Boskalis reports historically good first half of the year

Boskalis released its half-year figures 2024 this morning, saying that they achieved a historically high result after busy and good first half year.

Commenting the results, Peter Berdowski, CEO Boskalis, said: “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. EBITDA increased by nearly 50% to more than half a billion euros and net income by 65% to almost 300 million euros.“

“In the Dredging & Inland Infra division, our large vessels were well utilized, particularly on projects in the Middle and Far East. We are in the completion phase of the extensive Manila International Airport project and are gradually shifting to new projects in Southeast Asia and the Middle East. Closer to home, we did a lot of work in the Netherlands on the reinforcement of the Markermeer dikes north of Amsterdam and on the Zuidas public transport hub in Amsterdam.“

Revenue increased 5% compared to last year to EUR 2.07 billion (H1 2023: EUR 1.97 billion), the company said.

Dredging & Inland Infra 

In the Dredging & Inland Infra division, revenue was stable on a slightly higher EBITDA compared to the same period last year. The hopper fleet was well utilized on sizable projects in Asia and the Middle East, and the cutter suction dredgers were fully utilized in the Middle East.

The main regions in terms of revenue contribution were Asia/Australia and Europe with substantial projects in the Philippines, Taiwan, Singapore, Australia, Denmark and the Netherlands.

During the first half of the year Boskalis largely completed its work on the construction of the new Manila International Airport and the project is expected to be handed over to the client shortly.

In Singapore much work was again done around the innovative polder (Pulau Tekong) and port expansion (Tuas Terminal 2) while in Taiwan and Australia energy transition projects (wind and gas) are underway.

In Europe, dredging work for the trench for the Fehmarnbelt tunnel (between Denmark and Germany) was completed in the first half of the year.

In the Netherlands, Boskalis was active on a large number of projects, including the multi-year project to reinforce the Markermeer dikes north of Amsterdam, the Zuidasdok OVT project involving the expansion of the existing public transport hub in Amsterdam, and preparatory work is in full swing on the A2 Het Vonderen-Kerensheide motorway expansion project.