Maritime contractor DEME books record half-year profits
Maritime contractor DEME posted record profits in the first six months of the year and is raising its outlook for the rest of the year. The company, based in Zwijndrecht, East Flanders, published its half-year results on Tuesday.
Turnover rose by 10 per cent to 2.1 billion euros, mainly thanks to continued strong growth in the construction of offshore wind farms. Turnover from offshore energy activities rose by more than a quarter, while turnover from traditional dredging activities fell by 4 per cent.
EBITDA (earnings before interest, taxes, depreciation and amortisation) rose by 35 per cent to a record 464 million euros, or 21.9 per cent of turnover. Net profit was 179 million euros, an increase of 27 per cent.
"We took a significant strategic step to strengthen our leadership position in the offshore energy industry"
DEME’s order book amounted to 7.5 billion euros, slightly down on the 7.6 billion of a year ago.
The company completed the acquisition of Havfram, a Norwegian offshore wind contractor, in May. The two Havfram vessels under construction are on schedule for delivery, one at the end of 2025 and the other in early 2026, the company reports.
“I’m really pleased with our outstanding group results,” CEO Luc Vandenbulcke said in a press release.
“At the same time, in acquiring Havfram, we took a significant strategic step to strengthen our leadership position in the offshore energy industry, underscoring our commitment to high caliber performance and to deliver consistent and robust results.”
Based on the half-year performance and taking into account the outlook for the second half of the year, management expects the EBITDA margin for the full year to be slightly above 20 per cent.
#FlandersNewsService | DEME's Yellowstone fallpipe rock installation vessel in Zeebrugge, June 2024 © BELGA PHOTO KURT DESPLENTER
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