Dublin Port posts big rise in profits and record revenues in spite of goods throughput still being below peak

The Dublin Port Company’s pretax profits last year increased by 62 per cent to €48.5 million on the back of record revenues, according to its annual report.

The port company’s annual report shows that revenues rose by 18 per cent to €101.47 million. It also notes that the company spent €100,000 on “staff hospitality” last year. This was up on a €71,000 spend in the previous year while client hospitality declined from €106,000 to €42,000.

The company employed 150 people with staff costs totalling €15.7 million. Some 35 staff earned over €100,000, including six earning between €150,000 and €200,000.

Its profits were boosted by an exceptional €10 million payment from a 1999 land development deal with Earlsfort East Point and Eastpoint (Development) Two Ltd. This was for the development of office accommodation on 14 acres of land adjoining the East Point Business Park.

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In his report, Jerry Grant, chairman of Dublin Port Company, stated that total throughput for 2022 amounted to 36.8 million tonnes – an increase of 1.8 million tonnes or 5.2 per cent on 2021.

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He said that this was “a particularly robust performance given the challenges presented by Brexit and Covid-19 over the previous two years”.

Mr Grant said that overall throughput is back to within 3.6 per cent of the tonnage recorded in Dublin Port’s record year in 2019, pre-Brexit and pre-Covid.

The directors do not propose to pay a final dividend.

The port company’s ebitda (Earnings before Interest, Tax, Depreciation and Amortisation) amounted to €59.3 million representing a 21.7 per cent increase on 2021.

In his report, Dublin Port chief executive Barry O’Connell reveals that the port’s costs last year included a spend of €3.7 million on professional fees on the 3FM Project, which is the third and final master plan project needed to complete the development of Dublin Port and bring it to capacity by 2040.

Mr O’Connell also reveals that the company’s profits were hit by higher insurance costs of €700,000 and energy cost increases of €600,000.

Capital Investment in 2023 is expected to rise to €87 million from €48 million in 2022.

The profits recorded last year resulted in accumulated profits of €566.3 million at the end of December. Cash funds totalled €227.8 million.

Mr O’Connell last year received a salary of €162,000, €61,000 in pension contributions and fees of €8,000.