Strong first half year for Boskalis

Royal Boskalis B.V. revealed today the first half-year results, with strong increase in revenue and earnings.

Photo courtesy of Boskalis

As reported, Boskalis completed a good first half year. The utilization of the fleet was high and all divisions posted a higher revenue combined with a sharp result increase.

Compared to the same period last year, revenue increased by 22% to EUR 1.97 billion (H1 2022: EUR 1.61 billion).

EBITDA increased by 27% to EUR 370 million (H1 2022: EUR 292 million). Adjusted for a EUR 50 million book gain in H1 2022, EBITDA increased 53%.

Net profit increased by 56% to EUR 181 million (H1 2022: EUR 116 million, including EUR 37 million in exceptional gains and losses).

Peter Berdowski, CEO Boskalis commented: “We look back on a very strong first half year with good performance across the company, both operationally and financially. In the Dredging division, our large vessels were busy in the Middle and Far East, resulting in high fleet utilization. In the Philippines, good progress was made with the construction of the platform for the new Manila International Airport.”

“Closer to home, work on the Fehmarnbelt tunnel between Germany and Denmark is progressing and we started a large-scale beach replenishment program along the west coast of the island of Ameland,” added Berdowski.

The company’s Dredging division revenue increased fractionally on a 26% higher EBITDA compared to the same period last year.

Both the trailing suction hopper dredgers and cutter suction dredgers were exceptionally well utilized on large projects in Asia and the Middle East.

Noteworthy projects in progress include the activities in Manila (Philippines), Tuas Terminal 2 and the Pulau Tekong Polder (both in Singapore), various projects in the Middle East, the Fehmarnbelt tunnel (between Denmark and Germany), the access channel to the Port of Harwich (United Kingdom), the strengthening of part of the Togo and Benin coastline, the deepening of the Suriname River (Suriname) and a large number of projects in the Netherlands.

For the full half year results statement, visit the Boskalis website.