February 12, 2020 / 6:24 AM / 2 months ago

Vopak reports Q4 core profit rise, announces 100 mln euro buyback

Feb 12 (Reuters) - Dutch oil, gas and chemical storage company Vopak reported higher fourth-quarter earnings on Wednesday driven by good performance from converted IMO 2020 capacity and contributions from growth-focused investments.

IMO 2020, a ruling from the International Maritime Organization (IMO) which slashed emissions in international waters, came into effect at the beginning of this year.

The group also announced a 100 million euro share buyback program which it aims to complete this year.

Vopak’s earnings before interest, taxes, depreciation and amortization (EBITDA) came in at 204.8 million euros ($223.35 million) in the fourth quarter, up from 180.7 million euros in the same quarter year ago.

$1 = 0.9169 euros Reporting by Charles Regnier and Milla Nissi Editing by Tomasz Janowski

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