Net profit doubles for Boskalis

Boskalis Westminster has reported net profit has doubled for the first half of 2014, compared to figures for 2013.

The Dutch dredging and maritime infrastructure contractor posted a net profit of €253 million in the first half of 2014, up from €123 million for the same period in 2013.

Revenue also increased, up 21% to €1.5 billion for the first half of this year, compared to €1.3 billion in 2013. Meanwhile, earnings before interest, taxes, depreciation and amortization (EBITDA) was €466 million for the first six months of 2014, up from €280 million for the first half of 2013.

Boskalis reported an order book of €3.15 billion as at June 30, 2014, down marginally on €3.32 billion as at the same point in 2013.

CEO Peter Berdowski said, "We have posted a historically high result in the first half of 2014 and the performance across the board of the company has been very good.

"This result is partly thanks to the strategic choice we made to broaden our focus on offshore. The offshore activities are becoming increasingly important and the contribution of Dockwise forms a key part of this. But the traditional core dredging activities also made an excellent contribution to the results.”

Boskalis became the largest shareholder in oil and gas service provider Dockwise in November 2012.

Looking ahead, Boskalis stated it expects to end the year with a net profit exceeding that of 2013, which saw a net profit of €366 million.