Royal Boskalis has reported a strong first half for 2025, with a 43 per cent surge in net profit driven by robust performances across all three of its divisions. The Dutch dredging and maritime infrastructure company saw a significant increase in revenue and profitability, citing high vessel occupancy and strong project results.
The group’s revenue for the six months ending June 30 increased by 14 per cent to €2.35 billion (approximately $2.53 billion), up from €2.07 billion in the first half of 2024. This top-line growth translated into an even stronger increase in profitability, with net profit climbing to €426 million from €298 million in the corresponding period last year.
The company noted that earnings before interest, tax, depreciation, and amortisation (EBITDA) rose by 35 per cent to €748 million, indicating a significant improvement in its operating margin.
The positive results were broad-based, with the dredging division benefiting from large projects in the Far and Middle East, the offshore energy division seeing high utilisation of its transport fleet, and the towage and salvage division having a busy first half.
Chief Executive Officer Theo Baartmans described the results as an "extraordinary achievement" given the "turbulent geopolitical landscape." He commented, "In the past six months, we have performed exceptionally well across the board. Thanks to high vessel occupancy and strong project results in all three divisions, we have achieved an exceptionally good first-half result."
Looking ahead, the company said it remains, "moderately positive about the remainder of 2025," despite geopolitical tensions and macroeconomic uncertainty. The group's order book declined to €6.2 billion from €7 billion at the end of 2024, partly due to currency effects, but it noted that two large contracts worth a total of approximately €0.9 billion were secured at the start of the second half.