Dutch Vopak 2010 net profit grows 8%, sales up 11%

11 March 2011 08:41  [Source: ICIS news]

SINGAPORE (ICIS)--Dutch logistics firm Vopak said on Friday its 2010 net profit increased 8% to €270.1m ($370m), with sales posting an 11% growth.

Sales totalled €1.11bn last year, with operating profit at €442m, up 13% from 2009, the company said in a statement.

“The increase in revenues came from a combination of increased capacity and an increase in revenue per cubic meter of storage capacity as a result of positive rate adjustments,” Vopak said.

However, occupancy rate last year averaged slightly lower at 93% from 94% in 2009, it said.

Vopak said that revenues from contracts with original durations that are longer than one year accounted for 81% of total revenues, down from 83% in the previous year.

The company said that its storage capacity would increase by 4.5m cubic metres over 2011 and 2012 to 29.9m cubic metres, based on projects under construction.

“Vopak expects the market for storage and handling of oil products to remain robust… The mixed developments in the market for storage and handling of biofuels are expected to continue throughout 2011,” the company said.

“Based on its growth strategy, Vopak is well positioned to realise a group operating profit before depreciation and amortisation (EBITDA) of between €725m-800m in 2013,” said Vopak.

Its EBITDA was €594.9m last year, up 15% from 2009, the company said.

($1 = €0.73)

By: Pearl Bantillo
+65 6780 4359

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