Boskalis Reports Half-Year Results for 2019

Royal Boskalis Westminster N.V. today released half-year results for the period ending 30 June 2019, reporting total revenue of €1.27 billion.

The company realized a net profit of €1.3 million in the first half of the year (H1 2018: negative €361.4 million).

According to Boskalis, revenue in the first half of the year increased 8.6% compared to the first half of last year to €1.27 billion (H1 2018: €1.17 billion).

EBITDA in the first half of the year totaled €135.7 million and the EBIT was €9.1 million (H1 2018 EBITDA: €167.2 million, EBIT: negative €349.6 million).

As reported, a strong decline of the result was caused by operational and contractual issues on a limited number of offshore projects, partly in decommissioning but mostly in offshore wind cables.

Within the Dredging & Inland Infra segment, revenue increased with the strongest growth realized outside Europe. Large projects in progress in Oman, Singapore, Canada and the Indian subcontinent contributed to this. The results were virtually stable compared to the same period last year.

The company added that the market picture for the rest of 2019 is not fundamentally different from that in the first half year and with no further loss provisions anticipated, a strong improvement of the result is expected.

At Dredging & Inland Infra the company expects a reasonable volume of work in the market in the short term, with the timing of new project awards being the biggest uncertainty.

The emphasis for Boskalis is on maintaining utilization at a responsible level of project risk. With the current projects in hand, a reasonable part of the fleet is set to be utilized in the remainder of 2019.

Key Figures First Half Year 2019

  • Revenue: EUR 1.3 billion
  • EBITDA: EUR 135.7 million
  • Net profit: EUR 1.3 million
  • Order book: EUR 4.4 billion

For the full version of the 2019 half year report please click here.