Vopak announces challenging year

Diesel Prices

Royal Vopak’s revenues fell by 3.0% to €1,305.9m in FY17. Its EBITDA was 7.2% lower at €763.2m.

Its Netherlands revenues were 5.0% lower at €471.6m. Its EBITDA was 13.0% lower at €249.4m. Vopak said this was due to “an unfavourable market for fuel oil.” In the EMEA region, revenues were 7.2% lower at €176.3m. Its EBITDA was 12.1% lower at €106.1m.

Revenues from Asia fell by 3.9% and EBITDA fell by 7.6%. However, in the Americas, turnover was up 4.4% and EBITDA was up 7.8%.

Eelco Hoekstra, Chairman of the Executive Board and CEO of Royal Vopak commented: “Despite challenging market conditions, particularly in the oil markets, and following a strong performance in 2016, we had a satisfactory performance in 2017. We aim to identify and seize growth opportunities swiftly, ensure timely completion of projects under development and step up the global roll-out of our new digital systems. These steps will improve our financial performance by 2019.”

Source: Royal Vopak