Growing product demand levels is driving VTTI’s expected operating and financial performance, the company reports in its first quarter 2015 results.
It reported a general adjusted EBITDA of $50.9 million (€44.5 million) for the first quarter of 2015, exceeding the adjusted EBITDA of $49.2 million (€43 million) forecast at the time of its initial public offering in August 2014.
In a statement, the company says that both the operating and financial performance of VTTI for the first quarter 2015 was consistent with its expectations.
Rob Nijst, CEO, says: ‘Our strong performance in the first quarter was in line with expectation and was achieved despite the ongoing volatility in commodity and foreign exchange markets, demonstrating the stability of our business model and sound financial management.
‘Our future profitability and ability to pay an increased distribution is driven by growing product demand levels and the regional supply and demand energy imbalances that we continue to see in the global marketplace.’
‘VTTI has a robust and stable business model with no direct commodity price exposure. We are also continuing to look for expansion opportunities, both from internal organic opportunities and external strategic greenfield or brownfield acquisitions.’