Operating profit for global oil storage specialist Royal Vopak in the third quarter (Q3) was up 27.5% year-on-year to EUR 104.3 million ($155.1 million).
Excluding exceptional items, Q3 2009 group operating profit for the Rotterdam-headquartered company rose by 29% to EUR 104.2 million from EUR 80.8 million in Q3 2008.
EBITDA excluding exceptional items over the same period rose 27.4% from EUR 107.6 million to EUR 137.1 million.
The company said all divisions contributed to the improvement, which was a result of a combination of storage capacity expansions and efficiency improvement programs.
Vopak's worldwide capacity increased by 1.4 million cubic metres (m³) from 26.6 million m³ as per the end of September 2008 to 28.0 million m³ per the end of the third quarter of 2009.
Occupancy rate however, decreased slightly from 94% in Q3 2008 to 93% in Q3 2009.
"Although in Q3 2009 the overall occupancy rate was slightly down to 93%, EBITDA for the period increased to EUR 137 million due to effective cost management and expansions realized," said chairman of the executive board John Paul Broeders.
"Demand for our services in the oil segment remained strong. The chemicals (throughput) activities showed a light recovery. We consider it too early, especially for Europe, to conclude whether the recovery of the chemicals market is sustainable or not.
"Our total worldwide storage capacity has increased to 28 million m³. The execution of the new expansion plans that are currently under construction is progressing well. Furthermore, capacity expansions at two terminals in Spain and Sweden were approved, while our projects pipeline remains encouraging. For that reason, we have extended our financial capabilities and flexibility through new financing programs."
Looking ahead, the company said that continued strong demand for its services, sound year-to-date results and progress in its expansion strategy have led it to raise its outlook for the year from an expected EBITDA excluding exceptional items of around EUR 495 million to an expected EBITDA excluding exceptional items of at least EUR 510 million.
The company recently successfully concluded a $680 million US Private Placement Notes Program.
Two months ago it concluded a new SGD 210 million ($146.7 million) senior unsecured notes issuance in the Asian private placement market.
This was its first private placement notes issuance in this region for global funding purposes.
Royal Vopak is sthe world's largest independent tank terminal operator, specializing in the storage and handling of liquid and gaseous chemical and oil products. It currently operates 80 terminals in 32 countries.
Excluding exceptional items, Q3 2009 group operating profit for the Rotterdam-headquartered company rose by 29% to EUR 104.2 million from EUR 80.8 million in Q3 2008.
EBITDA excluding exceptional items over the same period rose 27.4% from EUR 107.6 million to EUR 137.1 million.
The company said all divisions contributed to the improvement, which was a result of a combination of storage capacity expansions and efficiency improvement programs.
Vopak's worldwide capacity increased by 1.4 million cubic metres (m³) from 26.6 million m³ as per the end of September 2008 to 28.0 million m³ per the end of the third quarter of 2009.
Occupancy rate however, decreased slightly from 94% in Q3 2008 to 93% in Q3 2009.
"Although in Q3 2009 the overall occupancy rate was slightly down to 93%, EBITDA for the period increased to EUR 137 million due to effective cost management and expansions realized," said chairman of the executive board John Paul Broeders.
"Demand for our services in the oil segment remained strong. The chemicals (throughput) activities showed a light recovery. We consider it too early, especially for Europe, to conclude whether the recovery of the chemicals market is sustainable or not.
"Our total worldwide storage capacity has increased to 28 million m³. The execution of the new expansion plans that are currently under construction is progressing well. Furthermore, capacity expansions at two terminals in Spain and Sweden were approved, while our projects pipeline remains encouraging. For that reason, we have extended our financial capabilities and flexibility through new financing programs."
Looking ahead, the company said that continued strong demand for its services, sound year-to-date results and progress in its expansion strategy have led it to raise its outlook for the year from an expected EBITDA excluding exceptional items of around EUR 495 million to an expected EBITDA excluding exceptional items of at least EUR 510 million.
The company recently successfully concluded a $680 million US Private Placement Notes Program.
Two months ago it concluded a new SGD 210 million ($146.7 million) senior unsecured notes issuance in the Asian private placement market.
This was its first private placement notes issuance in this region for global funding purposes.
Royal Vopak is sthe world's largest independent tank terminal operator, specializing in the storage and handling of liquid and gaseous chemical and oil products. It currently operates 80 terminals in 32 countries.