Oil Storage Group Vopak Cuts Growth Investments Guidance after Q3 Beat
11.15.2021 - NEWS

November 15, 2021 [Nasdaq] – Dutch oil and chemical storage company Vopak reported on Friday a profit beat for the three months to September but lowered its full-year guidance for growth investments.

 

The group, which runs tank terminals worldwide, said its growth investments should reach about 275 million euros ($314.57 million) in 2021, down from the range of 300 million to 350 million in its previous guidance.

For much of last year, Vopak profited from soaring oil storage demand due to a supply glut, but pandemic-induced curbs brought project delays and disrupted expansion plans.

While the company warned of more market and operating uncertainties over the pandemic, it said it expected to continue to manage its performance in line with business plans.

Vopak, sensitive to changes in oil prices and movements in the global fuel oil markets, posted third-quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) of 212.5 million euros, exceeding analysts’ average estimate of 205 million.

It also reported net profit of 81.0 million euros, beating analysts’ forecast of 77.6 million.

After a strategic review, the Rotterdam-based company said it had decided to discontinue active participation in the German liquefied natural gas (LNG) project, leading to an exceptional loss of 11.1 million euros.

Vopak said it remained optimistic on other LNG growth projects, for example in Hong Kong, which it said were progressing well.

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