Royal Boskalis Westminster N.V. (Boskalis) achieved net profits of US$520m in 2014 compared to 2013’s figure of $388m. Revenue rose by 1% to just under $3.4bn in 2014.
Across the board, 2014 was an operationally strong year for Boskalis as the company recorded a total amount on balance of around $212 million before tax.
Peter Berdowski, CEO of Boskalis said: “despite being busy in the past year we made significant progress in optimising our organization and the business processes, in accordance with our 2014-2016 Business Plan.
“The introduction of the previously announced divisional model has now been implemented, and the physical integration of Dockwise and Fairmount in Papendrecht is being completed.
“The great result in 2014 has enabled us to strengthen our balance sheet sooner than we expected, with the solvency ratio now exceeding 53%. And so amid turbulent conditions we came to the end of a fantastic year, with a strong balance sheet and a streamlined organisation.
“Any growth opportunities will be considered with the necessary caution to ensure that we remain strong and healthy.”
In mid-2014, Boskalis launched a share buy-back program of up to 10 million shares. To date 629,123 shares have been repurchased under the program.