Dutch oil and chemical storage company Vopak beat first-quarter earnings expectations, helped by growth projects and a good performance in the Americas, which offset challenges in Europe.
Its core profit (EBITDA) reached 213.1 million euros in the first three months of 2022, topping the 203 million expected by analysts and sending its shares as much as 7.2 perceny higher in early trading.
CEO Dick Richelle said that although Europe faced challenges following Russia’s invasion of Ukraine, the group’s balanced portfolio could counter them.
“If oil is under pressure, chemicals come up. If Europe is under pressure, you see America and other regions compensating for that,” he said.
KBC analyst Olivier Vandewoude said the results were confirming the group’s “relative stability” while Quirijn Mulder at ING pointed to “reasonable results in turbulent times”.
“We find the results of Vopak to be reasonable but no more than that,” Mulder wrote in a note to clients, adding that Vopak outlook needed to be “refreshed”.
The Organisation of the Petroleum Exporting Countries and allies, known as OPEC+, last week cut its forecast for growth in world oil demand in 2022, citing the warin Ukraine, rising inflation and the resurgence of the Omicron coronavirus variant in China.
For more information visit www.vopak.com
