Vopak's Strong FY 2024 Results: A Recipe for Success

Vopak, a leading independent tank storage company, has reported robust financial results for the full year 2024, marking a significant milestone in its strategic journey. The company's strong performance is a testament to its commitment to improving sustainability and financial performance, growing its footprint in gas and industrial terminals, and accelerating progress in new energies and feedstocks. Here's a closer look at Vopak's impressive FY 2024 results and the key drivers behind its success.

Vopak's strong FY 2024 results can be attributed to several factors:

1. Demand for infrastructure services: Vopak's business units experienced strong demand for their infrastructure services, with a proportional occupancy rate of 93% leading to a record level of proportional EBITDA. This robust demand was driven by growing energy demand, energy security considerations, and the continued growth in oil demand globally.
2. Growth projects: Vopak made good progress on expansions of its gas infrastructure in Canada, India, and the Netherlands, as well as industrial expansions in China and Saudi Arabia. These growth projects contributed to the company's financial performance by increasing throughput levels and driving revenue growth.
3. New energies and sustainable feedstocks: Vopak progressed in new energies and sustainable feedstocks developments by repurposing capacity in Singapore, Brazil, and the Netherlands, and investing in battery energy storage in the US and the Netherlands. These initiatives align with the company's strategy to accelerate progress in new energies and feedstocks, positioning Vopak at the forefront of the energy transition.
4. Strong cash generation: Vopak's robust financial position and strong cash generation from its portfolio enabled the company to propose an increase in the dividend distribution of 6.7% compared to 2023 and announce a new share buyback program of up to EUR 100 million in 2025. This demonstrates Vopak's commitment to returning value to shareholders while maintaining a balanced approach to capital allocation.



Vopak's CEO, Dick Richelle, expressed his pride in the company's achievements during 2024, highlighting the team's delivery on strategic priorities and the strong demand for Vopak's infrastructure services. The company's solid performance in both personal and process safety, as well as its progress in new energies and sustainable feedstocks developments, further cemented Vopak's position as a leader in the tank storage industry.

In conclusion, Vopak's strong FY 2024 results are a testament to the company's strategic focus on improving sustainability and financial performance, growing its footprint in gas and industrial terminals, and accelerating progress in new energies and feedstocks. The company's robust financial position, strong cash generation, and commitment to returning value to shareholders position Vopak well for continued success in the years ahead. As Vopak looks forward to providing further updates on its strategic priorities and long-term outlook during its Capital Markets Day on 13 March 2025, investors can remain confident in the company's ability to deliver strong performance and create value for its stakeholders.