Vopak lifts profit outlook as war risks drive fuel storage demand
Recasts with CFO comments on occupancy, geopolitical tensions in paragraphs 1-5, adds shares in paragraph 6, Q1 EBITDA in 9, consensus in 10, 12
By Michal Aleksandrowicz
April 24 (Reuters) -Dutch tank storage firm Vopak VOPA.AS lifted its 2024 profit forecast on Wednesday and said it was operating close to its maximum capacity as geopolitical tensions have altered supply routes and boosted energy storage demand.
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.
"Most of the time in geopolitical difficult circumstances, storage companies benefit quite a bit because people get more uncertain about supply chains," Vopak's finance chief Michiel Gilsing said.
Occupancy at Vopak's storage facilities grew to 93% in the first three months of 2024, from 91% in the prior quarter, which Gilsing said was close to the maximum it could operate.
Gilsing added he did not see much upward potential because occupancy was already so high.
Vopak's shares were trading around flat after a slight fall in early trading in Amsterdam.
While higher demand kept energy markets firm in the first quarter, chemical markets remained under pressure, CEO Dick Richelle said in a statement.
Vopak, which operates terminals and storage facilities worldwide, is seeking to expand its gas and industrial terminals to increase cash returns, and to shed less profitable assets in the oversupplied chemicals market.
Its quarterly earnings before interest, tax, depreciation and amortisation (EBITDA) fell over 5.5% to 235 million euros ($251 million) in the quarter, mainly due to a 21 million euro hit from asset sales.
That was 4% ahead of a consensus estimate of 227 million, Jefferies said in a note.
Vopak expects EBITDA of 900-940 million euros ($963 million-$1 billion) for the full year, up from its previous forecast of 880-920 million euros.
That compares to a consensus of 914 million euros, Jefferies said.
($1 = 0.9350 euros)
Reporting by Michal Aleksandrowicz in Gdansk; Editing by Milla Nissi and Barbara Lewis
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