improve
- Net profit – including exceptional items – financial year 2024 of €376 million and EPS of €3.12. Proportional EBITDA – excluding exceptional items – increased in financial year 2024 by €16 million to a record of €1170 million.
- Completed share buyback programme of €300 million, proposed a dividend of €1.60 per share and announced a new share buyback programme of €100 million that will start on 20 February 2025 and will run until the end of 2025.
Grow
- In 2024, Vopak made good progress on the expansions of its gas infrastructure in Canada, India, and the Netherlands and on the industrial expansions in China and Saudi Arabia.
- EemsEnergyTerminal launched an open season for the storage and regasification of LNG after 2027.
Accelerate
- In 2024, Vopak progressed in new energies and sustainable feedstocks developments by repurposing capacity in Singapore, Brazil, and the Netherlands and by investing in battery energy storage in the US and the Netherlands.
- Committed €15 million to further develop infrastructure for waste-based feedstocks at Vlaardingen terminal in the Netherlands.
CEO message
“I am proud to reflect on our successes during 2024. The Vopak team has delivered on our strategic priorities to improve our sustainability and financial performance, grow our footprint in gas and industrial terminals, and accelerate progress in new energies and feedstocks. The demand for our infrastructure services continued to be strong across most business units, underpinned by a proportional occupancy of 93% and leading to a record level of proportional EBITDA. On safety, which is our most important priority, we delivered solid results in both personal and process safety. We made good progress on the expansions of our gas infrastructure in Canada, India, and the Netherlands and on industrial expansions in China and Saudi Arabia. In India, our joint venture AVTL, is exploring options to fund growth through a local listing. In multiple locations around the world we are repurposing capacity for new energies and in the US and the Netherlands we made our first investments in battery energy storage. Driven by strong cash generation from our portfolio and our robust financial position, we are proposing an increase in the dividend distribution of 6.7% compared to 2023 and announcing a new share buyback program of up to €100 million in 2025. We look forward to providing further updates on our strategic priorities and long-term outlook during our Capital Markets Day on 13 March 2025.”
Financial highlights for 2024
Demand for Vopak’s services was healthy during 2024. Throughput levels in industrial terminals increased year-on-year factoring in new industrial capacity being commissioned in China. Gas terminals performance showed firm throughput levels, backed by growing energy demand and energy security considerations around the globe. Amidst weak chemical markets, the demand for storage infrastructure was stable. In the oil hub locations, solid storage demand was primarily driven by the continued growth in oil demand globally and the rerouting of trade flows. Despite some market challenges in Mexico, demand in the other oil distribution terminals remained firm.
For the full details of Vopak’s financial results following the link here.