Royal Vopak, the world's largest independent tank terminal operator, has experienced a group operating profit rise of 19% this quarter to 68.6 million, excluding exceptional items. Profit in Q3 2006 was recorded at 57.5 million.
The highlights of Vopak's year include new storage capacity commissioned during Q3 with 11,270 cbm at the Vopak Terminal ACS in Antwerp, Belgium, and 10,870 cbm at the Vopak Terminal Darwin, Australia. In total, 270,240 cbm additional storage capacity has been brought on stream this year.
Vopak has acquired the remaining 20% interest in the terminal in Vietnam which is now wholly-owned and the terminal in Dordrecht has been sold.
There are also expansion projects in Singapore, Sweden, Chile and Pakistan, amounting to 476,700 cbm in total. Vopak will add more than 2.3 million cbm in storage capacity worldwide during 2007 and 2008.
Vopak expects total capital expenditure for 2007 from 420-460 million, including investments for maintenance, safety and the environment. Vopak expects group operating profit excluding exceptional items to increase by at least 20% compared to 220.9 million in 2006.
'We continue to see a worldwide increase in the need for our storage services. Vopak meets this need by expanding global storage capacity and adding expansion projects. In doing so, our organisation has entered a new phase,' says John Paul Broeders, chairman of the executive board of Royal Vopak.
'In order to direct this growth effectively, we are paying considerable attention to the development of our people and our organisation, for example, in the field of project management. This is in line with Vopak's culture of exchanging knowledge and continuously improving our processes and working methods.'