The shipping company Jan De Nul, which specializes in dredging and offshore projects, increased its turnover for the third year in a row.
The company reached the €4 billion mark for the first time. Major investments were also initiated last year.
Turnover rose by 36% last year, having already increased by 18% year-on-year to just under € 3 billion in 2023. EBITDA rose by 27% to € 777 million, while net profit increased by 38% to € 409 million.
Strong sales despite uncertain economy
“Jan De Nul can report a fantastic year of results despite geopolitical tensions and economic uncertainties,” said CFO Jan Neckebroeck. “This gives us confidence for the future, as global tensions, exacerbated by increasing protectionism, will continue in 2025.”
Dredging and offshore energy projects account for 77% of Jan De Nul’s turnover. Earnings in this area benefited from the construction of wind farms and the laying of submarine cables. The company’s dredging activities are also developing well: for example, new ports are being built in Spain, Senegal and India, and Jan De Nul’s specialized vessels are involved in their construction.
The company’s various construction and renovation projects account for the remaining 23% of turnover. Examples include the Oosterweel link, the new transportation complex near Brussels Airport and the Energy Island in the Belgian North Sea.
Over 300 projects worldwide
“We can be proud of the fact that all of our divisions are contributing to the strong growth in turnover,” Neckebroeck continued. “With 302 projects in 35 countries, we achieve this turnover on all continents.” Europe remains the largest market with 42%, followed by Asia and the Middle East with 34% and America with 20%.
The shipping company’s order backlog amounted to € 9.55 billion at the end of 2024 – another record figure for the company. The investments include new orders for an “extra-large” cable crane, the first plug-in hybrid excavator and the electrification of agricultural machinery.
“Despite all our investments, we have a negative net debt. This financial strength is important for our company as it allows us to continue investing in the most innovative fleet and advanced land equipment,” said Neckebroeck.
To finance its business activities, Jan De Nul concluded a € 400 million loan with a consortium of five banks in January. This is a renewal of the green syndicated loan already taken out in 2019. This loan was structured in accordance with the “Green Loan Principles” of the Loan Market Association. According to Jan De Nul, the aim is to promote investment in green projects by providing banks and companies with guidelines on the characteristics of a green loan. With a term of seven years, the shipping company thus secures a stable financing basis. In addition, a long-term revolving credit facility of € 250 million was placed with the same banking syndicate.
At the end of the year, Jan De Nul employed almost 9,000 people, who have been able to call themselves “World Builders” since January as part of a new brand identity. “This company is ready for the future,” concluded Neckebroeck. “And we owe this above all to our 8,801 World Builders. Their can-do mentality, their drive to keep innovating and to complete every project successfully, no matter how difficult or complex it is. That is our greatest strength.”
