Jan De Nul has posted a 27% in earnings before interest, tax, depreciation and amortisation (EBITDA) to €777m in 2024.
The company also posted record revenue of €4bn in 2024, compared with just under €3bn in 2023.
Net profit increased 38% to €409m in 2024.
Jan Neckebroeck, CFO at Jan De Nul, said: “Jan De Nul can report a fantastic year in terms of results, despite geopolitical tensions and economic uncertainties.
“This gives us confidence for the future, as global tensions, reinforced with growing protectionism, continue into 2025.”
Dredging and offshore energy projects account for 77% of Jan De Nul’s turnover.
The construction of offshore wind farms and the installation of submarine cables to bring green energy ashore are on the rise, stated the company.
Neckebroeck added: “We can be proud that all our divisions are helping to support the strong increase in turnover.
“Moreover, with 302 projects in 35 countries, we realise this turnover on all continents. Our biggest market is still Europe with 42 per cent, but Asia and the Middle East also account for 34 per cent and the Americas provide 20 per cent of our turnover.”
At the end of 2024, the order book stood at €9.55bn, another record, giving the company confidence for the future.
In 2024 the company again ordered an extra-large vessel to install subsea cables.
Neckebroeck added: “Despite all our investments, we can present a negative net debt. This financial strength is important for our company, as it allows us to further invest in the most innovative fleet and progressive land equipment.”
To finance its operations, Jan De Nul concluded a green loan agreement with a consortium of five banks on 17 January 2025.
This represents a renewal of the green syndicated loan already set up in 2019.
With a term of seven years, Jan De Nul has secured a stable funding base.
In addition to this €400m green loan, a long-term revolving credit facility for €250m was also placed with the same consortium of banks.