Boskalis concludes 2022 with sharp increase in profitability

March 9, 2023, by Eldin Ganic

Boskalis concluded 2022 with a sharp increase in profitability with a strong increase in revenue.

Compared to last year, revenue increased by 21.0% to EUR 3.58 billion (2021: EUR 2.96 billion).

Also, EBITDA increased by 30.7% to EUR 604 million (2021: EUR 462 million) and operating profit increased by 36.6% to EUR 271 million (2021: EUR 199 million).

The company said that Net profit attributable to shareholders increased by almost 60% to EUR 241 million from EUR 151 million in 2021.

Commenting the results, Peter Berdowski, CEO Boskalis, said: “Last year was a special year in many ways. At the outset, we started the year optimistically with a new ambitious Corporate Business Plan. That optimism was nipped in the bud when Russia invaded Ukraine at the end of February.”

“In haste we had to stop our operations in Russia and brought our colleagues to safety. The consequences of the these developments had a major impact on the global economy.

“Energy and commodity prices rose sharply and inflation reached record levels. Developments that also impacted our clients and projects. This makes it all the more commendable that, despite these adverse developments, we can look back on a strong year, both operationally and financially.

“Our vessels were well utilized, revenue increased by more than 20%, and the net profit even increased by almost 60%. Moreover, we were successful in acquiring numerous new projects and we started 2023 with a historically high order backlog of EUR 6.1 billion.”

In the Dredging & Inland Infra segment, revenue increased by over 30% and EBITDA by more than 50% compared to last year.

The trailing suction hopper dredgers were well utilized and following a number of quiet years, the utilization of the cutter suction dredgers increased sharply.

Noteworthy projects include the activities in Manila (Philippines), Tuas Terminal 2 and the Pulau Tekong Polder (both in Singapore), the Fehmarnbelt tunnel (between Denmark and Germany), the access channel to the port of Harwich (United Kingdom) and a large number of projects in the Netherlands.