Royal Boskalis B.V. has delivered an extraordinary performance in the first half of 2024, marking one of the most successful periods in its long-standing history. With revenue hitting EUR 2.07 billion, an increase from EUR 1.97 billion in the same period last year, the company has demonstrated remarkable growth, fueled by robust project execution across all its divisions.
Unprecedented Financial Results
The first half of 2024 saw Boskalis’ EBITDA surge by nearly 50%, reaching EUR 553 million compared to EUR 370 million in 2023. Adjusted for an exceptional gain, this represents a 44% increase year-on-year. Net profit also soared to EUR 298 million, up 65% from EUR 181 million in the previous year.
Peter Berdowski, CEO of Boskalis, expressed his pride in the company’s achievements, stating, “Financially, the past six months have been the most successful we have achieved in Boskalis’ long history. There was an exceptionally good performance across the board.”
Divisional Performance Highlights
Dredging & Inland Infra
The Dredging & Inland Infra division saw stable revenue with a slight increase in EBITDA. Significant utilization of large vessels in Asia and the Middle East, particularly on projects like the Manila International Airport, contributed to the strong results. Notably, Boskalis completed its dredging work for the Fehmarnbelt tunnel between Denmark and Germany, marking a key milestone in European infrastructure.
Offshore Energy
Boskalis’ Offshore Energy division experienced a significant revenue boost, driven largely by offshore wind projects. The division’s performance was bolstered by its strategic investments in equipment suitable for both the offshore wind and traditional fossil energy markets. Projects in the U.S. and Europe kept the division’s fleet, including crane and cable-laying vessels, fully occupied.
Towage & Salvage
Towage & Salvage had a busy first half, with operations such as the removal of a sunken oil platform off Malaysia’s coast showcasing the division’s capability in complex maritime salvage operations. The acquisition of all remaining shares in Smit Lamnalco is set to further strengthen this segment.
A Strong Financial Position
Boskalis continues to maintain a robust financial standing with a net financial position of EUR 668 million, supported by a high solvency rate of 54.8%. Despite the slight decrease in the order book to EUR 5.3 billion from EUR 6.0 billion at the end of 2023, the company remains optimistic about its future prospects, underpinned by strong market demand and a diversified project portfolio.
This record-setting half-year performance positions Boskalis for continued success in 2024, with ongoing projects and a healthy order book signaling a positive outlook for the remainder of the year.
