The worlds largest independent tank terminal operator Vopak has seen a group operating profit (excluding exceptional items) increase of 8% in the first quarter of 2009, rising from 79.2 million up to 85.6 million in the last year.
Chairman of the executive board of Royal Vopak, John Paul Broeders, confirmed that the result is completely in line with its outlook for 2009.
The companys growth in this quarter has seen a newly commissioned storage capacity of nearly 0.3 million m³ in multiple locations including Estonia, Sweden and the UK, with a further 2.2 million m³ expected by 2011.
Vopak has confirmed that the construction of its Gate Terminal project has received an additional financing agreement of 136 million, regarding the expansion of the first Dutch Liquefied Natural Gas (LNG) import and regasification terminal, despite the uncertainty of the global financing market.
Broeders states the expectation of total investment for Vopak and partners regarding its projects will involve capital expenditure of some 1.5 billion. For Vopak this means net capital spending related to these expansions of some 0.2 billion for 2009 to 2011.
Based on the first quarter 2009 results, Vopak has confirmed that due to its portfolio of activities, growth programme and the continued robust demand for their services, especially regarding oil activities, it is expecting an outlook of an EBITDA of at least 450 million for 2009.